The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-07-25

From his observations he is convinced
that the trade of the United States Wltl
18th these countries could be substan
tally improved if the proper method
shouid be taken. Silver, ne says, Is
the money of the East, while the goio
needed for foreign exchange commahdS
n premium. Although gold as more val
fer the silver. For this reason, Mt
Doolittle thinks the United States could
make great gains in China and Japan
by throwing the mints open no free Sill
YER coinage. But if this can not be ac'
nlished. he urges, as temporary
measure. the coinage of the Chop" OF
dragon" dollar. This is a coin con
tanning about 41G ~ grains of silver, be-
ing somewhat more valuable than the
American standard dollar;
The peculiar merit of the scheme, ac'
cording to Mr.. Doolittle, consists in the
fact that this dollar is known to all the
Oriental nations and is readily taken,
while they are distrustful of new coins,
In Hong Kong the 'chOp" dollar is coined
nv the English government. 1t bears
on one side the head of Queen Victoria,
and on the other the figure of a dragon,
with Chinese characters giving the ac-
tual worth of the money. Mr.. Doollttie
is of the opinion that the United States
provide a market in the East for Amer
lean silver, besides greatly promoting
the country's general trade. A chop
dollar, he says, will buy aS much in China
as three gold dollars will buy in the
United States. What with this coinage,
with q reform of our consular system,
and with liberal subsidies to Pacific
steamship lines, he believes that the
American-Chinese trade would be lifted
to its feet.
Notwithstanding the apparent beauty
and simplicity in this monetary plan
for cnriching American merchants and
traders at the expense of the poor China
man, it involves some confusion of ideas.
Mr.. DoOlitte assures his contiding coun-
trymen that dragon" dollar can buy
three times as much in China as a gold
dollar can buy in this country. Yet with
so great purchasing power OF the silver
dollar, it seems strange that gold in the
East should be at 50 heavy a premium.
Mr.. DOOlttle does not propose to send
our silver to China, as there would be
small profit in that; but Iby coming it
with the United States stamp on it the
owners Of the silver could make two
dollars out of one, thus driving a most
trade.
While the sagacity of this scheme
for getting something for nothing can not
be too much admired the American peo-
pie are as little likely to cheat the Chi
nese by coming this dragon" dollar asl
they are to cheat themselves by author
izing the free coinage of the silver dol
lar of their fathers. There is nothing,
however to prevent the Chinese govern
ment from authorizing a company of
Colorado bonanza miners to erect at
Canton mint for coming all their silver
bullion into dragon" dollars. If a
law of the United States did not stand
in the way these dollars could be coined
in Denver or in San Francisco on pri-
vate account and shipped to China. The
might thus serve the Chinese
for paying their war debt to Japan. But
as the Chinese government is obliged to-
pay the interest on the debt guaranteed
by Russia in gold or its equivalent, all
the profits of this coinage scheme would
be with the silver owners, unless they
should agree to share literally with the
Chinese ministers of finance and other
influential officials. Travellers have in
timated that the great mandarins of
China are always open to a financial
But on the whole, Mr..
Doolttle's pretty and plausible plan for
'dOing" the supplemented inhabitants
of the Dast will not work.