Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-04-27
Letter from Japan.
A Muddled Currency New Coinage
Spectators and Money Changers-ISe-
suits of Political and social Reforms
Religious Changes-PrOspccts of ReIi-
gious federation.
lcoRREspoNDENcE OF THE spY.I
KOBE, March 10, 1872.

KOBE, March 10, 1872.
Among the many reforms in progress in ia
pan, that of the currency is by no means one of
the least important.
For long time the country has been cursed
by the possession of some four currencies, sus-
tanning an ever varying relation to each other
and, OF course, also TO foreign exchange.
The first, called zeni, which is used by the low
er classes, almost to the exclusion of the Others
is represented by five coins, the smallest, equal
to 1-1OO of a cent, of iron, the second, third and
fourth, equal respectively to the is, and IA of
a cent, of bronze, while the fifth, of about the
value of our cent, is of gun metal. All these
have a square hole in the centre by means of
which they may be slung on bits of twisted
| straw. These strings are almost uniformly of
the value of twenty times the gun metal coin.
Such a string is, however, called double string,
the half OF it being the basis of all calculations
of value in this currency.
Groceries, and indeed nearly all family sup
| plies, are usually sold by means of this base
metal coinage. The coins, being cast, are rough
| and heavy. Those of less value than cent are
round and vary but little in size, which of the
largest is a little larger than quarter of dol.
lar, though much thinner, while the smallest,
the eighth of a cent is somewhat smaller than
that coin. The tenego, having the value of
cent, is of oval shape and not far from the size
of a section of an average sized hens egg, and
must weigh nearly four times as much as a cop
per cent
The second or silver currency is represented
| by two pieces, the chibu; and its fourth part
| 4bo ;ssh ole sNc
shape, the ichibu being not far from an inch
long, with a width about two-thirds of its
length. The dimensions of the smaller coins
are about one-half these. The real value of the
| cbibu is 81 cents.
The third is gilded currency, having q sill
yer base, and is represented now by two rectan-
gular coins, about half the size of the silver, the
larger, or nibu, being worth 49i cents; the
smaller, or nishu, 12s cents. These latter are
properly the subdivisions of the old gold koban
which have almost entirely passed out of use,
though we do hear now and then of transactions
in them still, but owing to the crest change in
the relation of gold to silver since foreigners
| came to Japan, they are now worth for bullion
many times their face.
-Four ichibu coins, or two nbus are called a
rio, which is always used as the unit in larger
calculations but on account of the great differ
ence in value between the ichibu and half
nbu, it is necessary always to specify which rio
is meant; but the government in issuing its
paper money did not do this, and because of
the doubt which hung over the question as TO
which coinage it represented, its market value
was ever 1uctuating between these two, though
naturally enough it was seldom far from that
of the inferior coin. Hence this paper money
constituted fourth series
As have said, the relations of the metal cur
| rencies even, was constantly changing The
number of tenegOS in rio, ranged from 90 or,
3d. to 1875, and so frequent and rapid were the
changes, that in paying even the smallest bills
one must ask, "What is the rate of copper coin
to-day2' The gilded coin has, during the two
years past, ranged from below par to or 8
per cent. above, while the rate of silver has not
been less changeable.
This state of things has been the source of
great confusion, and of cons tant msunderstand-
ings, both in large and small transactions. l
was myself very much disguised the other day
when came to pay my wood bill, to find that
the amount of the bill was increased % per cent
by decree Of the government issued some two
days before, with reference to the value of COP
per coin.
With a view TO bring about uniformity in
the currency of the country, the government re-
solved some three years ago to establish a mint,
and issue only coins belonging to our series.
Accordingly they appointed gentleman, for
merly director of the English Hong Kong mint,
director of the Japanese imperial mint; and for
nearly two years he, with suitable assistants.
has been busily engaged at Osaka, and for some
thing less than year they have been making
the new coinage at the rate of SAC, 900 per dav.
The unit of this currency is of the same value
as the Mexican dollar and is called yen. The
gold coins are 20, 10, 5, yen. The silver coins
are the yen, the so, 90, 10, and cent pieces.
The bronze coins are not yet out. The designs
of all these are essentially the same. On one
side the national dragon, so sadly cOiled upon
himself that it is hard to find his head or tail
around this the date and the denomination of
the coin, in Chinese characters. On the reverse
IS the sun, and around this wreath, with crest
of the mikado. The execution would do credit
TO any mint in America or Europe.
From all these coins, excepting from the silver
yen or dollar, there is a certain abatement to
pay for coinage. 1t being the intention at first
to regard all others as subsidiary coins, to be
used exclusively within the country, but now
the idea seems to be to regard the silver dollar Il
special coin for use at the foreign ports, while
the gold and the small silver shall be the proper
legal tender Of the country. This is unfortu-
nate, still, as the amount of the abatement for
coinage is known, the relation of the gold with
silver can be easily calculated, while the yaria-
ton, aside from this cause, must always be
triding, hence it is q vast improvement on the
old style.
Inc new coin was very slow in coming into
use, and for long time maintained a fancifnl
rate, giving opportunity for much speculation.
AT one time 1t stood even as high as 10 per cent
above its intrinsic value, and those of the forepn
merchants who handled much money were in
the habit of sending their Mexican dollars 10
the mint for recoinage the charge for which
was only two per cent. After twenty days the
new coin was received and sold, the ten per cent.
profit suffering only nominal charge for inter
est during the twenty days required for the
transaction. However, the day for such specn.
lation is past, aud the new coin has assumed a
rate very near to its intrinsic value to the great
Joy Of everybody, unless it be that of the money
changers, whose business seems likely to suffer
by the change. These money changers were the
natural offspring of the old state of things and
their number was legion; but the reduction in
their numbers will be witnessed with little regret
by those who have been forced TO patronize
them and suffer from their exactions.
1t is great surprise to everyone that the abo.
lition of the old daimiates should have taken
place so quietly, and we are frequently enjoned
to heed the lesson of history, that all great re-
forms like this will be accompanied with insur.
rection and bloodsbed, and on the strength of
this supposed teaching of history many propbe-
cies have been hazarded which have yet to be
fulfilled.
There is, however, one element of strength
OF which the government is able to avail itself,
which many seem to overlook, and that is this
that 1t has made, for the present at least, the