Natchitoches populist., 1898-05-06


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 a 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 a very wise man
and had made most brilliant speech
IN the parliament in defense OF gold
money.
VIII 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 a 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-
ciai 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, I 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:
1--WE can speak only in gloomy
terms of the year just past. CONNER
cial affairs and political affairs reached
their lowest depths of depression and
mismanagernent. The introduction OF
the gold standard proved 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 ap-
probation in the price Of public securl-
ties. But foreign capital has not come
in, neither have public securities ap-
preciated. On the contrary, we have
seen an ever increasing preponderance
on the side of imports, a correspond
ing outflow Of specie, and a steady fall
in the price of bonds. Nor is this all.
The effect Of the demonetization Of
silver has been fatal to the most prom
ising of all Japan's industrial enter
prises-cotton spinning. It's chief
market has been closed against 1t, and
the prosperity that distinguished it at
the close of 1886 was replaced by ad-
yersity at the end of 1897,
"My next quotation is from Greater
Japan, a periodical published in both
the English and Japanese languages. |
1t says:
"sThe 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 1t. The
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
silver using countries has already been
1
greatly injured. In China, Korea and
the Strait settlements, where at one
time Japanese products found good
market, and were rapidly expelling for
sign goods, Japan is now losing ground
md is likely soon to have little footing
left. Many OF the factories in the
western part OF Japan are closing or
,nly running on half time.
81 do not affirm that the present de-
PRESTON in Japan is entirely owing to
he introduction of the gold standard
But it is quite certain that the loss Of
he Chinese market to cotton yarns
md other manufactured articles is due
o this change. This loss has produced
gloomy feeling in all financial and
Industrial circles. |" Il
- =. ,,,< SN,,,v, evaJ,fy, ~ Toiluovr III