The History of Japanese Paper Currency (Classic Reprint)

According to historical records, the first paper money of Japan was issued as early as 1335 (K ernbun Period) ;but particulars of the issue and characteristics of the notes are entirely unknown to us. It is generally believed, however, that this paper was not used in any considerable amounts.2 Even the Tokugawa government, during its long regime, never put into circulation a government issue. Only at the close of its power, in 1867, did it sanction a paper money for the newly opened port of Hyogo; but this was withdrawn as soon as authorized. Hence, the paper currency issued by the government for the purpose of universal circulation throughout the Empire, began with the restoration in i868.8 Governmental currency being thus a new institution and its establishment occurring in the midst of internal political confusion, there were indescribable difficulties in the way of carrying through this financial measure. But notyithstanding these difficulties, the financiers and statesmen of the time 1I thas not been possible for Mr. Takaki to revise his manuscript or to correct the proof of his study. The monograph is accordingly printed in the form in which it was presented to, and accepted by the Board of University Studies of the Johns Hopkins University for the degree of Doctor of Philosophy, in June, 1895. EDITORS. 2T ransactions of the Asiatic Society of Japan, vol. xx, supplement, part I, p. 168. 3I ssues of paper money by private persons were, of course, made in the shape of bank notes, but they had a circulation mainly in the large centres of trade. Since the period of Kwambun (1661-1673), there existed another paper money issued by the Daimyos, but it circulated only within the feudal territorial limits. See Count Matsukata s Report of 1890.
(Typographical errors above are due to OCR software and don't occur in the book.)

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