The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1897-03-27
JAPAN AND SILVER.

gold basis, with silver at the ratio of
323 to i of gold. They have hurled
all manner of sneers at the silver men
of the United States, and have OK
planned that this is nc hasty move
ment on the part of Japan, but that
the commission had been in session
four years, and that the movement
was under the recommendation of the
commission. They have grossly and
and shamefully lied, because the re-
suit of hat commission and the his
tory of its doings was received by the
japanese legation in Washington in
January, and by the courtesy Of the
legation translated and given to the
Journal of Commerce and CONNER
cial Bulletin of New York, in which
paper the summary is published. 1t
transpires now that nothing has been
done by the government except the
introduction of a bill which, up to
date has had no more effect upon the
japanese parliament than has either
of a dozen bills that have been intro
duced into our Legislature had
upon the main body. But it is inter
esting to note what this commission
did, and what conclusions it reached.
1t was appointed under ar act of par
lament, by the emperor, and was
made up of public officials, bankers,
merchants and professors, chosen
from among the most eminent of
their several professions. 1t was cho-
sen to investigate the following ques-
tons:
|. The cause and effect of the re-
cent change of ratio between gold
and silver.
2. The effects of the change upon
Japan.
3. Whether such change ~necessita-
ted a reform of our present currency
system, and if so to determine what
new standard of currency shall be
adopted, and how it shall be done.
a special committee was appoint
ed to investigate the first two quest
ions. They finished their work two
years ago next month. They agreed
generally to the statements contained
in chapters l and 2 affixed thereto,
but could not come to an understand
ing upon the questions covered by
chapter 3. Hence there was a major
ity and a minority report submitted.
Then the full commission met and
endorsed chapters l and 2. It how
V e divided on chapter 3, and at last,
after a lengthy discussion, reported
the chapter by a majority of 10 to 5.
Excepting one member, the commits
sion WAS of opinion that the change
of ratio between gold and silver was
so far beneficial to Japan, and that
therefore there is now no necessity
to change the currency system. They
differed on the point of whether in
future necessity for such change
would arise; eight took the affirmat.
i've, seven the negative. Then sis
out of eight agreed that if the change
was made, it should be to gold. They
differed as to the method of proceed.
ure. Some urged immediate change
while others preferred to make only
necessary preparations for the future
Some proposed to wait an Internal
ional agreement, while others wished
to establish bimetallism Independent
ly of other nations. Then they fount
some results from silver demonetiza
ton by the western nations, which
states the thing about as strongly al
it was ever stated. Boiled down
they are as follows:
l. The price of commodities hav
ing fallen, gold has more purchasing
power than before. Prices of com
modities have fallen from 100 in y:
to 70 in 1894, SO that the purchasing
power of gold has increased 42.9 pc
cent, which is a direct profit to cred
itors.
2. The prices of commodities il
silver countries are rising when Their
are fluctuations in the ratio between
gold and silver. But as the price
do not rise so much as the differenc,
of the two metals, they are still t,
some extent low as against gold. Ii
other words, gold countries can OBJ
tain articles cheaper from silve
countries.
3. With the increased purchasing
power of money, the povernmen