They had no means of assaying the American, Mexican, and Spanish dollar, but presuming them all to be of good silver, they proceeded to determine the relative value with their coins by _weight_; a silver dollar was found to be, by this standard, 7.12 mace—equivalent to a little over 1,600 _cash_. Our twenty dollar goldpiece was of 8.8 mace weight, and estimating the mace weight of gold at 1,900 _cash_, the piece was deemed by them equal in value to 16,720 _cash_, or $10.45 of our money. This made the gold dollar worth fifty-two cents; and silver to bear the proportion to gold of 1 to 8.44. But little is known of the metaliferous history of Japan, further than its territory, in many places, is very auriferous, and that the mining of gold is an imperial monopoly. The Japanese founded their valuation by the price of bullion as regulated by their law or imperial decree, being assured that as long as Japan was excluded from all social and commercial intercourse with other nations, and formed a little world of its own, that a system of this kind might be carried on, without prejudice to the rights of any; the Japanese government by putting a fictitious value on their coin, or adopting the system of seignorage, no doubt did so to take away the motive and inducement for the exportation of their specie for purposes of profit. Their great philosopher, _Arai Trikayo-no-kami_, compared the mineral production of a country to its frame and bones, and the products of the soil to the flesh of the body, which should always be in due proportion. The bones, he said, once removed, could not be replaced. In addition to an adherence to this doctrine, it has been a belief among the Japanese ever since their intercourse with the Portuguese, who showed particular avidity for the procurement of their bullion, that it was the policy of foreigners to drain Japan of this resource, that it might fall an easier prey to conquest when thus impoverished. The monetary system of Japan will require such almost radical alteration, that it forms their objection, and presents the greatest hinderance to commercial intercourse with others. The non-exportation of bullion, must render trade a very difficult thing, and would have the effect, as at Nangasaki with the Dutch and Chinese, of making the government banker for both parties to a bargain, in buying and selling, and all payments and receipts to pass through the hands of its officers. The government of Japan is now one of progress; and they admit their willingness to make improvements in it; but these improvements must not be hurried ones, but with due foresight and proper precaution—slowly and gradually; fearing, to use their simile, that unaccustomed to light, too much of its glare at one time, would dazzle and produce blindness.