The foregoing memorandum was chiefly instrumental in effecting a change in the coinage policy of the country,—it bore a postscript to the effect that the contents thereof had been penned in haste, but that the main points which Ito wished to emphasise were:—
I. The necessity of slightly reducing the weight of the unit of value of the silver coinage; and
II. To determine the weight of the gold coin according to the metric system.
And it concluded:—
“Written in America on the 29th day of December 1870.”
(Signed) Hirobumi.
The Government decided to adopt at once the gold standard, and issued the new coinage regulation on the 10th of May 1871. The various measures then taken, and supported at subsequent dates by the administration, proved unavailing, however, to maintain gold monometallism in healthy growth at that period. The issuing of a large amount of inconvertible paper money drove specie, especially the gold coins, out of the country. This and the smallness of the natural output of gold in Japan compelled the Government to have recourse to gold and silver bimetallism in 1878, as being more conducive to the national prosperity at that time.
From this time onward Ito’s rise to power was singularly rapid, he was in truth the man of the hour, the chosen counsellor of the youthful sovereign, the hope of a nation which had at the moment but a faint impression, if any at all, of the part that it would be called on to play in the not distant future, and was as yet merely groping towards the light. The finances of the revivified country needed exceptional ability for their reorganisation, for there were still in operation in the provinces the primitive arrangements for the introduction of which the at times urgent necessities of the feudal lords was often directly responsible, and which it was absolutely essential should be replaced by methods more substantial if local credit were to be maintained,—there were the inevitable heavy expenditures incidental to the adoption of a new system of administration,— a less cumbrous coinage was greatly wanted,—and a workable plan of taxation whereby to support the reformed Government of the country was above everything essential. These were among the matters that pressed for the attention of the department which Ito was called on virtually to control.
Only a few months had elapsed when his services were demanded in a different capacity, but one that afforded still greater opportunities for the display of his talents, for he was chosen by the Emperor to take a most active part in the mission which it was resolved should visit America and Europe, there to gather information on matters of vital importance to the nation, and in December of the year 1871 the party, headed by Prince Iwakura, started from Yokohama in a Pacific mail steamer for San Francisco. Although it was not absolutely the first time that Japan had sent her messengers abroad, for two of the feudal barons with their secretaries had been to Europe on a short visit in the early sixties, the mission of Prince Iwakura, following immediately as it did the assumption by the real monarch of all the duties appertaining to his imperial station, bore a special and striking significance. The departure of the vessel from the bay of Tokio was watched by many thousands of people, and the event was acknowledged on all sides to be full of happy augury for Japan.
In California the mission was very cordially welcomed, and in an eloquent speech delivered at the Lick House, San Francisco, in January 1872, shortly after landing, Ito set forth the objects of the mission. Without reproducing the whole oration, it may suffice to give here some of its salient features, but the occasion was a memorable one, since it could but be regarded as the first time that the empire, newly emancipated from the thraldom of an intensely rigid feudalism, had declared itself through the mouth of an accredited representative. The speaker began by remarking that: “This is perhaps a fitting opportunity to give a brief and reliable outline of many improvements introduced into Japan. Few but native Japanese have any correct knowledge of our country’s internal condition.... Our mission, under special instructions from His Majesty the Emperor, while seeking to protect the rights and interests of our respective nations, will seek to unite them more closely in the future, convinced that we shall appreciate each other more when we know each other better.... To-day it is the earnest wish of both our Government and people to strive for the highest points of civilisation enjoyed by more enlightened countries. Looking to this end we have adopted their Military, Naval, Scientific, and Educational Institutions, and knowledge has flowed to us freely in the wake of foreign commerce. Although our improvement has been rapid in material civilisation, the mental improvement of our people has been far greater.... While held in absolute obedience by despotic Sovereigns through many thousand years, our people knew no freedom nor liberty of thought. With our material improvement they learned to understand their rightful privileges, which for ages had been denied them. Civil war was but a temporary result.... Our daimios magnanimously surrendered their principalities, and their voluntary action was accepted by a general Government. Within a year a feudal system firmly established many centuries ago has been completely abolished. What country in the middle ages broke down its feudal system without war?