Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-01-22
INCREASE OF MANUFAC1 URES IN
JAPAN.
T Continued from Isl po0e. l

alton consulted the governors of the bank
of England, while carefully concealing its
import from the American people. The
natural consequence of the law is to
lessen the amount of our redemption
money about one-half. 1t is evident that
If we had all the redemption money that
both these metals would make we should
not have too much. 1t Is perhaps i'm
possible to tell exactly how much or
how little we suffer at the present time
from the effect of this decentralization Of
silver, or exactly how much relief or
recuperatiOn would come from a return
to the principle of bimetallism. But
several things are certain. First, that
the money standard of the people was
changed without their knowledge. Sec
ond. that the great majority of the Amer
lean people have never accepted the
change as desirable or felt satisfied with
it. Third that the change has very
much disorganized trade between silver
using and single gold standard countries.
Thus now the principal commercial ma.
tiOns of Europe and the United States
use the gold standard, whilst China.
Japan, Mexico and other American re-
publcs and Asiatic nations are silver
using countries.
Formerly the money of these last
would be taken at nearly or quite its
full value in the purchase of manu-
featured or other articles of the United
States and Europe. Now there is dis
count of nearly or quite so per cent.
That is, If Japan, China or Mexico or
any other of the silver-usiDg nations I'M
dertake to buy goods of the gold-stand-
ard nations, they must first pay a pre-.
MUM of about 80 per cent for the money
xurff l,f Oh l.
What is the result? Only one result is
possible, the destruction of this trade.
That is the result that Is taking place.
The process of change is naturally a
gradual one. 1t takes time for the peo-
pie interested to perceive what has Oc-
Cured. And 1t takes more time to adapt
themselves to the change. The mills of
the gods grind slow but sure. But as
certainly as effect follows cause the
changed conditions of the finances, if
continued, will bring about changed
conditions of trade.
"The sure result is to build up manu-.
factories and to stimulate the production
of articles in silver-using countries for
merly imported from countries now hav-
ing the gold standard. a second result
has been to increase the commerce be-
tween silver-usng countries. 1t is evil
dent that the silver using countries can
well endure both of these results. But
1t is impossible to see where any COM
pensation comes in this matter for the
countries using the gold standard"
And on pages 2G.7 we added:
"Since the above was written we have
received a pamphlet written in England,
entitled The Silver Question. Injury
to British Trade and Manufacturers
by George Jameson, Esq, II. B. ~. s
cOnsul-general at Shanghai, China, bear
ing upon this subject, and from which
we quote nearly in full. 1t appears that
the article in question was called forth
by prize offered by Sir Henry NJ. Mey-
ey-Thompson, Bart, NJ. p. Mr.. Mey-
sey-Thompson, in his preface to the
pamphlet, says
ain Introducing TO the public the fol-
lowing excellent papers on the subject
of the injury done to the trade and man
ufactures of England by the divergence
in value between gold and silver, | will
say only a few words in explanation of
my reasons for Offering prize.
Fifteen years ago had come to the
conclusion that if the value of gold, as
measured by silver and commodities,
were to continue to rise, the inevitable
all our great manufacturing industries
from England, to find home in the sill
yer. using countries of the East and lse-
where.
This theory | and others proclaimed
from the housetops, but we found that
we might as well have been crying in the
wilderness; no one would listen to us.
Yet the theory is very simple, and
seemed to US quite conclusive.
"What is the question? 1t is one sim
ply and solely of locality. The manu-
features of the world will certainly be
carried on SOmelchere: where is that
Sonle,ghere to be?
Nov, we have all to make up our
minds
SOD Do we IRISH that the home and
principal seat of the great manufacture
ing industries of the world-the cotton,
woollen, worsted, linen, jute. iron and
steel, machinery, leather, clothing, pot
terry. glass, and many others, including
all our existing agricultural industries
should continue to be In the United
Kingdom, as hitherto, and that they
should be carried on by English, Scotch.
Irish, and Welsh wOrkmen; or do we
irish to see them banished to the soil of
India, China, Japan and Mexico, and
CdlIIcu vi ny luuldils MtAlCdu, Nulucse.
and japanese woTkmen?
"(2) Is it certain that our present
monometallc policy must drive these in
dustries away from the soil of the
Uuited Kingdom, and cause them to be
carried on, instead, on the soil of India,
China, Japan and Mexico:
"Let us compare England and China in
the year 1863, and again in 1894, to take
a round quarter-century of time. Let
us suppose that an Independent capital
list, resident, say, in America, and caring
nothing either for England or China,
were hesitating in which country to set
up a mandatory. Let us suppose that
he made inquiry as to the cost of labour
in the two countries, and that he was
told the amount of labour required to
make given quantity of cloth would
cost him one sovereign in England, or
1 ounces of silver IN China, he would
say; THE value of silver is IS. per
on. ounces of silver cost Ct my SOW
ereign would purchase the same amount
of labor either in England or China.