u must be
regarded as an economical ruler.

As for his successor, Ietsuna, he had to deal with several calamitous
occurrences. After the great fire in Yedo, he contributed 160,000 ryo
for the relief of the sufferers; he rebuilt Yedo Castle, and he
reconstructed the Imperial palace of Kyoto twice. In the Empo era
(1673-1680), the country was visited by repeated famines, which had
the effect of reducing the yield of the taxes and calling for large
measures of relief. In these circumstances, a proposal was formally
submitted recommending the debasement of the gold coinage, but it
failed to obtain official consent. It may be mentioned that, in the
year 1659, the treasury was reduced to ashes, and a quantity of gold
coin contained therein was melted. With this bullion a number of gold
pieces not intended for ordinary circulation were cast, and stamped
upon them were the words, "To be used only in cases of national
emergency." The metal thus reserved is said to have amounted to
160,000 ryo. The register shows that when the fifth shogun succeeded
to power, there were 3,850,000 gold ryo in the treasury. But this
enormous sum did not long survive the extravagance of Tsunayoshi.

After the assassination of Hotta Masatoshi, the administrative power
fell entirely into the hands of Yanagisawa Yoshiyasu, and the example
set by him for those under his guidance, and by his master, the
shogun, soon found followers among all classes of the people. As an
instance of ludicrous luxury it may be mentioned that the timbers
intended for the repair of the castle in Yedo were wrapped in wadded
quilts when transported to the city from the forest. Finally, the
treasury became so empty that, when the shogun desired to repair to
the mausolea at Nikko, which would have involved a journey of ten
days at the most, he was compelled to abandon the idea, as the
officials of the treasury declared themselves unable to find the
necessary funds. That sum was calculated at 100,000 ryo, or about as
many pounds sterling, which fact is alone sufficient to convey an
idea of the extravagance practised in everything connected with the
Government.

The immediate outcome of this incident was the summoning of a council
to discuss the financial situation, and after much thought the
suggestion of Hagiwara Shigehide, chief of the Treasury, was
accepted, namely, wholesale debasement of the gold, silver, and
copper coins. The old pieces, distinguished as "Keicho coins,"