2276 COMJMEECIAIi JAPAIf. [Decembeh, 



d. The prosperity in agriculture. 



e. The growth in trade. 



/. Increase of the public revenue from tax and other sources. 



g. The increased demand for laborers. 



h. Increase of the State expenditures. 



i. Sufferings of the people who live on salaries or wages. 



j. Ix)ss to the creditoi-s. 



/;. The growth of sfjeculative enterprises. 



I. Rise in the price of commodities imported from gold countries and the consequent decrease of imports. 



Second, as to the effects in gold countries: 



a. Profit to the creditors. 



b. Fall in the price of commodities imported from silver countries. 



c. Reduction in the State expenditures. 



d. Fall in the price of commodities. 



e. The loss to debtors and to the taxpayers paying fixed rates. 

 /. The stagnation of commerce and industry. 



g. Reduction in the rate of interest. 



h. Sufferings of the agricultural classes. 



i. Reduction of the public revenue from taxes and other sources. 



j. Sufferings of the employers who pay out salaries and wages. 



k. The reduced demand for laborers. 



I. Increase of the imports from silver countries. 



Third, in regard to the effects on the economic relations between the gold and silver countries: 



a. The stagnation of business transactions between the silver and gold countries. 



b. Reduction in the investment of capital made from gold countries in silver countries. 

 (2) Resolutions in regard to item No. 2 of Article I of the Imperial ordinance. 



a. The increase of export. 



b. Rise in the price of commodities. 



c. Reduction in the liabilities of debtors and taxpayers paying fixed rates. 



d. The prosperity in agriculture. 



e. The growth of trade and industry. 



/. Increase of the revenue from taxes and other sources. 

 g. Increase of the demand for laborers. 

 It. Increase of the State expenditures. 

 i. Sufferings of the people who live on salaries and wages. 

 j. Loss to the creditors. 

 k. The growth of speculative enterprises. 



I. Rise in the price of commodities imported from gold countries. 

 m. (irowth of habits of luxury. 

 n. The free coinage at the mint acts as inducement to the importation of silver. 



0. Stagnation of the Ijusiness transactions between Japan r.nd gold countries. 



p. Reduction in the investment of capital made in this country from gold countries. 



In. the discussion of the question whether the recent fluctuations in the ratio between gold and silver Trere for the advantage or 

 disadvantage of the country, the commission was at first divided, one part holding the opinion that tlie economic effect of these fluctua- 

 tions was on the whole to the advantage of the country, while the other part held to the view that the effect was not lor the permanent 

 and general advantage of tliis country. On taking votes, however, the former opinion prevailed, which was accordingly reported as the 

 resolution of the commission. 



{',',) Tlie rcHt>lutions of the commission in regard to item No. 3 of Article I of the imperial ordinance: 



in regard to this item, the subcommittee took vote on the question whether there was an immediate need of making changes in the 

 resent coinage system of tlie country, leaving out the question whether there may not be such a need at some future time, if not now. 

 Vhen tlie commi.-ssion came to take vote, however, the question was enlarged so as to include the latter question also, and the final decision 

 •was, in consequence of this enlargement of the question, contrary to the conclusion of the subcommittee and in favor of making 

 changes. Yet, with reference to the reascms for making these changes, the kind of standard to be adopted, and the time and method of 

 effecting these ciiangcs, tlie commission was by no means unanimous. It was, therefore, thought advisable to state separately these 

 various ()])inions in the report, as also the opinion of the minority, who held that there was no need of making changes, the latter being 

 presented as a iiiuiority rejjort. 



MAIN OUTLINE OF THE OPINIONS. 



1. That there is need of making changes in the present coinage system. 



1. Its reasons: 



A. The advanlagc.H that may accrue to the country from the recent fluctuations in the ratio between gold and silver Ix^iniz iiniito<l 

 in time and s})hore, we must not "be misled by the thought of these advantages, but look beyond to the permanent and general goc.l of 

 the nation at large, and adopt a coinage system which shall be in harmony with the coinage systems of the countries in closest relation 

 to our own. 



7/. That there are certain benefits which accrue to the country from the fluctuations in the ratio between gold and silver we 

 willingly grant; but, on the other liand, we need to adopt a system of coinage which, while acconling to the traditions of our country, 

 gliali alno be able to meet the need of tliese times in view of the changed condition of things abroad, i. e., to keep this country in accord 

 witii tiie economical progress made abroad and with the changes effected in the coinage systems of foreign lands. 



(.'. We grunt tlio greatness of the benefits which the country is enjoying from the recent fluctuations in the ratio between gold and 

 Bilver. Yet there is a tendency abroail tf) bring abont a reaction in the contrary direction. It will be needful, therefore, for Japan to 

 adopt a coinage system wliicii sliall l)e able to meet the effects of such a reaction. 



J). Wiiile we grant that the benefits to the country from the recent fluctuations in the ratio l>etween gold and silver aro 

 conqnirali vi'ly large, yet, on the other hand, these fluctuations have had the cifect of greatly raising the price of commodities and bringing 

 alxiut the present economic derangement. For this reiwou it will be necessary to adopt a coinage system which shall be free from these 

 lluctuations. 



2. In regard to the l:ind of new standard to be adopted: 

 ,t. Tlie gold standard. 



<(. The unrnnited circulation of silver coinage in not to be permitted. 



h. The l-yin silver coin now in circulation to bo permitted to cii'culalc without limit at a certain fisc«.l rate of cschangt?, but its free 

 coinage to be stopjied. 



Ji. The bimetallic standard. 



(». The alliance of the leading nations of the world needed for the purpose. 



b. The uUiaiue of the h'ading nations not noeilcd. 



('. As to the mode of effecting these changes. 



o. To begin making preparations at once, with a vii>w of realizing the schcmo 



^. 



