When Japan took control of Taiwan in 1895, it inherited a financial mess: a chaotic mix of chopped silver, copper cash, and foreign coins. The new colony also cost far more to subdue and administer than it brought in. Yet during that demanding first decade, able administrators such as Gotō Shinpei turned things around, bringing monetary order and eventual profitability. The United States took notice. In its own new colony, the Philippines, American officials followed Taiwan’s monetary reforms and even came to study its opium monopoly, a system designed to reduce addiction while also funding the colonial government (opium was initially the single largest source of revenue). Eryk and John, channeling their inner opium fiend and colonial ruler, demonstrate how this system worked on the ground.
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The Taiwan History Podcast: Formosa Files