-288
;
April 28, 1000,
THE COKEAN ORISIS.
1
་
THE HONGKONG WEEKLY PRESS AND which elsewhere was valued at about six- | of unconvertible paper; the palliation was teen, or more, times the price of silver, was but brief, and the downward path once in Japan only rated at eight and a half adopted, the natural result followed, and
(Daily Press, 26th April.). times its value, weight for weight. The the value falling continually owing to the What is the exact state of affaire in Coren conseque: ce was that from the beginning over-issue, the g government again found it is indeed difficult for anyone, except per goll commenced to leave the country in itself on the verge of bankruptcy. The haps M. PAVLOV, to know. After the continually increasing quantities. The gov- remedy taken, or proposed to be taken, was recent withdrawal by Russia of her extreme ernment of the day, when it woke up to the one of those specious and ingenious para demands at Masampo many looked for n tem- state of the case, became alarmed, and tried doxes which we sometimes find propounded porary lull in the storin of words which to stop the export; it knew little or nothing by men with more experience than had the raged round the subject of the rival Powers of the causes at work, and persistently Japanese ministers of the day." "The Go-in Corea. But the agitation had barely took a wrong course in every measure "vernment determined to issue Govern- been allayed by Russia's withdrawal, when it adopted to stem the difficulty. This "ment bonds called Kinsatsu (paper money) n fresh series of alarming rumours began to brought upon it the hostility of the European "exchange bonds, bearing six per cent. spring up, culminating in a story to the Powers, who felt themselves compelled to "interest; the plan being to issue these effect that, shortly after noon on the 29th act in a high-handed way, and often against" in exchange for paper money, in order to ult., a squadron, consisting of twenty-seven their own feelings. The end of this was to "withdraw the latter from circulation, and vessels, including ironclads, cruisers, gun- increase gill further the export; while at "then to encourage the establishment of boats and torpedo-boats, belonging to the the same time a craze for following the lend "banks which should issu: convertible notes Russian Asiatic Squadron, appeared off AɛɛN, given by the opening of trade was taken on the securityf these government bonds." Corea, and apparently went through some up, not wisely but too well, by the Daimios; The very necessities of the government were, manœuvres; that three Japanese warships, each of whom arranged the fiscal matters of in fact, to found the basis of security. Of prepared for action, engaged on a certain his own dependency irrespective of the cen- course there are numerous instances of states, service in connection with the manœuvres tral government, at that period administered as of individuals, who make a practise of now going ou, just then appeared; and that by a Mayor of the Palace, in the person of living on "the interest of their debts," and after the squadrons had passed each other, the Shogun. As the fashion of the day de generally on the same plausible ground, and before they were a great distance apart, cided, the craze ran on the most unexpected that a state that owes so much must of one of the Russian vessola suddenly fired a articles, each of which had to be imported necessity be very rich. The result was shot. Surprised by this unfriendly action, at famine rates, and had to be paid for in what might have been expected. The continued the report, the Japanese, vessels gold. Steamers of every sort were bought bauke, denominated in imitation of the changed their course and proceeded home up at prices fur in excess of their value United States National," were indeed with a view to reporting the fact. The when new; nor did the craze end here, but started, but, as their entire capital consisted Japanese naval authorities made a com- ran on such strange commodities as, for in- of these same Kinsatsu, which they were in- munication to the Russian, Ad niral, - an stance, pigs and rabbits. To obtain the tended to replace, it need not be said that order being issued to suspend the large amount of specie required to pay for their existence was of the briefest, and the manoeuvres pending the settlement of these unproductive articles, the Daimios government had soon to take measures for the negotiations with the Russian Ad- issued paper money, with the result that bolstering up these intended buttresses of miral. This story, which naturally had the small stock of specie which in the days its stability. The result is told in words so a most startling effect in Japan, proved to when the Empire was closed to foreign in- Daive and ingenuous that they are worth be absolutely unfounded, as may well be tercourse was found sufficient rapidly became quoting. The Government intended to imagined. There is no Russian fleet of denuded, and the Dainios, one after another, retire all the Government paper money twenty-seven bonts in the East, no Japanese fiuding themselves baukrupt were unable to "hitherto issued in exchange for these meu-of-war were near the Corean coast ju fulfil their obligations to the Central Gov- notes, but unfortunately that inteution connection with the manoeuvres, and the ernment; some of them, moreover, to tide "could not be carried out. For the specie latter were not suspended. But rumours over their difficulties commencing to issue was getting scarce, owing to the presence this nature are flying broadcast at the forged money, so that affairs went from bad "of the large amount of unconvertible sent moment and find as credulous
listener to worse. The only remedy in the position notes, so that as soon as the convertible na do rumours emanating from Peking. One of affairs seemed to be to restore the Im- bank notes were issued, so much demand piece of genuine news about Corea, which perial power, and put an end to the coufu- was made on the banks for exchange that is sufficiently alarming but does not scem, sion. The first steps were comparatively these notes never obtained any extensive on the face of it at least, to be connected easy, as the government of the Shogun was circulation; and no more than four nation the Russo-Japanese, with question, is that unable to offer any effective opposition.
