The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1906-07-18
JAPAN IN PEACE TIME.
Her People See Their, Destiny
Plainly, Says Jacob H. Schiff.
STRONG FRIENDSHIP FOB AMERICA

accomplishing of Hardships Follow.
ing the War. and No Boosting Over
Its Result - Not Restricting Trade,
hut Determined to Dominate the
Far East.
Jacob III. Schiff, the banker, recently
returned from his tour of the far east
to New York and after short visit at
his Office departed for bis summer
home at Seabright, N. j., says the New
York Tribune. Regarding his tour Of
Japan, Mr.. Schif 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 amt the,-
activities. Everybody in Japan az
pears to do work Of some kind. 1t Is
country without beggars. wittoSt
drunkards, and all are polite and good
natured. Nothing is heard or seen Of
pie neither talked about it nor have
they become overbearing or in any
manner intoxicated by their great vic
tories, but have quietly gone to work
to develop their industries, to increase
their commerce and trade and to get
fair control over the new markets
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 tha
"open door" in Korea and Manchuria
will as far as Japan is concerned be
strictly carried out. Korea itself IL
gradually getting under effective Japa-
nese control and administration, which
will be much Of benefit to this entire
" out Of date country, the resources o.
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 bly, somewhat limited, but its
people are frugal, intelligent and ener-
getic, and the burdens which the late
war has imposed upon them do not an.
pear to weigh heavily upon them
Taxes are to a great extent Indirect
such as the customs, the sake tax, tho
tobacco and salt monopolies, the stamp
tax, the trolley fare impost 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~
| timated will amount to a minimum Of
100000 yen a year, and which he In
| tends so to administer that 1t 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 ma
tionalized OH 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 large revenue to
| the state.
The banking system Of the country
is widely developed, and it's currency
seems to rest on a firm basis. The
Bank Of Japan, with branches in all
important commercial centers, is alone
empowered to issue the circulate
medium, which is redeemable in gold
on demand. 1t is limited asset cur
rency, protected by q considerable gold
reserve, but in time of emergency It
may be expanded upon payment Of a
heavy tax. This provision has, even
during the war, protected the country
against undue stringency and financial
revulsion. Except the Bank Of ia
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 IL
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 I'M
Outstanding with China, will sustain
the latter against further foreign ag-
gression, but at the same time will her.
self make every effort to maintain
peaceable and harmonious relations
with all other nations.
The impression one receives is that
japan knows exactly 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 1t. We met many If not most