The times. [volume] (Richmond, Va.) 1890-1903, 1896-09-23
, on the fluctuations In rel

ticle on tho fluctuations In rel
ative values OF the Chinese
copper and silver coins. which has a sur
prising though OF course wholly unintend-
cd relevancy to the parity OF value
feature OF the financial question involved
In the Presidential campaign.
In the article IS no reference. even in
directly. TO bimetallism in this or in any
European country. yet there "a a clearly
stated exposition OF how the recent great
~ increased coinage Of silver In China re-
suited I'm the depreciation OF the value OF
the silver coins as compared With-not
gold. but copper: or, 10 put II the other
way how copper coin appreciated IN
fact, the parity OF value between silver
and copper could not be maintained.
Tho conflict was between the Chinese
silver tael and Mexican and United States
dollars on one side, and the Chinese cop
per coin called cash on the other
Last year a silver tael worth l,4s9
cash." says the article mentioned. AL
the beginning OF this year strange news
suddenly arrived I'm Shanghai from all tho
outports. In Chinkang one OF the
centres Of the opium trade. the Spanish
dollar suddenly fell from 1890 TO LILO cash,
and the tael from 1850 to 1875. At Han
know the Mexican dollar fell 10 go cash,
and the same thing at Ningpo. At both
these last places pr0clamauons had ap-
peared announcing that the Niceroy chang
Chfh-tung's new dollars COINED at Han
kow now I'm the same way as at Cantoh
would shortly be placed on the market.
and must be received on the footing or
Mexican japanese, French and English
dollars. that IS, they must be taken tree-
ly by all good iieges subject TO market
fancios. The proclamati0ns announced
moreover. that the new dollars Would DC
received I'm payment Of taxes and customs
duties. That always sounds uncanny 70
n Chinaman, who knows by experience
that an exchanges 80 against him when
he paws his taxes. The authorities NJ
Chinliang and Nanking We're therefore
somewhat staggered to find that, when
the troops received their pay In the new
dollars instead Of In copper cash, as usual,
the money changers charged one per cent
discount. and would only give go cash Tor
the dollar. From HangchOw came news
that. although 1000 cash We're stu pro-
durable for a dollar. 20 per cent. or base
cash were inserted in each string so tnat
in effect only $50 really good coins were
given. At Yang,hOw the local tael had
eofe down 70 1900 cash and the Mexican
dollar 10 tribe over 900. From Wuhu
and the towns Of the POyang Lake SINH
lar reports arrived
The conditions OF the money market
became abnormal. and during the NV
Year holidays. when there was an un-
usual demand for cash. great popular
excitement and even distress were
caused The people knew nothing Of The
cause Of this trouble. They knew that
odicts had been issued declaring that
The value of the tael should be 1850 cash.
and slat lon spite of thar they could get
bag about 1900 for them, when they could
&C.. cash nc AIN. The article continues.
cit never seemed 20 0ccurr 10 any one
that the more dollars were coined The
easier they were TO get, and the easier 20
get tle less there must Doe 20 pay for
the accommodation; in short thc dearer
cCpUer-cash must be- The export OF
cash from China has always been forbid
den by treaty but permission 90 export
from port 10 port has Invariably icen
granted under customs surveillance. The
Illicit coinage and the melting down Cf
cash are offences which have Away
been severely punishable. 10 was suspect
cd that the present dearness DO cash
was ln some undeAnel way connected
with tho japanese indemnity 10 was
known that 'smashcrs' were apt 10 coin
inferior cash, for mixing with the stand
ard article. whenever the demand was
active, and DC was more than suspected
that the high price of raw copper DO the
market made it worth the while Of ro-
euish merchants not only To- export CODE
per cash 20 Hong Kong and Japan. bit
10 melt them down 20 Doe fashioned into
pots and basins. The Chinese maldtr.nf
accordingly everywhere took the same
fatuous steps Cash banks were crdo-ti
hv proclamation not to fix mreason2l
prices. the export Of cash from port Cd
port was either limited t0 few strings
worth NO a time or entirely forbid iti.
dire penalties were threatened against
any persons who should ciandestnely melt
down or coin cash under amy protest,
and so on
Although cash was not cyported-"df
from the country and although caen
"notes" were freely issued. the cash t-'m-
selves became harder and harder 50 ger
although the silver coins were easier hnd
easier % get. Fnanciers were I'm DO 4nt
and wonder They dii everything 90 cure
the evil they could think o. but they do
not seem 10 have thought of limiting 'Ae
coinage Of silver. The article conellds IS.
Unbelievable popular injury has 1iietly
been worked an over China by this sine
eular monetary crisis, and il ought 90
be- lesson TO all VINO ra-h.y ln.ofie
with the status quo OF currency DE 10
gold. silver or copper