"The Japanese have ventured upon that feature of Western civilization known as a national debt, and how they will get out of it time alone will determine. At present they are increasing their indebtedness every year, and their paper does not show any signs of redemption. They have also, as you have seen, a paper currency like our national issue in America, and so much like ours is it that it is known as the Japanese greenbacks. They have notes of the same denominations as ours; and they also have a fractional currency, such as we had during the war of 1861 and the years that followed. The premium on coin has gone steadily upwards, partly in consequence of the large issue, and partly owing to the hostility of foreign bankers and others, who have done all they could to bring the Japanese credit into discredit." [Illustration: VIGNETTE FROM BANK-NOTE.] The dissertation on Japanese money came to an end with the meal they were eating, and soon after the party proceeded to take a stroll through the streets. The afternoon was spent in this way and in letter-writing, and on the following morning the trio started for Kioto, by way of Kara. The ride was a pleasant one--in jin-riki-shas--partly along the banks of the river, where they saw a goodly number of boats, some descending the stream with the aid of the current, and others making a laborious ascent. The difference of up-stream and down-stream travel was never better illustrated than in the present instance. The Japs who floated with the current were taking things easily and smoking their pipes, as though all the world were their debtor; while the men on the towpath were bending to their toil, evidently giving their whole minds to it, and their bodies as well. Some of the towmen had on their grass coats, while others were without them. Every head was carefully protected from the heat of the sun by the broad hats already described. [Illustration: MEN TOWING BOATS NEAR OSAKA.] [Illustration: MODE OF HOLDING THE TOW-ROPES.] They saw a native ferry-boat at one point, which was heavily laden with a mixed cargo. According to Fred's inventory, the craft contained a horse and half a dozen men, together with a lot of boxes and bundles, which were, as the auctioneers say, too numerous to mention. The head of the horse was firmly held by the groom who had him in charge, as it would have been a serious matter if the beast had broken away and jumped into the stream with all his load about him. A Japanese ferry-boat does not appear the safest thing in the world, but, somehow, one never hears of accidents with it. If any occur, they must be carefully kept out of the papers. [Illustration: THE FERRY-BOAT.]