In September 1896 Count Matsukata was appointed Minister-president, for the second time in his career, and he forthwith directed his endeavours to the realisation of his highest ambition. A bill was drawn up in February of the ensuing year, to the passing of which through the Diet there was in reality but little opposition. Some critics of the proposal said that the fall in the price of silver would rather encourage trade with gold countries, while the adoption of a gold standard by Japan would tend to decrease the amount of her exports to those countries. Others said that Japan, situated as she was in the midst of the silver countries of the East, would be placed in a position of much disadvantage in her trade with these countries if she adopted gold monometallism. Again, some said that Japan could not produce a sufficient amount of gold to be able to maintain permanently a gold standard system. This was not all. It was by many urged that the silver yen coins exported to foreign lands exceeded 100,000,000, and that if all these came back for exchange, as might possibly be the case, the national treasury would have to suffer an immense loss. Count Matsukata had no notion, however, of allowing himself to be influenced by those dismal prophecies. His Cabinet stood firm in its purpose, and in March 1897, after having been passed by both Houses of Parliament, the bill received the Imperial sanction, and was promulgated as Law No. XVI. on the 29th day of the same month. The stability of Japanese finance during the nine years which have passed since that Law came into force, and especially throughout the terrible ordeal that it has lately undergone during the time that Japan has been at war with one of the Great Powers of Europe, affords an incontestible proof of the soundness of Count Matsukata’s judgment, and the nation is indebted to him for the perseverance and fortitude that he displayed in carrying his scheme, despite all opposition, to a successful conclusion. No doubt every precaution that financial skill could suggest was taken by the Government of which he was a member. One of the earlier instalments of the indemnity was converted in London into gold bullion and conveyed to Japan as fast as steam could transport it, to be minted into coins in the Government mint. In buying bullion, too, care was taken to secure it without much disturbance of the market or loss to the Government. The gold thus turned into coins between July 1897, and April 1898, as a reserve for the exchange of silver _yen_, amounted to roughly £7,500,000 sterling. The process of exchanging began on the 1st of October 1896, and closed on the 31st of July 1898.