16 Japan and its Currency. 



minted, and who thus guaranteed and made himself responsible 

 for its genuineness.* In the centre of the reverse was the 

 official mark of the Director- general of the gold and silver 

 coinages, and not unfrequently the names also of private indi- 

 viduals were imprinted on the same side to demonstrate that 

 the coin had passed through their balances and not been 

 11 found wanting." 



The gold itzebu, or, in the more vulgar tongue, the ff itjib," 

 weighs about 60 English troy grains, and its degree of fine- 

 ness is -^oVo- It ^ s simply an oblong piece of gold plate metal, 

 with rectangular ends admirably adapted for cutting holes in 

 pockets. It is •§- of an inch in width, and ornamented by a 

 coat of arms, characters exemplifying its weight and value, 

 and other official marks of the director of coins. The itacune 

 is an oval-ended plate of silver, three inches in length, 

 1| inches in width, weighing 1160 English troy grains, and 

 possessing a degree of fineness equal to vroV* ^ ^ s stamped 

 with the Imperial arms, top and bottom, with declaration of 

 current weight and value in the middle. 



As has been stated, some of the consequences of the treaty 

 were soon felt in a material sense. It was ascertained that 

 one Mexican dollar was, approximately, equal in value to three 

 itzebus. Foreign merchants were therefore entitled to demand 

 three itzebus in exchange for a dollar, and as, by the provisions 

 of the same treaty, permission was given for the free export 

 of gold and silver, the gold coins could be obtained at the 

 Mint price for the itzebus thus acquired, they were speedily 

 bought up and exported. Is it surprising that the Japanese soon 

 complained that they were being robbed under the actual con- 

 ditions of the treaty which thus legalized fraud ? Sir Eutherford 

 Alcock, who was a witness of these evils, strenuously endea- 

 voured to remove, or at least to mitigate them. He advised 

 that the Government of the Tycoon should remodel its own 

 currency laws, and his suggestions were partially adopted. 

 Had they been wholly acted upon, greater good would have 

 resulted. Timidity and prejudice prevented this and half 

 measures, as usual, ended in disaster, or at any rate in failure. 



Further counsel has been recently invoked from the English 

 Government, and while we write, vigorous attempts are being 

 made to effect a complete re-arrangement of the Japanese 

 currency. It would be premature to adumbrate even the 

 nature of the bases upon which the new system of currency 

 will be placed, but it may be predicted with safety that deci- 

 milization will be one of them. At all events, it is undoubtedly 

 true, that the experiences of the last few years have enlight- 



* An arrangement existing in this country in the days of the Saxon Hep- 

 tarchy. 



