At the same time proofs became more abundant that the prime of the real
greatness of the Tokugawa had been passed. The same fifth shōgun who so
vigorously encouraged learning, and under whom the glorious era of
Genroku occurred, unduly promoted Yanagizawa Yoshiyasu, a man of humble
origin, and treated him with unbecoming favor. Peace had then lasted for
eighty years, and both the government and the people had begun to fall
into luxurious and extravagant ways, so that, for the first time in the
history of the Tokugawa, the government found itself straitened for
funds. The total revenue of the empire derived from land then amounted
to 30,000,000 _koku_, of which 23,000,000 _koku_ belonged to the feudal
barons, and 3,000,000 _koku_ to the bannerets, shrines, and temples, the
remaining 4,000,000 representing the income of the government. Of this
last named sum, 1,400,000 _koku_ were absorbed by the shōgun's
household, a paltry sum of 150,000 being considered sufficient for the
maintenance of the sovereign, the payment of the civil nobles'
allowances, and the other expenses of the court in Kyōto. The method of
taxation varied according to provinces, but the general rule was that
the government, or the feudal lord, took forty per cent., and the
cultivator sixty per cent., of the gross produce. In the early years of
the shōgunate large reserves of money were accumulated by Iyeyasu,
Hidetada, and Iyemitsu, but Tsunayoshi expended the whole, and found
himself reduced to considerable straits. Yoshiyasu prevailed upon him to
adopt a scheme proposed by one Hagiwara Shigehide, namely, the issue of
a debased currency. The coins issued in the early years of the Tokugawa,
namely, the _Keichō-kingin_ (gold and silver of the Keichō era), were
very pure, but in the recoinage of Tsunayoshi, gold was alloyed with
silver and copper, and copper with lead and tin, so that the cost of the
coins was below their face value. Many hundreds of thousands of _ryō_
were obtained by this device, and thereby the embarrassed finances of
the shōgun seemed to have resumed their normal state. But the evils
incidental to currency debasement did not fail to ensue. Prices
appreciated suddenly and counterfeiting took place on a large scale.
Subsequently, however, the government corrected these abuses by
restoring the currency to its pristine purity, and substituting
administrative economy for false finance. The bad example once set by
the shōgun, however, was followed by the feudal barons long after he had
mended his ways, for they, also, finding themselves in an impecunious
state, began to issue fiat paper money, _hansatsu_, for circulation
within their own fiefs. It is a point well worthy of the attention of
students of history, that from the time of their accession to power
until the day of their downfall, the Tokugawa shōguns never resorted to
the device of issuing fiduciary notes.
Public-domain text, read in full here on John Shaqi.
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