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Updated: September 11, 2025
In the early days of her expansion Japan suffered greatly from the evils of inconvertible paper-money and strenuous efforts had for a long time been made by the Government for the redemption of the paper-money and the improvement of the general financial condition.
At a moment when the recent violent change in the distribution of the wealth of the community had left the proprietary body generally in a depressed condition, the Legislature had to provide for the wants of the newly emancipated population, by increasing at great cost the ecclesiastical and judicial establishments; and at the same time it was necessary that a quantity of inconvertible paper recently set afloat should be redeemed, if the currency was to be fixed on a sound basis.
Now men do not see nature to be beautiful, and they go to make a statue which shall be. They abhor men as tasteless, dull, and inconvertible, and console themselves with color-bags and blocks of marble. They reject life as prosaic, and create a death which they call poetic. They despatch the day's weary chores, and fly to voluptuous reveries.
The useless inconvertible material, leaving every available element behind, is got rid of, either in a solid form by the bowels, or in a fluid form by the kidneys; and thus as long as life lasts there goes on more or less perfectly the wonderful process of constant change, of constant renewal, and during childhood and youth, of constant increase of size and stature.
The power to emit an inconvertible paper as a sign of value ought never hereafter to be used; for in its very nature, said he, it is "pregnant with abuses, and liable to be made the engine of imposition and fraud, holding out temptations equally pernicious to the integrity of government and to the morals of the people." Paterson called it "sanctifying iniquity by law."
In brief, after about a year, Thangbrand returned to Norway and king Olaf; declaring the Icelanders to be a perverse, satirical, and inconvertible people, having himself, the record says, "been the death of three men there." King Olaf was in high rage at this result; but was persuaded by the Icelanders about him to try farther, and by a wilder instrument.
To the extent of this value, there is an increase of the capital of the country; and the increase accrues solely to that part of the capital which is employed in loans. If the paper is inconvertible, and instead of displacing specie depreciates the currency, the banker by issuing it levies a tax on every person who has money in his hands or due to him.
We are the children of the poets, the devotees of the romancers, so far as that goes; and however material and practical we are in other things, in this we are a republic of shepherds and shepherdesses, and we live in a golden age; which if it sometimes seems an age of inconvertible paper, is certainly so through no want of faith in us.
Propaganda among themselves was indeed unnecessary, for no one required conversion except those who were known to be inconvertible. The chief work to be done was to send speakers to British constituencies; and in the decade from 1885 to 1895 Ulster speakers, many of whom were ministers of the different Protestant Churches, were in request on English and Scottish platforms.
An inconvertible paper currency, stimulating industry and improving morals by converting beneficent commerce into baleful gambling that fatal invention did not then exist. Meantime, the legitimate trader and innocent citizen were harassed, and the general public endangered, as much as the limited machinery of the epoch permitted.
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