Daily capital journal. (Salem, Or.) 1896-1899, 1898-02-28
JaPan's Prosperity
Gold Standard Blight Has Hit Them
Hard.
Remarkable Editorial From the Springfield
Republican February Is.

Great dissatisfaction appears to ex-
ist at this moment in Japan over the
effect of the gOld standard which was
adopted last year. The Boston Ad-
yeTtiSer prints communication on
the subject from somebody connected
with the Keio university at Toxic
He writes under date of January IL
last, and refers to visit in Boston
last summer, during which time he
saw favorable comments In the local
newspapers on the action of the JAP
anese government in closing the
mints on silver. He now says:
VIII you permit me to state that
the almost universal feeling of the
Japanese, as expressed in the news
papers, is that the odOption Of the
gold standard was great mistake. 1t
is 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 ap-
peared there is general cOndemna-
tion Of the gold standard. 1t Ia ac-
knOwledged that the financial situa-
tion in Japan is very bad compared
with that of year ago. Public Sc
curities have fallen, railway and in
dustrial shares are very slow. Many
new undertakings have stopped for
want OF funds. But ceief OF all. the
export of cotton yarps 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.
Two japanese news paper opinions
are quoted, the following being from
the Til Shimpo, probably on the
whole the most important paper in
Japan:"-
We can SPEAK Cnly In gloomy terms
OF the past Commercial affairs and
political affairs reached their lowest
depths OF depression and mismanage-
ment. The introduction of the gold
standard proved complete failure. 1t
was TO have opened the door to an in
flow OF foreign capital, thus'succorlng
the distress OF the industrial classes
and producing an appreciation In the
price of public securities. But foreign
capital has not come in, neither have
public securities appreciated. On the
contrary, we haye seen an eyer-in-
cTeasing preponderance on the side of
imports, corresponding outflow OF
specie, and steady fall in the price
OF bonds. Nor is this all. The effect
0f the denomination Of silver has been
fatal to the most promising OF all
Japan's industrial enterprizeS-cotton
spinning. Its chief market has been
closed againstit, and the prosperity
that distinguished 1t at the close of
1896 was replaced by adversely at the
end OF 1891.
The other quotation is from
Greater Japan" periodical pub
10 I'm laa In DuT ~ nA
lish languages
The adoption OF the gold standard
is the worst mistake eyer committed
by the government in the long his.
tory of the 30 years that have past
since the present Meiji era began.
The Matsukaia ministry, however
must bear the full responsibility for
10. Tie prospect which the cou ntry
D. ad of still further developing her in
duStries owing TO the depreciation of
silver compared with gold has new
been ruthleSSly thrown away. Gu
trade with SILVER using countries haT
already been greatly injured In
China, Corea and the Strait settle
mentS, where at one time japanese
products found good market, and
were rapidly eXpelling foreign goods,
Japan Is now losing ground aud Is
likely soon To have little footing left.
Many of the factories in the western
part of Japan are closing or only run
ming on half-time.
ltappears to be true, however, that
the introduction Of the gold standard
into Japan has injured its cotton
manufacturing industry greatly.
This is admitted by japanese cor
respondent writing To the Financia!
Chronicle, of New York. under date OF
last December l. He defends the
action Of the government In closing
the mints TO silver, but says:
There is another class OF people |
whose business is not favored by the
new standard, namely, cotton manu-
facturers, who exported their products