The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-06-27
DIFEERENOEs IN TIME.
HOUSTON. MONDAY. JUNE ~. Isos
THE nLlGnrINc GOLD STANDARD.

some time since The Post called atten-
Ton to the evil results that had folIowed
the adoption of the gold standard In japan
'aSihS the comment on the showing made
by the Manchester Guardian. Recently tho
London Financial News has given further
testimony to the disasters that are latterly
overtahlng Industrial Japan
AS The Post before remarked. manufac-
turing and trade circles IN this country.
Two years ago. were expressing crent
alarm at the threatened invasion of tho
American continent by japanese goods. 1t
was said at that time that a wonderful
Industrial awakening was in progress In
Japan and that tho mlkados empire was
enjoying phenomenal prosperity Talk OF
the necessity OF u great tariff wall against
Japanese imports was heard everywhere
1t was then that Japan was induced to
change TO gold standard What has been
tho consequence? The Financial Newa
says:
Tho cotton spinning industry, on which
such great hopes were based. has already
suffered severely AT the end OF the year
many Of the mills were financially In n pre-
earious condition. and several small con-
" These
me very mills whose prosperity not many
months ago we were able to cite an indicat.
ing now comfortably silver-using country
could compete with Lancasblra In tho carly
part Of Inst year the Japanese SINNERS
were doing nncommony we'll and the BELIEF
Una, an the surplus yarn could find ready
,',@"S. ~ Nhina was being realized, Tho
ss sar exports OF yarn to China reached 80. =
Stva29 pounds, against only 10. g56 ZIG bounds
~ is2e. The future seemed roseatc. but. In
Mr.. Lays words. the adoption of n gold
standaid in octobcs, together with the iii
IN silver and the enhanced cost of labor and
iuel, doomed these expectations To disap-
nointment There we have cause and effect
set alongside In why that should impress
the indian government, II IL can for n mo
mont emerge from ITS own narrow preoccu-
pations SO far us To look ON currency an1
exchange us factors influencing the vhoi,
liie and prosperity OF country. and nnt
charge. h" "en'
Could there be moro pointed or con-
spicuous illustration of the inevitable de-
preston, the business blight, the starna-
ton and the disaster that walt upon n
gold standard? Still. as another has said.
the world is strewn with the wreckase
OF countries that tried this great policy Of
making money ms dear as possible,
But this is not all. The Financial News
reports the same course In Japan, under
these latter day conditions, that has been
tried here to meet this depression and
force profits--the organization OF trusts
and combines to curtail production and
raise prices The trust Is the inevitable
outgrowth of the gold standard and tariff
protection. 1t Is to an extent an Industrial
necessity whore money is scarce and dear.
II We would get rid OF the trusts we must
get rid of the promoter of trusts, the single
geld standard. Speaking OF this new phase
OF the situation the Financial News con-
tinucs:
Yesterday we mentioned incidentally tnnt
Japanese mill owners are seeking some form
OF government assistance to relieve them
from the straits into which the gold stand-
ard has plunged them. They have, Of coarse,
tried other steps first, having resort to com
bination TO obtain cheap capital aud TO re-
duco The price OF rev material ty abstaining
from competition among themselves The
plight Of the Japanese spinners is The more
severe because they had been conslstentiv
adding TO their plant TO meet the expected
consumption OF their wares IN China Much
Of the plant imported into Japan IS NOT ypt
IN operation. and when II gets TO work IL
MIL simply be further glu,ting an already
overstocked homo market. How unpreparcd
Japan was for this collapse may be gaugcd
from tho fact that the Imports OF spinning
1sssha7sry vers is sss ysaT three times greater
IS; : 81: ssS.i y. = s s. 4; &;
j< Y, Is, E