ABSTRACT
THE unsolved part of the currency problem is the question of the legal standard. The standard fixed in the original Coinage Act is that of gold. But the issue of silver yen and the conversion of the Government and the bank notes into silver have made a gold standard merely nominal. Thus, practically, Japan is at present one of the silver-using countries. Consequently, the fall of silver affects her financially and commercially. How her payments for the purchase of men-of-war, for instance, from gold-standard countries are affected may be seen from the following table: Comparison of the Amount in Silver Yen at the Market Rate of Exchange needed to provide for Sterling Payments in Foreign Countries. https://s3-euw1-ap-pe-df-pch-content-public-p.s3.eu-west-1.amazonaws.com/9781315026060/4be6aa62-beb4-49c8-95d4-b1cd4065bede/content/page130_01_B.tif" xmlns:xlink="https://www.w3.org/1999/xlink"/>
