h I
have heard much complaint in foreign books and journals. A loose
business morality has indeed been the worst blot on our national
reputation; but before abusing it or hastily condemning the whole race
for it, let us calmly study it and we shall be rewarded with consolation
for the future.

Of all the great occupations of life, none was farther removed from the
profession of arms than commerce. The merchant was placed lowest in the
category of vocations,--the knight, the tiller of the soil, the
mechanic, the merchant. The samurai derived his income from land and
could even indulge, if he had a mind to, in amateur farming; but the
counter and abacus were abhorred. We knew the wisdom of this social
arrangement. Montesquieu has made it clear that the debarring of the
nobility from mercantile pursuits was an admirable social policy, in
that it prevented wealth from accumulating in the hands of the powerful.
The separation of power and riches kept the distribution of the latter
more nearly equable. Professor Dill, the author of "Roman Society in the
Last Century of the Western Empire," has brought afresh to our mind that
one cause of the decadence of the Roman Empire, was the permission given
to the nobility to engage in trade, and the consequent monopoly of
wealth and power by a minority of the senatorial families.

Commerce, therefore, in feudal Japan did not reach that degree of
development which it would have attained under freer conditions. The
obloquy attached to the calling naturally brought within its pale such
as cared little for social repute. "Call one a thief and he will steal:"
put a stigma on a calling and its followers adjust their morals to it,
for it is natural that "the normal conscience," as Hugh Black says,
"rises to the demands made on it, and easily falls to the limit of the
standard expected from it." It is unnecessary to add that no business,
commercial or otherwise, can be transacted without a code of morals. Our
merchants of the feudal period had one among themselves, without which
they could never have developed, as they did, such fundamental
mercantile institutions as the guild, the bank, the bourse, insurance,
checks, bills of exchange, etc.; but in their relations with people
outside their vocation, the tradesmen lived too true to the reputation
of their order.

This being the case, when the country was opened to foreign trade, only
the most adventurous and unscrupulous rushed to the ports