ABSTRACT
THE SHOTOKU (1711-15) REFORM DENOUNCED.-The reform of the currency system in the era of Shotoku was carried out under Arai Hakuseki's direction, and the circumstances attending it are recorded by Hakuseki alone, whose books have been widely read. Besides, the currency system was in such disorder in the era of Genroku, that the reform of Shotoku was regarded as a great success by almost everybody, and it was, in so far as the former system was restored by making coins of better quality to take the place of the debased money which had been circulating since Genroku. But it cannot be said that the reform was carried out in accordance with the then existing economic circumstances of the country. It was not so much practical as idealistic, and eighteen years later it was severely criticized, and the gold and silver coins had once more to be recoined in 1736 (1st year of Genbun). It may be stated that the Genroku silver recoinage was made in 1695 (8th year of Genroku), and eighteen years later, in 1713, came the Shotoku reform, which was completed in 1718 (3rd year of Kyoho).
