I910.] DUBOIS— JAPANESE EMBASSY OF i860. 257 



this rule they would take from Americans a thousand dollars, and give in 

 exchange two thousand of these new coins, being the equivalent in weight. 

 But when the Americans came to buy goods with the coins they were in- 

 formed that their current value was only a half-itzcbu, according to the 

 stamp. That is to say, a Japanese could pay them to an American, at the 

 rate of two to the dollar ; but could only receive them at the rate of six 

 to the dollar. And if offered their itscbu (one-third dollar) they did not 

 want it — had enough of them ! Thus, there was a half-itzcbu worth fifty 

 per cent, over the whole itzebii for the sake of a shallow artifice. The 

 embassy did not bring the former piece (the half-itzcbu) with them but only 

 the latter (the whole itzcbu). 



The half-itzebus were not equivalent in fineness although they 

 were over-full in weight. They assayed 846 thousandths fine as 

 against 900, and weighed 210.0 grains as against, say two tenths of 

 a grain, over a half-Mexican dollar. 



Thus, there was need for a basis of exchange. Moreover, the 

 coinage had become debased, the feudal lords had secretly issued 

 money, and the country was flooded with counterfeits. Paper 

 money had depreciated and finance was unsound. 



It has been shown in the earlier portion of this paper that at the 

 time of the embassy Japan was in a state of internecine strife, that 

 the Shogunate had been undergoing changes, and that a few years 

 later (1867-8) the crisis came in which the real government was 

 restored to the Mikado and the feudal Shogunate abolished. Just 

 prior to this, however, in 1866, the Mikado, or Emperor, had ratified 

 all foreign treaties of the Shogunate, and they continued in force. 

 In 1870 the distinguished statesman, the Marquis Ito, was sent to 

 the United States to study monetary methods and coinage standards. 

 While here he wrote a memorandum on " Reasons for Basing the 

 Japanese New Coinage on the Metric system." During Ito's ab- 

 sence from Japan the Hongkong mint was purchased and with 

 British aid carried over to Osaka. Ito wrote home recommending 

 the ultimate adoption of the gold standard although not yet quite 

 feasible. However, the metric or decimal system was adopted and 

 the currency closely conformed to that of the United States, the yen 

 being the equivalent of our dollar and the sen the equivalent of our 

 cent. It cannot be doubted that the first experience of the Japanese 

 with the working of the metric system was obtained in our mint, as 



I'ROC. AMER. PHIL. SOC, XLIX. I95 Q, PRINTED AUGUST I, I9IO. 



