JAPAN
of resignation and conviction to work during nearly six years, took a resolute step in 1873. A decree announced that the Treasury was prepared to commute the pensions of the samurai on the basis of six years' purchase for hereditary pensions and four years' for life pensions; one-half of the commutation to be paid in cash and one-half in bonds bearing interest at the rate of eight per cent. This meant that the holder of a perpetual pension of a hundred pounds might receive a ready-money sum of three hundred pounds provided that he agreed to have his pension reduced to twenty-four pounds, and that the holder of a life pension of the same amount could obtain cash to the extent of two hundred pounds and a perpetual pension of sixteen pounds. This commutation was not compulsory; the samurai were free to avail themselves of the proposal or to reject it. Incredible as the fact may seem, many of them accepted the offer. Possibly want of business knowledge impaired the judgment of some, possibly an apprehension that if they turned their backs on the proposal, worse terms might ultimately be thrust on them without the grace of option, influenced the action of others. But the general explanation appears to be that they made a large sacrifice in the interests of their country. Nothing in all their career as soldiers became these men better than their manner of abandoning it. Told that to lay aside their swords would facilitate their country's progress, many of them
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