Friday, September 3, 2010

The Polynesian Reports: Japanese Embassy and Currency Exchanges

Japanese Embassy and Currency Exchanges

The Polynesian. Honolulu: Saturday, March 10, 1860, Page 3.

The arrival of the U.S. steamer Powhatan with this Embassy, which is destined to produce such an important effect upon the trade of the world with this powerful, industrious and hitherto comparatively unknown nation, has been a topic of conversation in business circles.

The question of currency still continues a vexed one, and more difficult to settle than the five-franc and American half dollar on here. The relation of gold to silver, which existed at first upon the opening of trade, being so much less than that of the European standard, was eagerly seized upon by foreign traders, and large amounts of money were made on the interchange of treasure; but the Japanese have now raised their standard more in unison with that of the Outsiders, and put a stop to the efflux of this precious metal.

We learn that Mexican dollars have been adopted as a medium of currency, and with the aid of a Japanese government “chop” stamped on them, after the fashion of Spanish authorities in Manila pass in trade. On the return of the Embassy we have no doubt but the same preference will be shown to the American dollar.

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