Show ON A GOLD BASIS japans new monetary system As proposed manufacturers are uncertain as to the effect japan may negotiate a loan she also fears ahe return of her currency for redemption in gold s 20 the secretary of abe treasury is in receipt of information from the united states minister at tokio japan to the effect that during the present session ol 01 the japanese diet a government coinage bill will be presented for the consideration ot that body which will if change the standard of value in japan from silver to gold it is proposed tu fix abe govern meet parity of or ratio between the two metals at ia to I 1 the unit of value will be a gold yen which will be one halt the weight and value of the old japanese gold yen which is of the same weight and fineness ae the gold dollar of the united states the proposed unit of value will therefore be the exact equivalent of 50 cents in the united states and approximately of the same value as the present unit of value in japan the silver yen which at the current raid of exchange ia worth about 51 cents in united states money it is proposed that abe smallest emal lest coin minted shall be a 5 yen piece further coinage of silver will be to subsidiary coins the diver yen now in circulation hii be maintained at par with abe gold yen by abe government being prepared to redeem then in gold whenever called upon to do so it is important to note that there are about of Japa ieee dilver in circulation 0 which it is estimated that about are circulation money in china and the english french and other colonies and settlements in the east should the ratio between cold and eily er become greater than 1 to 32 the tendency conid seem to be to drive the outstanding silver coin back to japan for redemption the vernacular press reports considerable sid erable dissatisfaction among the manufacturing and mercial classes upon the proposed chance of standard and it ia reported that the cotton spinners association have prepared protest against it to present to the diet those interested in manufactures in japan are at present very prosperous and satisfied with the returns their investments are bringing in they are naturally as a class not disposed to view favorably a proposed change the effects of which upon their interests they have no atana of determining beforehand it is generally believed bowlyer bo weyer that the government bill will in a perhaps modified form become a law it ie supposed that the principal object the government has in view in bringing about the change is to enable it should such a measure become necessary or expedient to negotiate a loan in europe on better terms than would be possible as they believe if japan remained on a silver baabe |