The history of national debts in Japan

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1889 Excerpt: ... paper money in yen. Thus a convenient means of withdrawing different varieties of paper money became available. But according to the terms of the Act, when an exchange was effected before the 15th of a month, interest from that month was allowed on the sum exchanged, while if the exchange was effected after the 15th, payment of interest did not begin until the following month. Holders of "Kwansho-Satsu" were consequently precluded from receiving interest prior to the proclamation of the Act, which was contrary to the intention of the Imperial Decree of the 2nd year, before mentioned. Hence, in the 7th month of the 6th year, it was declared, by Imperial Decree No. 245, that if an application for exchange be made within 40 days from the day on which the provisions of the Decree were duly notified, interest from the 29th day of the 1st month of that year, that is, the first day of the 1st month in the old calendar, should be paid; but if application were not made within that term, the interest prior to the 14th day of the 3rd month of the year should not be allowed. After this, some further revisions were made by Imperial Decrees No. 264 (7th month, 6th year), No. 44 (7th year) and No. 131 (8th year). Further, in the 10th month of the 13th year, the revised "Kinsatsu" Exchange Loan Bonds Act was proclaimed by Imperial Decree No. 47, and the whole system underwent a marked change, the policy of redemption of paper money on a large scale fairly coming into operation. According to this Decree, "Kinsatsu" Exchange Loan Bonds were to be issued in exchange for paper money, and the paper money thus withdrawn was to be cancelled. The principal and interest (6%) were to be paid in gold or silver coins, and the Government expected that sho...