The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1898-05-03
JAPAN'S MISTAKE.
THE GOLD STANDARD IS VERY
UNPOPULAR.

Of the Abandonment of simetalIsn in
Japan.
The following letter, dated January
IL, was written from Keio university,
Tokyo, Japan, to the Boston Adver-
tiser:
Last summer, while visiting Bos-
ton, l noticed several very favorable
comments in your paper on the adop-
ton Of the gold standard in Japan.
Your paper also contained q letter
from q subscriber who had recently re
turned from Japan, and during his
brief sojourn in that empire had learn
ed that Count Matsukata, the father Of
the gold standard, was q very wise
man and had made a most brilliant
speech in the parliament in defense OF
gold money.
Twill 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. It 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 ia q general condemnation Of the
gold standard. 3
t.It is acknowledged that the finan-
cial situation in Japan isvery bad com
pared with that Of q year ago. Public
securities have fallen, railway and in.
dustrial 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. It is generally
confessed that this closing of the Chi
nese 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 IN the whole
the most important paper in Japan. 1t
says:
"'We a speak only in gloomy
terms of the year just past. CONNER
cial affairs and political affairs reached
their lowest depths of depression and
Encouragement. The introduction Of
the gold standard proved q complete
failure. It 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 securi-
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, q correspond
ing outflow of specie, and a steady fall
in the price of bonds. Nor is this all.
The effect of the demonstration OF
silver has been fatal to the most prom
Using Of all Japan's industrial enter
prises cotton spinning. It's chief
market has been closed against it, and
the prosperity that distinguished it at
the close of 1896 was replaced by ad
versity at the end of 1897
"tMy next quotation is from Greater
Japan, a periodical published in both
the English and Japanese languages.
1t says:
"'The adoption of the gold standard
is the worst mistake yer committed
by the government in the long history
of the thirty years that have passed
since the present Meiji Era began. The
Sukata ministry, however, must bear
the full responsibility for it. The pros
pect 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
greatly Injured. In China, Korea and
the Strait settlements, where at one
time Japanese products found a good
market, and were rapidly expelling
foreign 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 in
dustrial circles"
FACTS ABOUT THE NAVY.