The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1875-11-08


Accordingly, in order to meet the pub
| lic wants, after the Disappearance OF their
wildcat currency, the Emperor estab-
lished national bank of issue at
Y-tcheou. This restored public conf
dence; and in 1882 there were extant of
these "National Bank" bills amounts
representing 1,256.3 $40 silver ounces. In
1868 counterfeits were for the first time
| found on this bank; whereupon the EN-
peror promulgated an Imperial edict
making the punishment for this otfense
the same as Tor counterfeiting the Gov
ernment seals.
This National Bank plan having been
found to work very well, it was con-
cluded that public convenience would be
promoted by establishing other banks Of
issue in the several provinces. This was
done; and the different banks had their
own local directories. But this degeneracy
Of their National Bank currency to a.
provincial, or estate Bank" system did
not aid the Chinese currency; for it was
soon found that when the issues became
local and no longer national, the bills
issued in one Province were not current
in the other Provinces; of which China
has eighteen. This arrangement of the
, currency led to the closing OF the pro-
vincal banks.
!. In A. d. 1850 there was devised new
paper currency called HoCi-tSa, "conven-
tionals," i. e. contract money. The pa
per on which this currency was printed
) was of peculiar kind. and its special
: ties kept secret. 1t was made at only
one place, Hoci-tcheou. This cur
{ rency soon became abundant. In l1e6,
only six years after It's introduction, the
r amount of this currency then extant
, represented 100000 silver ounces. 1t
D went on increasing in volume until the
r whole Empire was flooded with it. The
a redundancy Of this currency caused its
Y gradual depreciation; and as the cur
) rency fell in value all commodities rose
Q in price. The government interposed
: it's authority to check the ruinous rise in
o prices. But this only brought on the
n crisis, and the inflated bubble burst.
8 In 1887, Koublai-Khan having oYerrun
@ China, he changed the whole financial
r system of the Empire. But, however
Q successful as conqueror, he was not a
}, success as fnancier. His principal
V 4 expedient, after resorting to various
s. minor plans to relieve the public finances
d wasted by war, was by the Issue, in A. D
e, 1881, of what we're called Koadn-tsu
,rI certificates of Indebtedness" These
e. were issued in payment OF all military
,e services and supplies; much after the
N manner of our "Quartermasters' certifi
Of Gates" during the war. These were in
Of tended to serve as currency. But they
IS were never fayorably received, and soor
% fell into disuse and disgrace. In 1851
d the Mongolian Kahn, Koublai, was
70 driven out OF China, whose commerce
l. and finances he had ruined by his wilt
in schemes of ambition.
i'd The Ming dynasty succeeded the Mon
goians; and found it necessary to pro
ne vide a currency to meet the wants o
e. trade. Resort was had to the tchoos
Is government certificates, somewhat afte
+ the manner of the Mongols, only tina;
y, this new currency was, like our "green
%. backs" declared to be lega!-tenders, AM
ce receivable for all dues to the Govern
y, ment, but unlike ours, 6acl~d6ng customs
d, Yet this currency never proved very ac
of ceptable to the public; they circulate
II under more or less discredit till 144t
when they disappeared.
in Upon the accession of the Man-tch
n, dynasty, the present reighing house {
Ell China, paper money was discarded; an
ce hard money system has been ever sine
he adhered to by the Chinese Government
,p- The basis, or standard, of their systei
en- is silver, sy-ces; not gold, which is sin
OIL ply commodity, and not money, anon
se the Chinese. And their specie value
to are settled by weight, without regard
w. coinage Of any kind.
For Certainly it is something to strike on
ed as strange that this ancient peopl
,is backward and dunpregressiye though the
Tx may seem, have, nevertheless. been tes
it ing the very same problems in polite
se economy ana experimenting wi,
ry very similar processes in fnanc
nd that we of America have ju
y" tried and are now trying-ar
all this centuries before America W;
OF discovered. And just about the time
is the discovery of this New World, tn
its Old World of the Orient, after testing q
en- these plans and devices, finally ca
m away the idea of a currency of pap
for money altogether, and have ever sin'
on- adhered to their metallic currency for q
oE 1 the uses OF that vast empire.
ere - -'-'''-'--- = -
en-. THE decision Of the Supreme Cour
The which we published last Saturday, lii
,as iting the city tax to sixteen mills for 6
MT purposes, including railroad bonds. h
en- caused CONSERVATION among the ci