Natchitoches populist., 1898-04-29
BRITISH VIEW OF SILVER.

BRITISH VIEW OF SILVER.
British diplomats and commercial
agents in the far east are constantly
reminded Of the fact thats silver has
been demonetized. The commercial
man in New York or London may shut
his eyes and try not to see what is
taking place In the world, but the East
I Indian Englishman is compelled to
face the truth. From time to time
some conservative Englishman ex-
presses his opinion to the home gov
ernment or the English public in a
manner that cannot be misunderstood
One Of the most recent books on the
far eastern question is that published
in 1896 by Valentine Chirol. This
gentleman has been for many years in"
timately connected with Chinese and
Japanese affairs. He has even been
summoned before the Tsungli-Y Yamen,
the Chinese foreign Office, to give his
advice on affairs Of state. We cannot
but feel assured that he has a pretty
full knowledge of the whole far east
ern situation. Here is what he has to
say about the effects in the east Of the
fall Of silver:
"0ne does not require to believe in
bimetallism in order to recognize the
enormous advantages which the manu-
facturers in a silver country enjoy in
competing with gold countries. The
cost Of the neGessarIes OF life. SO far
as the masses are concerned, has re-
maiHed absolutely unaffected BY the
fall in the valie Of silver, and the
workman Is therefore quite content to
receive the same wages as he did for
lneriy; for their purchasing power, as
far as he is concerned, is still the same.
But while the wages bill OF the en-
ployeF in China and Japan has remain
ed actually the same, it stands, In
relation to his western competitor, at
only half the figure to which it former
ly amounted, now that the value OF the
silver dollar has fallen from one-fifth
to nearly one-tenth Of the pound, that
is from four shilling to two shillings in
gold. Thus, where, for example, fot
the production Of similar goods to the
value Of, say, E100, the cost of labor
was and still is f20 in England and $50
in China or Japan, the real cost In
China or Japan is no longer, as 1t was
formerly, f10 In sterling currency as
against &2O when carried to England,
but only f5- And the same applies to
any raw material required for the pur-
poses Of manufacture which both the
gold and silver countries equally
produce. The silver price Of Cardiff
coal, Notwithstanding the fall of its
gold price, has increased from $40 to
SIS, silver, per ton, while, with the
excellent plant laid down in Japan to
work the native mines and the con-
struction OF railways to convey their
output to the chief industrial centers,
the price of Japanese coal has fallen to
So per ton in silver, or for the purposes
of competition with gold countries, to
little more than s1.5O (gold) per ton.
The depreciation in silver might, in
fact, be said to operate as a system OF
protection in favor Of the industries
Of silver countries as against those Of
gold countries. I
In another part of the book the
writer tells us that while the ninety
three splnring companies Of Lam
cashire, England, we're working at a
loss, the cotton mills of Japan were
paying dividends Of 1es to 20 per cent,
and even more. BY 1894 the cotton ex-
ports Of England to Japan had suffer
ed in six years d, decline OF 40 per cent,
while the trade of Bombay with Japan
had suffered to the extent OF 80 per
cent. In the latter place the rapidly
appreciating rupee is running the trade
that completes with manufactures Of
the silver-using countries. The gold
standard nations are learning in the
dear school Of experience, but it is
doubtful ifgthe great rnoney-leuders
will take the lessons to heart so long
as they can Ierid money to manufac-
turers operating In the siiver-tisirg
countries. The only hope is that tie
masses will wal;e mp to the danger 3f
the situation
III. +. THURsToN.