Surely this is sweeping assertion. If we take individual cases into account, striking characters in the ranks of merchants are abundant in records and in memory. Even in the movement which resulted in the restoration of the present Imperial régime, countless men whose origin belonged to mercantile circles may lay their claim of participation to it. True, they were men who generally cast off their original occupation and enrolled themselves in the ranks of patriots, so that they may be considered as exceptions. But even as a class in the ordinary sense of merchants they scarcely deserve that kind of condemnation. Osaka in former days had some resemblance to free cities of the West, and every one well acquainted with things Japanese knows what a well-developed mercantile system it possessed. So also the so-called Omi merchants. Even with regard to merchants and tradesmen of all parts of the country there was little room for them to be so dishonest as the writer describes. Under the feudal system commercial occupations were almost hereditary. They had almost no freedom of removal from their accustomed abode. Their customers were the children or grandchildren of those who were customers of their fathers or grandfathers. If a merchant under such circumstances made dishonesty his customary trade, and expected prosperity, he would surely be totally disappointed, and would suffer a deserving penalty. Besides, in those days social sanction, from the very nature of the conditions under which they found themselves situated, was most severe. Yes! Merchants and traders of those days were honest, far beyond one can imagine. If any dishonesty or any shortcomings in respect to commercial probity have become observable, it is necessary evil produced by the changed circumstances of the time, chiefly on account of foreign intercourse.