The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-05-07
PRICE TWO CENTS.
THE EMPEROR RAISING THE WIND By FAPBR
MoNkY.
lirom the Pekin Gazette Dec. o. 1853 in the Nortk

MoNhY.
lirom the Pekn Gazette Dec. o. 1858, in the N0rlel
China Herald, Jan. 81, 1854.
khing hwuy, a Tartar of royal extraction. re-
ccmmends to the Emperor the issuing Of paper
money, IN order TO assist the people and repenisl1
The royal treasury. He says ever since militarY
operations commenced the expenses OF the govern
,heht have Deen immense, and the Board of Revenue
NAY nave Deen ordered to consider the propriey Of issu
ing paper money. At present the insurrection il
sun uhqucned and the circumstances OF the countrv
are becoming more and more straitened. The me-
moriaLst tnlnks, therefore, that the way to relieve
the government, without distressing the peonIe
Will be issue paper currency
ms Is an exledient he says, which shouId he
resoried 10 only when stern necessity compels; but
when the necessity arrives, the best method of car
rylng u out should be taken into consideration The
difficulties OF the government arise he Continues
rom The scarcity OF silver; but ii paper and silver
fitted in an incalcuable degree; white the convent
enccs OF paper currency may lead its being pre-
tvTed TO silver But how is IT to be brought abouty
! First, by receiving paper, We'll as paying it, in
order 10 awaken the confidence of the people; Sc
cfndy, by promoting commerce, m order to rescue
tie people from from their dstresses, and thirdly
~ giving ont all accumulated stores, to supply the
people nece ssites.
How will the first appear? Hitherto when pay
ments have been made in paper, there have been
cIuplss about receiving tin return, which has in
duced suspicion, and paper has therefore been at
discount. From hencefOyth therefore in every pro.
vince asld department, lot the land-tax and salt
gabeile together with the customs and duties, in
every species VI payment Inaue 10 publlC
oices, Le paid in notes. In the course Of few
years, the receipts and payments being all made in
notes, paper win become tho only medium, and sill
yer will go out of circulation.
How will the second object proposed to bo ef-
fectcd be accom- lished? In this way: SO long as
the rebellion continues the merchants from the west
ern part Of the empire win refrain from entering on
any speculation; those IN the capital Will be con-
sequently distressed, and be compelled to relinGush
their trade: those who do not relinqusli business
will carry il on merely because they are deeply in
1aIf and arrtxYs 1,ttut ,pt.
tanly with any view of profit. Lenders will no
longer lend, and those who have been accustomed
to dispose of goods on credit will do longer.
This will go oH to such lengths, that persons will
only he able to raise quarter of its value on any
thing which they put in pawn.
The people not being able to borrow, and the
paTnbrokers' shops being closed, men will resort to
their immediate friends and relations for supplies,
who VIII see them starve rather than assist them.
Now in this winter season, tho distress is becoming
more and more intense. and no relief seems at
hand. Let the government, therefore, charge tho
Board of Revenue to issue out several million taels
of paper notes some representing silver and some
representing copper; and let bank be forthwith
established for the purpose Of lending snms of mo
ney the security Of high officers and great per
sopages. There are doubtless number Of honest
and creditable persons, acguainced with business.
who might be entrusted with this affair. Let these
make inquiry as to such merchants whose credit in
good, let the borrowers produce these as security.
and then let the notes be issued to given amount.
Let the loans be made to each for few months
only at an interest of two three per mile month
ly. Then, throughout all markets and places of bu-
sness whether for the purpose Of purchasing goods
or the payment OF debts, let these notes be made
legal tender. Should any refuse to take them. let
them be brought before the magistrates q charge
OF resisting the orders Of government should any
continue ohstinately disobedient let them be Sc.
verely punished. In this way the distresses Of the
mercantile classes will be relieved and the people,
in single day be raised out of poverty into pros
peIity. Let banks sof this kind be established in
every part of The empire whose notes shall be made
interchangeable all other the county, when the peo
pie viii soon find faper currency much more con-
venent than silver, and begin to prefer it.
How shall the last object proposed be secured 2
In consequence OF the iinpedments to travelling.
very few goods have reached the capital for sale.
Now, silks, cloth, paper and olmans stores, all
indspensably necessary TO the peoples let the gov
crne ut, therefore, be requested to allow OF the sala
OF such can he disposed of to merchants; and let
The surplos silks, cloths, &C.. which are likely to
poi BY keeping and articles Of curiosity and rertm
al be sent to the loan Bank where low price being
put upon them they Iaay be disposed Of to trading
PEOPLE; the payment OF these Is not to be made in
silver, hut in the now-tobe-established paper cur
rency.
Also, let all the vacant public offices, and broken
down public buildings with their sites, be offered
for sale at the aforesaid loan-bank for paper money
only. In this way the people viii no longer be in
want Of the aforementioned articles, and an outlet
will be found for the disposal Of their notes; while
the government will be turning their useless stores
to good account, and getting their notes into crcu
lation."
Tie Emperors reply with the vermillion pencil, in
to the following effect" Let the board in question
Immediately deliberate on the best mode OF caTyigu
out the proposition and report
khing-hguy adds rider to his memorial. stating
that the members OF the imperial clan and the eight
banners, with the hereditary nobility belonging
both to the Manchows, Moneols, and Chinese are
reduced to great distress owing to their having
frequently subscribed from their salaries TO the ne
cessities OF the government; in consequence Of
which they have been obliged to borrow money at
high rates OF interest, and their crediers having
become importunate, they are many Of them pinched
with cold and hunger.
X khing-hwuy therefore recommends that should
the Emperor accede TO his request for the establish
nent OF loan bank, lie allow to these hereditary
nobility to borrow notes from the establishment, on
the secury Of their salaries, from which deductions
may be made periodically Thus the nobility will b.
freed the payment Of heavy interest, and the board
of revenue viii have smaller amount to pay them.
To this the venniIion pencil has recorded reply:
"Iet this matter be deliberated upon at the seme
time.'
sr f.<ll I'M