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Editorial
January 23, 1903
The Seattle Star
Seattle, King County, Washington
What is this article about?
Editorial criticizes Western powers for demanding Boxer uprising indemnities from China in gold rather than silver, exploiting China's silver standard and financial inexperience. Praises U.S. opposition to these 'extortionate demands.'
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Full Text
CHINA IN THE HANDS OF THE SHYLOCKS
The way the powers have of plucking China is not calculated to enamor the lagging Orientals with the ways of modern civilization.
The proposition that the enormous indemnities exacted on account of the Boxer uprising shall be paid in gold is one that appeals only to a Shylock.
China is doing a great deal for the world just now in furnishing a sink for the silver that most other nations are consistently ignoring.
Until a generation ago, silver was coveted as much as gold. Even to the dyed-in-the-wool gold monometalists, the use of the white metal as money does not seem entirely out of order.
The facts seem to justify the enormous shrinkage in ratio value that has taken place. The proportionate production of the two metals since that time does not.
Another generation and doubtless there will be an entire readjustment that will perhaps enthrone silver with gold as a twin standard of value. Meanwhile China does well her part in absorbing the production of the less valuable metal.
Conceding the immense difficulties that would reign were the value of the repudiated money metal to shrink still further, the Powers should seek rather to help China with her burden than to pile still heavier loads upon her bending shoulders. The amount of the indemnity was fixed by the powers and computed, as far as China was concerned, in terms of silver, the one money she recognizes as standard. Now, with a rate of exchange considerably higher than estimated according to the market value of silver at the times of payment. Thus China, not versed as yet in the ways of modern finance, may find herself owing a greater sum on the date the debt falls due than if she might pay a month before or a month later.
China is in the hands of her creditors. And the creditors are fighting for the last ounce of the pound of flesh they have exacted. Gratifying, indeed, to Americans is the stand taken by this country against these extortionate demands that betray a miser-greed ill becoming enlightened nations.
The way the powers have of plucking China is not calculated to enamor the lagging Orientals with the ways of modern civilization.
The proposition that the enormous indemnities exacted on account of the Boxer uprising shall be paid in gold is one that appeals only to a Shylock.
China is doing a great deal for the world just now in furnishing a sink for the silver that most other nations are consistently ignoring.
Until a generation ago, silver was coveted as much as gold. Even to the dyed-in-the-wool gold monometalists, the use of the white metal as money does not seem entirely out of order.
The facts seem to justify the enormous shrinkage in ratio value that has taken place. The proportionate production of the two metals since that time does not.
Another generation and doubtless there will be an entire readjustment that will perhaps enthrone silver with gold as a twin standard of value. Meanwhile China does well her part in absorbing the production of the less valuable metal.
Conceding the immense difficulties that would reign were the value of the repudiated money metal to shrink still further, the Powers should seek rather to help China with her burden than to pile still heavier loads upon her bending shoulders. The amount of the indemnity was fixed by the powers and computed, as far as China was concerned, in terms of silver, the one money she recognizes as standard. Now, with a rate of exchange considerably higher than estimated according to the market value of silver at the times of payment. Thus China, not versed as yet in the ways of modern finance, may find herself owing a greater sum on the date the debt falls due than if she might pay a month before or a month later.
China is in the hands of her creditors. And the creditors are fighting for the last ounce of the pound of flesh they have exacted. Gratifying, indeed, to Americans is the stand taken by this country against these extortionate demands that betray a miser-greed ill becoming enlightened nations.
What sub-type of article is it?
Foreign Affairs
Economic Policy
Imperialism
What keywords are associated?
Boxer Uprising
China Indemnity
Silver Standard
Gold Payment
Imperial Exploitation
Currency Exchange
Bimetallism
U.S. Position
What entities or persons were involved?
China
The Powers
Shylocks
Americans
This Country
Editorial Details
Primary Topic
Criticism Of Powers' Demand For Gold Payment Of Boxer Indemnity From China
Stance / Tone
Strongly Critical Of Powers' Greed, Supportive Of U.S. Position
Key Figures
China
The Powers
Shylocks
Americans
This Country
Key Arguments
Powers Demand Boxer Indemnities In Gold, Appealing Only To Shylocks
China Absorbs World's Silver Production, Using It As Standard
Silver's Value Shrinkage Justified By Facts But Not Production Ratios
Future Bimetallism May Restore Silver Alongside Gold
Powers Should Help China Rather Than Add Burdens
Indemnity Fixed In Silver Terms, But Higher Exchange Rates Increase Debt
China's Financial Inexperience Exploited By Creditors
U.S. Stand Against Extortionate Demands Is Gratifying