Excerpt from Japanese Notions of European Political Economy: Being a Summary of a Voluminous Report Upon That Subject Forwarded to the Japanese Government
For some years, at Washington, I had always been intimate with one or more members of the Japanese embassy, a relation brought about by a long residence in Japan and my familiarity with the language.
We had. at times, discussed military matters, literature, art; but more frequently the practical matters of progress, - invention, railroads, electricity, production on a grand scale, and so on. "The factories, with their tall, smoky chimneys, rattling machinery, and increasing monotony of toil," said Teremoto one evening, "have done our Japanese people, at least our working-people, little good; and according to your great economist Walker, and other college teachers, for whose views, however, I have very little respect, they are not likely to do any."
Surprised at the remark, - for to me "economics" seemed as out of place in his country as a boiler factory on Olympus, or the gospel of St. Malthus in the New Testament canon, - I asked if in Japan any attention had been paid to political economy. "Until lately," he replied, "it was, as a science, altogether unknown, and even now, saving as a subject of governmental policy under the name of politics, is ignored except by men educated abroad. Books, to be sure, have been written upon 'Akirawu' and 'Kayuru,' that is to say. on commerce and exchange, and also upon finance, or systems of public loans and revenues; which latter are somewhat like the books of your present schools of finance, or so called 'Economics.'
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