"al banks could be established." The end insurgents have risen in the north of Chung The restored government found, however, of this was that in 1871, while the entire Chong-do and south of Chulla-do and are, that it had succeeded to an herculean task; anount of specie, of all kinds and descrip- according to a Seoul dispatch, threatening it found the treasury empty, the country tious, in Japan had fallen to an estimated to increase in force. The Corean Govern- flooded with irredeemable paper money, the sum of 51 million yen, the amount of paper ment has, it is added, issued instructions Empire bankrupt, and the people in a state money had grown to the large sum of 215 to the Governor of the dis ricts disturbed. bordering on rebellion. Its first enforced millions: or approximately, while the entire It is impossible at this stage to know how step was to assume the burden of the paper stock of coin in the country had fallen to much weight to attach to the report, but it money, which had been issued by the Dai- 45. 6d. per head of the population, the stock only wants such internal dissensions of a mios without any precaution as to quantity, of practically irredeem able paper amounted violent nature to precipitate the whole ques- and with no provision for retirement, and (nominalty) to 19s. per head. This was the tion of Coren's future. The see-saw of Rus- the value of which had sunk in consequence darkest period of Japanese finance, and it is sian and Japanese influence is proceeding to an enormous discount. To this end the to the prescience and intelligence of a few iu its usual fashion, Russia for the time government made an issue of paper of va- of her statesmen that a gradual recovery being in the ascendant through the superior. rious face values, bearing no interest, but to from this, depth of despond is to be at diplomacy of her representatives, it wou'd be redeemed at the end of thirteen years attribute. The Government of Japan has seem. The Japan Mail in article last cr about the same time it also made an issue
week called in question some of notes of smaller dimensions; to ease the dis-
diplomacy, it is true, and - tress heavily felt by the poorer classes, and
procedure regrettable = and to be exchangeable in proportion with the
judged "It assumes," mid our contempor larger notes. Unfortunately, owing to the
ary," the form of abort agitatIO which from
10
4.
CA
recently issued from its Press the valuable Report on the Adoption of the Gold Standard, which we noticed the other day, containing the history of these preliminaries struggles, written by Count MATSUKATA MASATOSHI, This work is, of interest, not only as con-
difficulty in collecting the ina taining a history of a very important period.
}
in the development of the Far East, but even further, from the intimate knowledg
igə of financial science which it displays. Japan has attained such a high ran now amongst
of
of this Russian
apparent
creates general feeling of une
uneasiness throughout the Orient, and not calcu lute 1, 1) far na we can perceive to procure any compensatory advantage whatever for Russia herself." These
ferred par ticularly to the rep
of Virtual proc claination to the worl ernment is bent pit the later of a naval station of Cores. The
year to year, the government position to redeem these issues when the time-camé ; and instead of cancelling the notes, when presentell they were re-imued as they cane in. The task of reforming the feudal govertiments proved
the Mikade any thought of former shnine; to disclose hat liad mticipated, and large portions of the first infantile steps, on the track of gvo country, broke out in open rebellion... The fiuance, and it is useful as well as interest government found itself at its wit's end to ing to trace her upward progress from the provide fundet för its suppression, and; not | state of despair, in which she found herself- knowing any other way out of ita troubles, in the early eighties, set forth in, the lind unfortunately recourse to another issue | report.
difficult than the advisers be more putions that she can afford, without taking | Koje island na Russian
1