Japan's Experience With Silver

The attempt of Japan to maintain a mint ratio that was different from the market ratio was a failure and resulted in dennding the circnlation of gold. BimetalliBm had failed in Japan as elsewhere. The decline in the value of money had in Japan the effect it always has had of robbing the laborer and enriching the capitalist. The miserable pittance paid to the wretched operatives must at no distant period lead to a social revolutioa unlesa the rate of wagea be considerably improved. i In 1872 a family consisting of five members of the lower middle class conld subsist on 70 yen a year. In 1893 the coat of living had risen to 180 yen a year. During a period of 22 years the silver yen declined very nearly one-half in its gold value, about two-flfths in its power to buy merchandise and about one-fourth ia its power to buy labor. The gold value of the exports from the United States and England to Japan was over 118,000,000 in 1892 and nearly $31,000,000 in 1896, while the imports of the two from Japan were over 000,000 in the first year and less than $31,000,000 in the last year. - Fred Perry Powers in Sound Currency For March 1.