Show JAPANS JAPAN'S NATIONAL DEBT secretary of the Finance department of f Japan gives an Instructive and lucid account of the present condition of The National Debt of Japan Japa and of ot the successive stages stages In its is development Mr 11 hiu's hus describes the inception of ot the debt Prior to tho the restoration there existed existed existed exist exist- ed in the country several hundred feudal feudal feudal feu feu- dal Princes who enjoyed absolute power pow pow- er over their provinces The systems of were more or less Irregular irregular irregular ular and differed from one another This was especially la y noticeable in the matter mater of finance When a Prince had a deficit and could not meet it In the ordinary way he usually borrowed borrowed the money required required required re re- re- re from wealthy merchants and gave them notes In exchange These notes otes were legal tender only In the re respect respective respective re- re ve provinces pro where they were Is Issued issued issued is- is sued and made a considerable aggregate gate amount Soon after the restoration the Imperial Government took over all al liabilities contracted by the I Princes and promulgated the new and the old loan ioan net act of 1873 The TIle bonds thus authorized were given to those merchants who had advanced mOney money money- to to the Princes The bonds carried Interest at 4 per cent and were redeemable b by two twenty-two annual drawings commencing in the lie fourth year aT of their issue North North American Review j |