banks were given permission to issue dollar certificates called as Yoginken

banks were given permission to issue dollar certificates called as Yoginken

In November 1,200,000 yen of amount was alloted from central fund and 2,600,000 yen ws

alloted in local budget for the redemption of the notes.The paper money issued
during this period was easily forged to increase the inflation.In 1868 the government

establish board of trade and gave permission to certain companies to discount on
paper money at 8 cities and funds were placed in their disposal who issue gold, silver,

dollar and coin certificates. Only Osaka and Kyoto were given permission to issue
fractional curency and which were inconvertible. Seeing the fractional currency was

facing shortage government issued paper money and copper coins. Except one yen in
notes all gold and silver certificates were convertible into their respective metals. In

1872 the ten companies which were given permission to issue discounts and paper
money in ten cities were liquidated with enormous loses but the government being the

originator and guaranteer has to bear the responsibility and claim for the liquidation
amount. In 1875 the government allowed the private notes to be convertible into

government notes and half the amount of the private notes. Under this circumstances the
government has issued loan bonds for the amount of 174,000,000 yen to pay the war lords

and pensioners in exchange for their old government bonds issued earlier.
There were some exceptions granted to second and fifteenth national banks, the above

banks were given permission to issue dollar certificates called as Yoginken for
the amount of 15,000,000 yen in the year of 1877.

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