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THE HONKGONG WEEKLY PRESS AND
Japan Society would doubtless respond to the appeal in an equivalent measure, unless, indeed, sympathy might be somewhat deadened by the accounts of the Japanese atrocities in Formosa, which were then beginning to reach England. The two sets of facts have really no connection with each other, but nevertheless the public mind is apt to be influenced by such coinci- dences. No one, we are sure, could more regret the outrages committed in Formosa than the Emperor of Japan and the Japanese Government. What response has been made by the public to the appeal made by foreigners in Formosa or behalf of the sufferers by the disturbances there we are unable to say, as the subscriptions have not been published, but the attention drawn to the lamentable occurrences has not been without its effect, the Emperor and Empress of Japan having made a generous donation for the relief of the sufferers, which was followed by a grant of 50,000 yen by the Japanese Government. In the one case the appeal was made OD behalf of sufferers at the hands, it is alleged, of the Japanese soldiery; in the other the grants were made for the relief of the distress caused by the alleged outrages of the rebels, but in effect it comes to the same thing, and the most satisfactory feature is that the Japanese Government will take effective measures to prevent any recurrence of the painful incidents that reflected so severely on the wisdom and humanity of Japanese rule in the island.
THE SILVER QUESTION.
[August 19, 1896
"to produce." What the farmer would do, | establishing the old ratio the sudden altera- if he wanted silver, would be simply to tion in values would produce a commercial
cents for a give a hundred
dollar. cataclysm that would be as disastrous in its consequences as was the original demonetisation of silver, and from that world may well shrink. If on the other hand a ratio corresponding approximately market rate could be agreed upon, subject to periodical adjustment until the true ratio were arrived at, the boon to international trade and all commercial interests would be immense.
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The silver might cost fifty cents or ninety cents to produce, just as gold from some mines may cost ten shillings to produce and from others nineteen shillings, but a sovereign remains a sovereign all the same.
"Gold," says our contemporary, "is more plentiful to-day than it ever has been, so "that it is not scarcity which has appre- ciated it. We contend that what is called "the appreciation of gold is merely the
effect of competition and invention cheapen THE JAPANESE AS COLONISERS. ing production. Let us take an illustration "with which all our readers will be familiar. Unlike the Chinese it would seem that the "Ten years ago freights from Europe to Japanese are not a colonising race. There Japan were as high as forty-five shillings are not the same inducements to the Japan-- a ton. Then shipping companies were ese to leave their native land that appeal "fewer and the wonderful appliances for the Son of Han. The latter finds the struggle saving coal and expediting the discharge to live terribly keen in certain provinces, "of cargo, which are now to be found on and is only too glad to betake himself to "the cargo steamers, were practically un- places where a little more than a bare sub- "known. To-day freights to Europe are sistence can be won by hard industry. Thus numerous in the "less by at least a third. Now is the fact we find the Chinese "that the sovereign will pay for a third Netherlands Indies, the Malayan peninsula, more freight due to the appreciation of Siam, the Philippines, Borneo, Burmah, gold? Is it not rather that shipowners Hawaii, &c. They have effected a lodgment are content with smaller profits and that on the American Continent, and would have "improved mechanism enables them to do swarmed over the United States and the "the same work at cheaper rate? Silver, we Australian Colonies had not those countries “are-told, remains and has remained steady taken measures to limit their immigration "in value. In other words, in spite of the thither. The Chinese emigrants have in "immense cheapening of production and the many cases done remarkably well, and there "marvellous mechanical inventions, silver has been not only a great trade built up "will only buy as much in commodities to- with the mother country, but she has profited day as it would twenty years ago when materially by the large sums of money "there were fewer manufacturers and less remitted by the emigrants to families and inventions. So that if silver had been the relatives. The outlets thus afforded to the The Japan Gazette has been delivering itself
