Ir, at first, the anxiety of the Japanese to become possessed of foreign appliances seemed to resemble in some measure the longing of a child for new toys, their recent action has proved them to have advanced beyond this initiative stage, and to have entered with intelligence on the path of progress. Ever since the opening of the ports, the currency question has forced itself forward a8 most urgently calling for settlement. Long centuries of seclusion from the rest of the world had had, in Japan, the effect of seriously altering the local value of the precious metals. Gold, she was able to obtain from her own territory, but silver, notwithstanding the abundance of other metals, was strangely rare. Hence the price of the latter metal, with respect to gold, lind increased to the extent of upwards of fifty per cent. The result was first an enormous export of gold in return for Mexicun dollars, which speedily began to create a confusion in the monetary system, and secondly a series of attempts on the part of the Government, to keep their own silver coins at a premium far above their intrinsic worth. This artificial currency did not, as it could not, fail to interfere with the growing trade of the country. Protest after protest was made by the for eign Ministers; the words of the treaties, which specified that Japarese should be exchanged weight for weight with foreign coins, were appealed to, but ingeniously evaded by the deterioration of the coin. The struggle for power been the Shiogoon and the Mikado intorvened, and still farther increased, by the issue of kinsats, the state of confusion into which the carreney had fallen. Not only, however, was foreign trade affected, but the internal cure: ey of the State was more or less disturbed. As the Government did not desire, nor would not be permitted if it wished, to withdraw once more into its state of isolation, it became a matter of necessity to provide a remedy.
This remedy, like most of the other measures of the Japanese, has been sought in a bold step—nothing less than the establishment of a new mint anda new coinage, the whole to be conducted on the most approved principles, and every precaution to be taken ensure a regular standard of value and purity. Japa, in fact, is boldly essaying what Hongkong attempted and, apparently ina fit of spleen, threw to one side, when on the road to success. The want of regularity in the Mexican mints, the varying weight and character of the coin, have long been a source of complaint to all engaged in trade in China. Residents, in the common affairs of life, have seri coins. The varying value of the copr currency, and its systematic depreciation, has affected within wide limits the price of both imports and exports, All these and worse evils have been brought about by that, so to speak, systematic want of system which character-isos everything Chinese. The Japanese, on the other hand, have an eminent love for order; no jumbling of ranks or customs has been sufficient to prevent this making itself conspicuous, and it is, therefore, the less surprising that, when the necessity of a change in the currency forced itself on the Government, it should take measures not only establish an improved system, but should look about for one from which it might derive the greatest advantage. The experiment, then, of introducing a coinage for the Far East is, we learn, about to be taken up by the Japanese, at the point at which it was left off by the Hongkong authorities. Tt is in fact, we learn, not only to be strack by the same machinery, but to consist of the same denominations and value. The wide range of currency possessed by the old Spanish, and by its successor in these days the Mexican, dollar, turally led to the recommendation of that coin us the most suitable basis. The Japan Weekly Mail of the 13th August gives a summary of the coins proposed and, it adds, nearly settled to be issued. he new dollar is to be of the same weight and fineness issued from the Hongkong mint, and value therefore aboutds. 44d., n shade under the nominal, but quite equal wwe believe to the actual, value of the Mexican coin, A corresponding gold and copper coinage, in decimal parts or multiples of the dollar, is likewise proposed. We wish the Japanese Government every success in its new venture, and hope that it will be guided by' wiser counsels than was that of Hongkong, in the ing of the mint. We have little doubt that a good dollar and cash currency would meet with ready, favour in China. Except the race of shroffs, no one would suffer here, while all would be benefited by the facility for small transactions introduced. In the matter of coinage, the Japanese Government must, however, be above suspicion; the slightest hint that any such interference as has, within the last five years, been tried with regard to the present cnrrency, is in contemplation, will be suflicient on the instant to bring to the ground the whole fabric, and to produce another monetary disturbance, worse than those through which Japan has passed within the last teu y
Text read from the printed page and cleaned; old type leaves the occasional error.