The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1899-05-04
GOLD STANDARD IN JAPAN.

The adoption Of the gold standard by
Japan has not been an unmiXed bless
ing to her merchants, manufacturers
or farmers, nor has it brought such ma
tional prosperity as was promised by
the bankers of Europe. Says the Den
yer Republican. If it is to be regarded
as u financial experiment, the time for
its abandonment has come, as trade
conditions during the past two years
have demonstrated it's utter failure as
sound basis for q monetary system.
1t has repeated in Japan the same
story of want and privation that 1t
tells to the rest of the gold using world.
The rapid rise of the Japanese in
power, wealth and influence has been
unique in the history of Eastern peop-
les, and, if the same progress could be
made in the future, it would be diff
cult to put limitation on their achive-
mentS.
The introduction of machinery and
establishment of manufactures were
the first steps in great industrial
movement that included China. Japan
and their neighboring states. In four
years over sixty factories have been
started in Shanghai for the manufac-
ture of cotton goods and kindred artic-
les, marketable in the United States
and Europe, and more than three times
this number were built and operated in
the cities of Japan. The industrial pos
sibilities of the Orient became an un-
pleasant factor in the consideration Of
statesmen, and resulted in the change
of the Eastern question from the Balk-
ans to the Chinese. The cotton area
of China was being enlarged and i'm
proved as the exports of India began
to show profitable and rich returns
japan had begun to manufacture her
own machinery, and to cultivate to the
fullest extent the remarkable imita-
tive genius of her people. The sharp
decline in the price of silver, operated
as bounty on every shipment Of
goods to gold standard contries, and
gave such an impetus to her export
trade that she threatened to undersel
us in our own markets. In carpets,
rugs and cotton goods, she established
large trade in the United sta'ts aid
forced the New England mills to lower
prices and raise the tariff on S,ith
goods. The profits to the Jnpanesc
from these conditions led to the estab.
lishment of greater manufacturing
concerns, embracing a wider field and
securing larger employment for her
people as operatives in such undertak-
ings.
The general prosperity of the people
was seen in the employment of the
working classes at living wages, in the
busy stores and open factories, and in
the increased paying and purchasing
ability of the whole nation. The farm
ers found a ready market for their
surplus products at prices that enabled
them to buy more extensively the ar
ticles of Japanese manufacture. The
condition of the national treasury en-
abled Japan to carry on war without
o resort to unusual methods of tax
alton. The imported trade was depress-
ed almost as much as the exports
were increased, and the balance was
largely payable in gold. Speaker Reed
felt called upon to warn the country of
the dangers of Asiatic competition, and
declared that the yellow man with q
white metal" was becoming danger.
ously aggressive.
Without any excuse or reason, ia
pan adopted the gold standard and de-
prived herself of the immense advan-
tages her use of silver had given to her
Industrial expansion. The usual re-
suits have followed more rapidly than
was expected. The Chinese have in
creased their exports to Japan, and
and have taken possession of that line
OF business. Instead Of buying the
products of Japanese looms and spind-
les, they are moving these looms and
spindless to Shanghai and operating
them in Chinese factories. This has
been going on for more than a year,
and to-day they are selling goods In
Japan, which the japanese manufac-
tured for themselves short time ago.
The operatives of the japanese factor
les are unemployed, their hours of net
ual work have become shorter, and
their wages are lower. Business Is
at II standstill in many parts of the
empire, and Japan finds herself drift
Ing into panic.
Public discomfort Is growing, not
only in the cities, but In the provinces.
Shanghai is shipping food stuffs to the
Japanese and lowering the prices of
their farm products, The great war
indemnity OF 200.00Q,000 taels which
China paid to Japan is almost ex-
hausted, and the people for the first
time In their history are beginning to
gFumble at the army and naval OK
penditufes, The burden of their taxes
ID becoming heavier. eyep though the
nominal amount is about the same.
Falling prices low wages and closed