currency and had not appreciated all the surplus population of China have un- on the silver question and it boldly declares profits would have gone into the hands of doubtedly proved a blessing to the Empire, that it will be convinced by no amount of "the capitalists!" It is true that gold is and the countries to which they have re- reasoning. That, we take it, is the position more plentiful to-day than it ever has sorted have profited considerably by the of most goldites, but not many will make been, but it is also true that, owing to the copious supply of cheap labour thus secured. such a frank confession. "No amount of increase in the volume of commerce and to The Japanese have not the same urgent reasoning," says our contemporary, "will the monopoly now enjoyed by the yellow motives as the Chinese for expatriating If they do not all live ever lead us to the conclusion that by metal as a circulating medium in the chief themselves. merely stamping sixteen ounces of silver countries of the world, the work it has to in comfort the struggle for existence "with the imprint of any nation's currency perform has increased more rapidly than is at least less intense, and a small
they can be made equal in value to one
the supply; hence its appreciation. The sum suffices for maintenance in thrifty ounce of gold, when in the market one illustration from freights simply tells the Japan. Moreover, the people are more ounce of gold will purchase thirty-two same tale as other illustrations of the ap-ardently attached to the soil. They may ounces of silver." That is to say, that in preciation of gold, namely, that a sovereign not be so superstitiously wedded to the iden our contemporary's opinion the use of a will buy a great deal more than it did of returning to it as the Chinese are to the metal for currency has no effect upon its formerly, but how that proves that under Flowery Land; they are not, we believe, so value, in other words, that in the case of the
a different set of circumstances all the pro-anxious about their bones being laid in precious metals values are not determined by fits would have gone into the hands of capi- their own country; but they love it more. demand and supply; which is an altogether talists we must confess we do not under: passionately, and with good reason, untenable proposition. The value of gold is stand. Competition would keep trading is in many parts singularly unattractive, greatly enhanced by its use as currency; de-profits down to their normal level under and the towns and cities are sordid, squalid, monetise it and its value would fall, just as one standard as well as under another; and uninteresting, in marked contrast to the the value of silver fell upon its demonetisa- but unfortunately the effect of the bright and busy cities of Japan and the The tion. Up to 1874 the ratio was maintained appreciation of gold has been to increase lovely scenery in which they are set. by bimetallism, but upon the partial demone- the burden of all fixed charges, whether necessity for room for expansion tisation of silver the value of that metal as
on land or industrial undertakings, to the too, not yet made itself seriously felt measured in gold declined. Since then the ruin of agriculture and the enrichment in Japan. This necessity will be made silver market has been sensitive to any of the money lender. In no department have apparent a little later. At present there is rumour affecting the position of the metal as "the immense cheapening of production" and little temptation to the masses to leave the a currency medium, the price rising on any the application of "marvellous mechanical land they love so well, malgré the terrific frequently prospect appearing of remonetisation and
"inventions," also chemical applications, convulsions of nature which so. falling when further demonetisation was in been more. conspicuous than in mining work havoc and destruction. So the air. The talk about a fifty cent dollar and metallurgy, so much so that many Japanese emigration has been almost ent is as ridiculous as it would be to speak of mines which formerly could not have confined to the Sandwich Islands, forty shilling sovereign. The dollar, what-
been worked at all now yield large profits. good many thousands of coolies have gon ever its purchasing power may be, will always Yet although a sovereign can be so much during the past few years. These emigrant contain a hundred cents, just as the sovereign, more cheaply produced the farmer has to have done fairly well on the Hawaiian sug notwithstanding its immense appreciation, give for it a much larger quantity of plantations, but their numbers do not still contains only twenty shillings. The wheat than formerly. We must confess now to be increasing. They do not, Gazette, however, seems to think differently that we have become somewhat doubtful of imagine, intend to remain in the islands. and to suppose that cents would remain cents the success of the bimetallic cause, but that they are simply working under contra while dollars would become half dollars. the system is theoretically the best and that for a term of years, at the expiry of If Mr. BRYAN be successful in his can- it was a great mistake to disturb it we are they will for the most part return to their didature for the American Presidency our firmly convinced. The difficulty in restoring own country and invest their savings. They contemporary opines that "the farmer will it seems to turn on the ratio question. If never had any intention of settling down in alarming rumours "have to pay a hundred cents to the mine the silver party in America succeeded in Hawaii to live, and the alarming
owner for silver it only costs fifty cents carrying their views into effect and re- which at one time, during the China-Japán
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