The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1889-04-05
CHINESE BANKS.
THOR Peculiar Method CT Trans
acting Business.
The Silver Exchange Of Pci<ing-Tow i,
Millionaire Chinaman saved Canton
The Carrier Pigeon a. the
Chinese Ticker"

There Is at present no national bank
in China. The Chinese. however.
have thousands OF private banks.
There are three or four hundred banks
in Picking. three hundred native banks
in TientSin. and Canton has banks and
pawnshops by the hundreds. The
rates OF interest are high and short
loans in tight times reach thirty-thrce
per cent. The pawnbrokcrs charge
thirty-six per cent. year. or three
per cent. month. and the rates OF cx-
change from one province 10 another
are very heavy. China has no ma
tional currency, and each bank issues
its own notes. These are much like
our notes, save they are in Chinese
characters and on cheap white paper.
The only coin Of the country is the
cash. Of which il takes from Il thou
sand 70 fifteen hundred to make a dol
lar. and which. small as ii Is, is
countcrfeited.
The cash Ii thin. round coin lit
tie larger than one Of the big American
cents Of century ago. and sometimes
no bigger than nickle. 1t has a
square hole in the ccnterand Is usually
carried in strings Of one hundred or
one thousand each. Gold bricks and
silver nuggets are used in making
large purchases, and the unit OF
weight Is the teal or ounce. One
ounce OF silver or a teal is worth about
one dollar and forty cents Mexican,
and common denomination Is ten
teal piece. which Is a chunk OF silver
cast in the form OF Chinese shoe.
saw some Of these silver shoes at the
Hong Kong and Shanghai bank in
Peking. They are stamped with
marks denoting the iinencss OF the
metal within them. and they contain
from 81 10 30 per cent Of pure silver.
Gold bricks are Of the size OF little
cakes Of India ink. and these. like the
silver. are subject 10 counterfeit. The
business OF the treaty ports. which In
cludcs that Of all foreigners with the
Chinese. is done in Mexican dollars. and
each business house has man called a
shroff. who does nothing else but count
money and pass upon Its gcnuincness.
The Chinese are the greatest swind-
lcrs in small way in the world.
They appreciate the accommodating
propricties OF little drops Of water and
little grains Of sand better than any
other people, and they will shave q
bit OF silver dust of Of every dollar So
small that you can not perceive the
loss until they have saved enough 10
have made quite a profit They bore
holes in the coin. fill them with lead.
and cover them with silver. and in
taking money from the banks here II
f. necessary 10 ring every coin.
The Chinese do all their business
with foreigners on cash basis,
though the credit system prevails
largely among themselves. They are
honest in their dealings and merchants
tell me they stick to their bargains
even II they lose BY them. China has
no bankrupt laws and debtors are lin
BILE to corporal punishment from their
creditors. by not paying their debts
they lose caste and are practically
drummed out Of business 1t Is a dis.
grace In China not 10 pay your debts,
and, as rule. the whole nation settles
up at New Years day. which comes In
February. The result Is that China
never has a panic. and in the case Of
famine or failure Of crops the Govern