The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-03-28
JAPAN AND SILVER.
Columbia State.)

| what contradictory cable dispatches from
Japan touching the proposed adoption of
the gold standard by that country gives
| interest to the reports of the Japanese
| currency commission on the subject of
change of standards The report makes
the most Succinct and comprehensive
summary of the pros and cons of gold
| and silver monometallism we remember
| to have seen. 1t is absolutely impartial,
and its most important conclusions were
agreed to by unanimous vote of the COM
mittee. To satisfy our gold friends of
the authenticity of the report we will say
that we take it from a Sound Curren-
cy" publication of the New York Re
form club, just issued from the press,
which declares that it is printed as trans
| lated by the Japanese legation in Wash
| ington.
The commission of Is public of
ficials, bankers, merchants and professors,
chosen from among the most eminent in
their several professions" unanimously
declare the effects Of silver monometal-
| lism upon the countries holding to it to
be as follows: a. 1t increases their eX-
ports, giving them an advantage in COM
petition with gold standard countries. %
1t causes a rise in the prices of commodi-
ties. 90 1t lightens the burdens of debt
ors and taxpayers. a. 1t benefits agri-
culture by increasing the value of farm
! products and farm lands. 90 1t devel-
ops commerce and industry, leading to
their general prosperity" (6D 1t in
creases State revenues from taxes and
other sources. CD 1t increases the de-
mand for labor. g. 1t increases ma
tional expenditures, the prices of COM
modities being higher. o. 1t temper
arily distresses those with fixed wages,
but 'the wages go up sooner or later"
| 00) 1t is diSadvantageous to creditors for
the same reason that it is advantageous
to debtors. 11.) 1t increases speculative
enterprises. Q2) 1t causes a rise in the
| price of imported goods, and thus de-
creases imports.
Also with unanmity, the commission
declare the following to be the effects of
| the gold standard upon the countries
maintaining it. ~ 1t increases the pro-
fits of creditors at the expense of debtors,
to the extent of the rise in the purchas-
ing power of gold-42 per cent. (2) 1t pro-
notes importations from the gold stand
ard countries 81 1t decreases the neceS-
sary national expenditure-to the extent
that it reduces the price of commodities
purchased by the government. az 1t de-
preciates the prices of commodities. 90
1t causes loss to debtors and taxpayers.
| 90 1t depresses commerce and industry.
| CAnd here we quote from the report:
| 1T is quite natural that commerce and
| industry should flourish when prices
| of commodities decline and debtors and
| taxpayers are in distress. When prices
decline day by day merchants hesitate to
purchased and manufacturers to make
and then the general depression follows"
| "a 1t causes a decline in the rate of in
| terest again we quote: when prices
| decline and commerce and industry are
depressed the apprehension of failures
prevents capitalists from investing money
in new enterprises.'O (S) 1t causes suf-
fering and distress to farmers by de-
pressing the prices of their products. (9)
1t decreases government revenues. QO)
1t causes distress to employers who pay
wages with money increasing in purchas-
ing power; they have to restrict their
business: "any attempt on their part to
1 decrease wages will be met with strikes
or some other form of opposition" Ill
1t decreases the demand for labor with
the depression of agriculture industry and
commerce; many go out of employment,
and paupers and criminals increase ac-
cordingly." 02) 1t makes it hard to COM
pete in other markets with the products
of silver countries.
Recollect that these are unanimous con-
clusion by experts without prejudice.
In chapter 3 the majority of the Com
mission declared: % That gold has appre-
ciated more than silver has deprecated
that 1.-The considerable fall in the prices
of commodities in gold countries are main
~ due to the rise in gold" % That the
chief cause of change in the ratio of gold
and silver is the increased demand for
gold in several countries 81 That "the
change in the ratio Of gold and silver
| gives advantages to the silver countries.
(D That the benefits to Japan from silver
mono metallism far exceed the losses.
And this last declaration is ably sustain
ed by argument which we cannot here
| condense.
Those who followed last year the
course of our discussion of the coinage
| question will find in the conclusion of
the Japan commission ample confirms
| ton of the points made. Even silver
| recommendation is far preferable to gold
mono-metallism, and the friends of silver
| will find an effective weapon in this
japanese report.
1t is not al all sure that Japan will
adopt the gold standard even by halv-
| ing-as proposed-its gold coins while re-
tanning their denominations, which is
| the plan now under consideration. But
even if it shall do so. this report will stand
| as an accurate prediction of the evils
| sure to follow the abandonment of the
| vast advantages the island empire now
| possesses in its silver standard.
SPURGEON'S STORIES.