Kansas agitator. [volume] (Garnett, Kan.) 1890-1905, 1898-04-01
JAPAN'S MISTAKE.
THE GOLD STANDARD IS VERY
UNPOPULAR.
A Severe Industrial Depression Prevails
Newspaper Comments on Abe Re-
suits of the Abandonment OF Ill
metalli8m In Japan.

The following letter, dated January
II, was written from Keio university
Tokyo. Japan, to the Boston Adver-
tiser:
Last summer, while visiting Boston,
noticed several very favorable COM
ments in your paper on the adoption
Of the gold standard in Japan. Your
paper also contained letter from a
subscriber who had recently returned
from Japan, and during his brief So
journ in that empire had learned that
Count Matsukata, the father of the
gold standard, was very wise man
and had made most brilliant speech
in tht parliament in defense of gold
money.
"Will you permit me to state that the
almost universal feeling of the Jap
anese, as expressed in the newspapers,
is that the adoption of the gold stand
ard was a great mistake. 1t is a gen.
eral custom in Japan for newspapers to
give review of the years events at
the beginning of each new year. In
these reviews that have just appeared
there Is a general condemnation of the
gold standard.
ut is acknowledged that the finan-
cial situation in Japan is very bad
compared with that of year ago.
Public securities have fallen, railway
and industrial shares are very low.
Many new undertakings have stopped
for want of funds. But chief of all, the
export of cotton yarns to China Is at
an entire standstill. 1t is generally
confessed that this closing of the
Chinese market to Japanese yarns Is
due entirely to the new gold standard
of Japan.
mot to occupy too much space Of
the Advertiser, | will quote two opin-
ions. The first OF these is from the
Til Shimpo, probably on the whole
the most important paper in Japan. 1t
says:
eve can speak only in gloomy
terms of the year just past. CONNER
cial affairs and political affairs reached
their lowest depths Of depression and
The introduction OF
the gold standard proved a complete
failure. 1t was to have opened the
door to an inflow of foreign capital,
thus succoring the distress of the in
dustrial classes and producing an APP
probation in the price of public securi-
ties. But foreign capital has not come
in, neither have public securities APP
preciated. On the contrary, we have
seen an ever increasing preponderance
on the side of imports, correspond
ing outflow of specie, and a steady fall
in the price of bonds Nor is this all.
The effect of the decentralization Of
silver has been fatal to the most prom
isiug of all Japan's industrial enter
pr.ses-cotton spinning. Its Grief
market has been closed against it, and
the prosperity that distinguished it at
the close of 1896 was replaced by adj
versity at the end of 1897
my next quotation is from Greater
japan, periodical published in both
the English aud japanese languages.
1t says:
1.-The adoption of the gold standard
is the worst mistake ever committed by
the government in the long history of
the thirty years that have passed since
the present Meiji Era began. The Mat
sukata ministry, however, must bear
the full responsibility for it. The
prospect which the country had Of still
further developing her industries ow-
ing to the depreciation of silver COM
pared with gold has now been ruth
lessly thrown away. Our trade with
countries has already been
greatly injured. In China, Korea and
the Strait settlements, where at one
time Japanese products found good
market, and were rapidly expelling for
eign goods, Japan is now losing ground
and is likely soon to have little footing
left. Many of the factories in the
western part of Japan are closing or
only running on half time
81 do not affirm that the present de-
preston in Japan is entirely owing to
the introduction of the gold standard.
But it is quite certain that the loss of
the Chinese market to cotton yarns
and other manufactured articles is due
to this change. This loss has produced
a gloomy feeling in all financial and
industrial circles