Page:The passing of Korea.djvu/225

 necessary steps in preparing for the war which Japan already foresaw on the horizon. It indicated clearly to Russia that her continued occupation of Manchuria and her continued encroachments upon Korea would be called in question at some not distant day. But she was blind to the warning. This convention bound Great Britain to aid Japan in defensive operations, and to work with her to the preservation of Korean independence and the integrity of China. It will be seen, therefore, that Japan gave up once and for all any thought that she might previously have had of impairing the independence of this country, and any move in that direction would absolve Great Britain from all obligations due to the signing of the agreement.

The year had but just begun when the operations of counterfeiters of nickel coins became so flagrant as to demand the attention of all who were interested in trade in the peninsula. Japan had most at stake and Russia had least, and this explains why the Russian authorities applauded the work of Yi Yong-ik and encouraged him to continue and increase the issue of such coinage. In March matters had come to such a pass that the foreign representatives, irrespective of partisan lines, met and discussed ways and means for overcoming the difficulty. After careful deliberation they framed a set of recommendations, which were sent to the government. These urged the discontinuance of this nickel coinage, the withdrawal from circulation of spurious coins, and stringent laws against counterfeiting. But this was of little or no avail. The government was making a five-cent coin at a cost of less than two cents, and consequently the counterfeiters, with good tools, could make as good a coin as the government, and still realise enormously on the operation. It was impossible to detect the counterfeited coins in many cases, and so there was no possibility of withdrawing them from circulation. The heavy drop in exchange was not due merely to the counterfeiting but to the fact that the intrinsic value of the coin was nothing like as much as the face value, and by an immutable law of finance, as well as of human nature, it fell to