Waterbury evening Democrat., 1906-06-13
JAPAN IN PEACE TIME
Her People See Their Destiny Plainly, Says Jacob H. Schiff.
STRONG FRIENDsHIP FOR AMERICA

No NoComplainins of Hardships Follow
 ing the War and No Boasting over \ It's Result - Not Restricting Trade, I but Determined to Dominate the Far East.
 Jacob H. Schif, the banker, recently l returned from his tour of the far east l to New York and after q short visit at
 his office departed for his summer
 home at Seabright, N. J., says the New l York Tribune. Regarding his tour of
 Japan, Mir. Schiff said:
 Our stay in Japan covered about
 eight weeks. We spent short while
 in Korea. We visited most of the more
 important towns and other points of
 interest and became much impressed
 with the ways of the people and their
 activities. Everybody in Japan ap-
 pears to do work of some kind It is a
 country without beggars, without
 drunkards, and all are polite and good ] natured. Nothing is heard or seen of l the effect of the recent war. The peo- l pie neither talked about it nor have
 they become overbearing or in any
 manner intoxicated by their great vic- 1 tories, but have quietly gone to work 1 to develop their industries. to increase their commerce and trade and to get a l fair control over the new markets 1 which the success of their armies has opened for them.
 A tendency to exclude other nations ! from these markets does not exist, the
 uniform and repeated assurance being readily given by Japan's leading
 statesmen that the promise of the
 ''open door, in Korea and Manchuria will as far as Japan is concerned be strictly carried out. Korea itself Is
 gradually getting under effective Japa- nese control and administration, which will be much of benefit to this entire ly out of date country, the resources of which appear to have been dormant for centuries These with proper and
 intelligent administrative methods
 should promise rich results.
 The natural resources of Japan itself
 are prObab ply somewhat limited, but Its
 people are frugal, intelligent and ener.
 getic, and the burdens which the late
 war has imposed upon them do not ap-
 pear to weigh heavily upon them.
 Taxes are to a great extent indirect,
 such as the customs, the sake tax, the tobacco and salt monopolies. the stamp tax, the trolley fare impoet and va
 riety of other taxes, which all yield
 large revenue to the state, as do the land and other taxes. such as the in come tax, which latter, however, ap- pears not to yield an entirely satisfac- tory result.
 Under the law, a sufficient sum must first be set apart from the government revenue to provide for the interest on the public debt and for sinking fund, which latter the minister of finance es- { 'tiaated. win amount to minimum of 30,O0O, 900 yen year, and which he in- tends 50 to administer that it will equal the new bonds the government will have to issue for the acquisition of the private railroads. These latter, under a recent law, have become na- tionalized on 5 per cent basis. pay ment to be made by an exchange of the railroad shares for internal bonds. such exchange to begin after two years and to extend over a period of ten years. The railroads acquired have almost all large earning capacity. and when their purchase becomes complet- ed they should pay a large revenne to the state.
 The banking system of the country is widely developed. and its currency seems to rest on firm basis. The Bank of Japan, with branches in all important commercial centers, is alone empowered to issue the circulating medium, which is redeemable in gold on demand. It Is limited asset cur rency. protected by considerable gold reserve, but in time of emergency 1t may be expanded upon payment of heavy tax. This provision has, even during the war, protected the country against undue stringency and financial revulsion. Except the Bank of Ja- pan all banks pay interest on deposits, these showing a constant increase, as do the bank clearings in the principal commercial centers. which since 1900 have more than doubled.
 The people of Japan appear to be thoroughly convinced of their manifest destiny and without saying much if anything about 1t are evidently deter mined to maintain the leadership in the far east. which they have gained through the war. Japan will no doubt endeavor to obtain a most perfect un- derstanding with China. will sustain the latter against further foreign az but at the same time win her self make every effort to maintain pesceable and harmonious relations with all other nations.
 The impression one receives is that Japan knows exactIy what 1t needs and wants. and these people. believing as they do that they want only that which of right belongs to them. are de termined with singleness of purpose to obtain it. We met many If not most of the men who determine or yield an influence in the conduct of the nations affairs. and one and all of them make i the impression of earnest. prudent and patriotic leaders
 Great friendship Is expressed every where for America and her people. We were the recipients of much hospital