Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1889-04-04
CHINESE BANKS.
Their Peculiar Method OF Trans
acting Business.
The silver Excbauge Of Peidng-How a
Millionaire Chinaman Saved Canton
The Carrier Pigeon as the
Chinese flicker"


The Carrier Pigeon as the
Chinese flicker"
There is at present no national ban.
In China Tho Chinese, however.
have thousands of private banks.
There are three or four hundred banks
In Peking, 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-three
per cent Tho pawnbrokers charge
thirty-six per cent year. or three
per cent month, and the rates OF ex-
change from one province TO another
are very heavy. China has no ma
tionai 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 It takes from a thou
sand TO fifteen hundi ed to make a dol
lar, and which, small as 1t Is, is
counierfeited.
The cash is a thin. round coin a lit
Gle larger than one OF the big American
cents OF n century ago. and sometimes
no bigger than a niclle. II has a
square hole in the center and 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 teal is worth about
ono 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 fneness OF the
metal within them, and they contain
from % to 80 per cent OF pure silver.
Gold bricks are OF the size Of little
cakes OF India ink. and these. like the
silver. are subject to coUnterfeit The
business Of the treaty ports, which in
cludes that Of all foreigners with the
Chinese. Is done in Mexican dollars, and
each business house has a man called a
shron. who does nothing else but count
money and pass upon its genuineness.
The Chinese are the greatest swind-
lers In a small way in the world.
They appreciate the accumulat ting
proprieties OF little drops OF water and
little grains Of sand better than any
other people, and they will shave a
bit OF silver dust off 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 Il
Is neces sary TO ring every coin.
The Chinese do all their business
with foreigners on cash basis,
though the credit system prevails
largely among themselves. They are
houest in their dealings and merchants
tell me they stick TO their bargains
even If they lose by them. China has
no bankrupt laws and debtors are liza
BILE TO corporal punishment from their
creditors. BY not paying their debts
they lose caste and are practically
drummed out Of business II Is a die
grace in China not 10 pay your debts.
md, as a 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
ment sometimes loans money 70 the
people. The silver dollar varies In
value, and the Chinese now regulate
the value OF dollar by the rise and
fall Of silver in. the markets OF the
world.
The biggest OF the Chinese cities
have heir stock exchanges. and the
quoerest sight have seen was the sill
Yer cxchasge IN Peking. In company
with Mr.. Charles DENLY, the son OF
our Minister, went at seven o'clock
one morning into the crowded Chinese
city. We wound our way through
streets so harrow that only donkeys
and men could pass through them.
through passages where men had
20 walk sidewise In order 70
get by each other and finally
found ourselves in a long. low build
ing which looked more like a cat
ile-shed than business room 1t was
lighted from the roof and was filed
with from 800 to 1000 round-headed,
pig-tailed. yellow-faced men, each OF
whom seemed 10 be yelling at the top
Of his voice and each pushing his I'm
gers into the face OF his neiRhbor.
These meu were buying and selling
silver dollars, just as our brokers do in
Wall street. and they made more fuss
than all the bulls and bears Of New
York At eight o'clock tho rate was
fixed Ior the day and tho news was
photographed" by means OF carrier
pigeons 70 the various banks OF the
city Tho pigeons Of Pelrin are large
" used for messongers, and they are.
perhaps, tho only pigeons In the world
lhpt whistle. As they ily through the
air they make o whistling sound
which "a the case Of dock sounds
Ike a whole school o. boys operating
IA whistles atfho snmo time This noise
coIneA from acl.a| whistles which are
l|Qi 70 Easif laiIlealhert BY their own