Page:Japan by the Japanese (1904).djvu/383

This page has been proofread, but needs to be validated.
FINANCE
345

Of the fundamental principle of the new régime, as announced in the famous five articles of the Imperial Oath which were promulgated on the morrow of the revolution, three features may be noticed as standing out most prominent, viz., active participation in the progress of the world, respect for public opinion in the direction of State affairs, and the social emancipation of the whole populace.[1]

As the respect for public opinion culminated in the establishment of a representative system, and the active participation in the general progress led to the acquisition by Japan of a perfect international status by the revision of treaties, so the emancipation of the people prepared the way for a remarkable display of economic activities. Of course, no definite time can be pointed to as marking the consummation of the last of these eventualities, as in the case of the other two. If, however, it were to be commemorated in association with a particular event, the land-tax reform would be the most fitting one. The abolition of the fiefs doing away with the privileges of the warrior class was the destructive side of the emancipation; but the land-tax reform, confirming the most important form of private property, was the greatest legislative measure on the constructive side.

The reform of the land tax was proposed in 1879, the fundamental laws relating to it were promulgated in 1873, and its execution was completed in 1881. Though the measure was called a reform, it was in reality nothing less than the genesis of a uniform system necessarily following from the unification of the country. The salient features of the new system may be epitomized as follows:

1. The proprietary right of private persons over land was definitely recognised and confirmed. In Europe there seem to have been cases in which feudal domains were retained as private possessions, either by the Crown or by the Princes, even after the political system of overlordship ceased to exist. Consequently the conversion of the feudal tenure into perfect proprietorship had sometimes to be effected by means of purchase. But the case was different in Japan, all the feudal tenants being at once, and without any transaction of a personal character, recognised as owners of the respective lands actually held by them. For giving up their domains the feudal lords and their retainers were indemnified by the grant of Government loan bonds.

2. Restrictions on the people’s right over their land were taken away. This is but a corollary of the recognition of their perfect ownership. Under the Shogunate the sale and purchase of land was forbidden, though various fictions were not un-

  1. The third article of the Oath says that all the people should be allowed to have full play of their will.