loan-bonds

Updated: January 17, 2026

As for the national debt, it had its origin in the commutation of the feudatories' incomes and the samurai's pensions. A small fraction of these outlays was defrayed with ready money, but the great part took the form of public loan-bonds.

F. (Frank) Brinkley - A History of the Japanese People : From the Earliest Times to the End of the Meiji Era