El Paso herald. (El Paso, Tex.) 1901-1931, 1921-01-12

4 monies 70 run the government. This
I budget. officials were advised, IS In
{ process Of compilation, but the policy
I Of retrenchment agreed upon by Jap
ans leading statesmen, shows a pur-
pose to trim appropriations down 70
the lowest minimum consistent with
l efficiency
A significant note given by these
diplomats advices from Toxic dis
] closes that Japan's population made
discomfort by their financial losses
suffered throughout the empire in the
recent tumble in prices. and bank
failures, are pleading that they De not
forced 70 pay heavy taxes 10 sup
port the pre-war dreams OF the mill
Uary element
4 scaling down OF some Of the es-
Inmates for naval purposes as well as
for military purposes IS being urged
ty some Of Japan's foremost figures,
the dispatches from financial at
taches at Toxic declared
Forgetting War Plans.
The Nipponese, officials we're told
staggering beneath their debt bur
dens, are forgetting about war plans
and are thinking about the high cost
OF living. There is a general senti-
ment growing out Of present dissatis-
faction among the japanese masses
for a reduction in the rate OF inter-
est by the banks Of Japan TO facili-
tate the recovery or business from
the depression now so widespread
japanese financial authorities are
putting into effect the most rigid
measures TO check credit expansion
and remove some OF the imitation de-
veloped 20 near the bursting point
during the war, particularly In the
silk and rice markets. Spectators
are being given a drubbing by this
process Of government restriction
Up Legitimate uses OF credit The
best authorities OF japan laugh at all
suggestions for raising the bank
rates, as such a step. they contend,
would force thousands mere firms
into bankruptcy
Old pre-war arguments have gone
by the board and japan is waking up
10 the idea that waste and eXtrav-
agance. both public and private, must
be stopped II japan is o survive as
an Important world power
This indicates 10 officials here
public sentiment somewhat similar TO
sentiment prevailing both in the
United States and in many Of the
leading European powers that tax
burdens chiefly attributable to war
and war plans for the future shall
be radically reduced to real peace
Tight Money Market
Some indication Of the economic
straits In which Japan is laboring is
revealed by other official advicesr
stating that the bank Of Japan grant
100000 when the boom was al It's
height but when high tide began to
receds with tumbling prices on
Japan's principal export eommoui-
ties. the loans dwindled 70 a bare
100000. 900.
The panic and the disastrous effects
Il heaped. upon the whole OF Japan +.
IS mainly due 20 q tight money mar I
ket, and according 70 Japanese OBJ ]
servers the corrective les in making I
the supply Of money available at 4
lower rates OF interest
Economic depression in Japan has I
spurred Up plans for commercial su- I
premacy in certain directions which /
Japan seeks 70 dominate Her food I
policy Is aimed at monopoly IN the I
world markets II possible A new
i-ink in this plan for world dominance
Is things commercial IS Japan's
move to buy up and store enormous
quantities OF foreign rice 10 give
japan the power 70 regulate the
prices Of rice
Officials here were amazed TO find
Japan's scheme 10 corner the
stocks Of rice would involve
actual financial loss to japan II is
defended on the ground that rice is
the chief need Of the people
Although in Japan there is oppo-
siticc 20 the plan, as Il would mean
a loss 10 the people Of 100000 yen,
OF about S1,50o,000, the government
it strongly and probably
VIII make IL effective Without SUI
licient rice for the people and at
prices which are low, japanese Off
,ials realize that the stability Of ths
nation would be endangered and POS
5ibly lead TO a social upheavsL
Officials here declare there Is the
possibility Of political storm In the
proposal to buy up and store avail
able stocks Of rice There is a sharp
conflict Of interests between the pro-
iucer and the consumer, which may
ieVelop difficulties Of menacing pro-
portions for heads Of the government
Shin (onb1,u