The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1857-07-23

CURRENCY IN CHINA.-European and American
merchants have ever experienced much difficulty in
obtaining the current coin with which teas, silks,
&C., may be paid for i'll China. With the exception
of bars of silver, or Jumps, called 'sshoes of Sycee,''
the Chinese use no current silver coin in their con-
merce between themselves. They buy and sell by
the TAEL, 4 measure of value equal to about 81. 75-10O
Of our money, and of weight about one ounce and a
third. They are so suspicious of all foreign coin
that in their trade with foreigners they will receive
no other than the Carolus Dollar, and it is believed
that at this time nearly the entire issue of that coin
by the Spanish mint is in China.
Efforts have been repeatedly made to induce the
Chinese Government to establish a mint of their own,
but in vain for it is alleged on their part, that the
government would suffer from peculation, and the
people from a debasement of the precious metal.
The mandarins have often issued their edicts that
all dollars (silver) should be received in trade, but
the Chinese merchants have paid no attention to it,
and have uniformly refused to part with their produce
for any other than those of the Carolus pillar and
stamp. Even those with the head and signet of
Ferdinand, are not accounted receivable at par.
The consequence is. that the Carolus dollar has be-
come the standard of foreign currency in China, and
exchange Gil Europe and the United States is always
regulated by that standard.
These inconvenience nave so much embarrassed
foreign trade that the English Government of the
n0nE the idea of establish
ing n mint for striking dollars in all respects edua
in weight and ineness to the Carolus-and the foreign
merchants of all nations there have Joined in memo
rails to that end. But it does not appear that this
course of procedure would overcome or obviate exist
ing difficulties, for the prejudices of the Chinese
against all foreign coin, with the exception Of the
Carolus dollar, would not be removed.
Generally silver, whether in the form of coin or in
''shOes' or Jumps, is paid and received by weight
The chopped dollar--or Spanish dollar which is so
up by the marks Of Chinese traders that it cannot
be told in whose reign it was cast-is more valuable
than the Mexican; and the fair and unmarked
Carolus dollar more valuable than either; although
each may be of the same weight.
1t requires los taels weight Of Mexican dollars to
buy 100 tGels weight of Sycee, or pure silver; 104
taels weight of chopped dollars to buy 100 taels Of
Sycee; and only "A taels of Carolus dollars TO buy the
same weight of Sycee.
If there is all this difference in the fneness of these
several coins, we believe the Chinese have been the
first to discover it. We incline to the opinion that
the difference is to a great extent imaginary: and
that it is attributable not so much to a difference in
the actual values, as to the unconquerable prejudices
Of that remarkable people
This condition of the currency in China accounts
for the enormous rates of exchange at Shanghae.-
Nearly two dollars in the form of drafts on England
or the United States are required to purchase one I'M
broken and unm.. rked dollar of The Carolus stamp at
that place. The necessity of a common currency
there is very great, but we shall be slow TO believe
that it can be afforded by an English mint at Hong
Kong, certainly not until the Chinaman's exclusive
love of the Carolus dollar can be abated-N. Y.
Journal Of Commerce.
, Jumps Of silver cast into the form Of the thick soied shoes
worn by the Chinese women.