Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-07-12
The Wisdom OF the Chinese

Among the various documents contained
IN the last number 1921 OF the Reports OF
American Consuls. &C.. on various sub
3ects, is a translation forwarded by the
United States Consul at Ningpo Of prize
essay from the Chinese Polytechnic lnsu-
tuition on the establishment of mint IN
that country TO coin gold and silver money
Nobody who reads this essay can possibly
entertain the opinion that the Chinese are
EXPERTS in money matters. We had been
led 10 believe that they had learned so
much during the thousands OF years ther
country has had historical existence that
even the shrewd American hnanciers
might learn something from them
INT no. so. At least 1t is not 80
in this case. If the Chinese can
do no better in the matter OF enlightening
the world on the financial problem than
they have done IN this essay (Which Is
prize essay. the prize being awarded by or
10 school or college styled POLYTECHNIC
after the manner of the French. then Will
the western nations return IN vain to the
Orient in search of financial wisdom.
When it was proposed in England to send
GoLpsalTH to China 10 bring back some OF
the wonderful inventions which II was
supposed that country could furnish TO
the world. DIR. Johnson said GoLpsMrTH
would bring wheelbarrow az some
thing unknown to the western baroa-
fians." SO it would be now If we were TO
send O man to China 10 bring back some
thing valuable in the form of books on any
economic question, for he would have TO re-
turn either with some Anticipated theory
or with mono ut all. The Chinese ciyillZa-
ton is STYLED an ARRESTED civilization"
and no doubt the adjective is well chosen.
The Chinese essay assumes that there
have been losses 10 Chira's wealth In
conss quence OF tho purchase by China OF
foreign opium, foreign goods, munitions OF
war, and ships; hut that the use or the
foreign dollar" has also caused her much
loss. Evidently the essayist holds to the
doctrine that the Infant industries" OF
China ought to be protected. His theory
is that to purchase from foreign countries
IS 10 injure China. In other words, he
must be opposed to trading with foreign
nations Such at least is the logical out
come of his argument. SO he undertakes
70 show the dangers Of exchanging China's
wealth for the" weed and of Influencing
the hearts of the people by new and in
genious inventions" aud of spending the
thousands OF dollars required for the pur-
chase by China Of foreign guns and ships"
lie also argues the folly of employing for
eign coins. maintaining with evident sim
cerity that the loss therefrom, though in
visible. is none the less real.
Tho sllyerites in this country always
speak as if there were no gold coins used
fn China. But our essayist assumes that
both gold and silver OF their own coming
ought TO be furnished 10 tho people of
China He speaks everywhere as If gold
were Just ms familiar to him as silver.
However, we suppose that gold Is never
eeen in China except IN the cities which
have more or less foreign commerce. Our
essayist tells US that private minis have
been tried, but proved to be failures, the
people refusing TO receive the coins as
money. He has therefore come to the SEN
eible conclusion that the mint or minis
must be Government institutions. Our
sssayist makes tho sensible remark that
"ood and silver currency by its portability
and uniform value would rapidly gain
popularity" Ono of the ridiculous objec-
fions to the establishment OF Govern
ment mint is that "China would lose dig
nifty by initiating western nations"l Is
not that good joke upon JoHS BULL,
UNCLE SAM. JOHNNY CBAPAup. and the rest
of the advanced rulers of the earth!
Our essayist maintains another ludicrous
proposition- that to establish a
Chinese mint would be to stop the outpour
Of the wealth of China and to withhold
"from the foreigner" source of gain
which Is year after year impoverishing
China"r The United States ia the most
powerful nation in the world. and we can
boast os number or mints; nevertheless
we have exported seventy millions OF dol
lars Of gold within the last six months and
In doing so did not consider that we were
pouring our wealth cut upon the world.
BE sure that wherever American gold goes
there is something which American gold
will buy. The Chinese are right to have
minis of their own. but not for the reasons
stated by our essayist, who maintains that
for enriching the nation there is nothing
moro advantageous than a Government
mint for 1.-THE coming of gold and silver
money! Again and again no mentions
gold and silver together.
But we must not undertake to deny the
wisdom Of the Chinese until we show that
We are superior to them. We refuse to
put silver upon an equality with gold.
Wouldit be wonderful if the Chinese should
refuse to put gold upon an equality with
silver?