Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-09-02


in all her history was in the recent nego-
tiation of a foreign loan. The government
did not know its financial strength. Its
bonds were offered much lower and at
higher rate of interest than was necessary,
and the revenues of the customs houses
were pledged for payment when no security
was required 1t was both fortunate and
unfortunate that the loan small one,
being only $1o0.0U0,oo0.
1t was divided between London and New
York SjOO'TOOO being placed in each city,
was subscribed fifty times over and went
to premium at once In England the to-
tai subscriptions We're f531 100000 The
bankers who financed it made an enormous
amount of money. They might have sold
$500 OO0OGo per cent interest bonds at
par but staked everything on S1O0OO0Oo0
and the government has nothing more to
offer security in case another loan is
necessary.
From another point of view the trans
action was fortunate. 1t demonstrated the
financial strength of country which had
never before offered its bonds in foreign
market, and stimulated the credit of the
government at home and abroad. do
nestle loan was placed Immediately after
at much higher rates. and public confidence
in the treasury is now complete. Japan
will need more money however, and clever
hnancierng will be necessary to obtain il.
Her officials have been advised that the
best way to get out OF the scrape is to buy
up their own bonds at any price they
compelled to pay and cancel them, so as to
release the mortgage the customs du-
ties. Perhaps this might be done quietly,
but of course, demand for the bonds
would cause an immediate advance in their
value. There is good deal of criminal ton
and recrimination concerning the response
bility for the folly. but nobody was to
blame-the financial advisers of the gov
eminent simply underestimated the SYM
and 6ad hy Tor
in other countries.
Resources of Japan.
Japan is not a rich country compared
with some others. Its resources are COM
paratively limited and its greatest source
of wealth is in the industry of the people.
There is plenty of coal, with a little gold
copper and some other metals The forests
are extensive, but they are cultivated like
the fields and the farms no larger than
New England gardens. Everything in Japan
is on diminutive scale compared with
America. Our western farmer would not
consider a japanese farm worth cultivat-
ing. He would not waste his time look
ing after 1t, but the people here by their
economy and patience are able to render a
good account for every inch of land. They
farm with fine-tooth combs.
There are few rich men in Japan. The
wealth is more equally distributed than
elsewhere. Half dozen millionares may
be counted; there are only thirty or forty
people worth half million dollars, but the
number of men commanding capital of
100000 up to $2JO,OOO is very large
By the latest reports there are 1852
banks with a paid-up capital of $40, 38S, 1888
yen Ga yen is worth 30 cents in United |
States gold. which is equivalent to an |
average of 81 per capita of the population. |
The deposits amount to 81, 9S1 500. 125 yen, |
or about $3.50 per capita. The loans and dis |
counts last reported were 81 S2S 76S $50 ven; |
the reserve 1924 G57 yen, and 20 800 435 |
yen paid to the stockholders and as divi-
dendS in 1902.
The increase in the banking interests has |
been very rapid. The total number of in
situations in 1897 being only 1894 with
capital of 2l1 ,047,470 yen an increase of
1000 banks and 10 100000 ven of capital
during the last five years
Japanese Patriotism.
The newspapers are filed with stories of
individual patriotism and Spartan sacri-
fees voluntarily made by men, women and
children for the support of the government
during the war. The Japanese are a frugal,
earnest sentimental people with high ap-
probation of the value of life and its OPP
portunities; and nowhere is the love of
country and home more intense or mani
Tested more frequently. Climate and to-
Biography have much to do with patriotism
as well as morals. That which costs us
the most is highly priced, and you will
ma without exception that wherever the
struggle is the most strenuous the greater
Is the loyalty of the population and the
satisfaction found in living In Norway
ana switzerland this is particularly true.
In Japan the phenomenon may be noticed
In every mountain village.
AS you already know. the Japanese army
is raised by conscription. Every boy of
sound body is enrolled for three years of
military duty when he reaches twenty and
you seldom hear of anybody leaving the
country to avoid service Thus the SOL
dlers who are driving the Russians out of
Manchuria are all very young-9O per cent
OF them under twenty-three, but they are
fghting and enduring like seasoned vet
Grams. There Is no way of volunteering TO
light for Japan. although q million young
patriots would be glad to do so, but we
hear of various receptions and expedients
resorted TO by them to get into the army.
There are no tears or signs but great re-
1olclng when young man is conscripted.
When you see house in one of the viii
lagos, or along country road, or even in
the city, ablaze with flags or banners these
days you may be sure that a conscript Of
hcer has been there and summoned one of
It's inmates to service. | do not mean to
say that Japan is the only country where
such things occur. Similar eagerness was
shown in the United States during the late
war with Spain, and to in even greater de-
gree both on the northern and southern
sides In the civil war.
A Remarkable Tree.
Even nature seems to share in the SYM
patty, for the newspapers tell us that in
the garden of a temple of the city of Ma
cording to tradition was brought over from
Korea by Hideyosh one of the great Sho-
guns, and replanted with his own hands.
During the war for the restoration the palm
nearly died. 1t was supposed to be dead,
out after the emperor was restored Ii
covered and was more thriving than ever
before. In the war with China, in 1895 its
leaves turned from green to yellow and
the tree gradually assumed its natural Wig
orous state and was greatly admired and
even worshiped by the people. Thirty days
after war with Russia was declared it's
leaves commenced again to wither, and
now, to all intents and purposes 1t is sap
less and extinct; but the priests are watch
ing ii carefully, and predict early evidences
OF vitality II the Japanese are successful.
What Will become of the tree If they are
not successful one has suggested. The
people In Japan do not consider the defeat
of their armies within the limits OF pos
sibility.
Many poor people have manifested their
loyalty by contributing money to the gov
eminent to carry on the war; perhaps only
few pennies, and IL Is often true that the
smaller the amount the greater the sacri-
flee and the greater the patriotism. Up to
few days ago 1,5S1 .S4S yen had been re-
ceived at the imperial treasury as volun-
I'd hft IONS Ofp