New-York tribune., 1896-10-24
III HUNG CHANG ON SILVER.
THE MEMORANDUM LEFT BY THE VICE
ROY WITH MR.. CARLISLE.
EFFECT OF THE SILVER STANDARD ON CON-
mERcIAL RELATIONS AND HOW CHINA
HAS SUFFERED FROM IT.


HAS SUFFERED FROM IT.
WASHINGTON Oct. 2s.-rhe full text OF the i'm
pcrtani memorandum which Ii Hung ChaiS co''-
fded to Secretary Carlisle during long interVie"
held at the Sccietary's hcme is herewith gwen
Ii Hung Chang's testimony 10 tho effect OF adopt
ing q silver standard upon the commercial relations
OF q nation with other Powers has peculiar 'H.ei
est and Importance at the present tIme' .i,"''
nlororanda ii is known. we're left by MIN win '''
Governments Of Great Britain. France anu " "e'
many, but ;hls IL the first time the te"' VI e f0'
ostion has been published. , -
First-When treaty relations were hfst ei'I no
in Tao kwangs dime iarif Vas catdpi'.t ''nrts and
he amounts TO be paid we're expressed In siiyer
taels Treaties were again neeo,,asod neeo!sod In, 81.
Funes time and the tarif was reNseu' u",' rtir
though various changes were introduced ,h' s '.'in
remained much TIE same as before; anu s,ac ,Sane,
tae. was again the designation usen iEi " 's
in which duties were made payable IN nina, "a. ~
determining the number Of tsels or fractions %, o,
specified commodity what tie fcresn mesSlaT ,G,ni ,n
CHIEFLY had in yew was cer,an anSnt mSTr WAS then
Second Since those days however silver mas 9een 20
hold the position N oney ana II IS nov oy V,,g
more and m9ps 81 booming a hm E less and less
valuable compa -ed with all ether ilcms so ',hs ,t
exchange value il showed when tariffs we're irst
arranged. In the time Of Tung Ch'n t~iro" ~ ~ ~
list pound sterling in all money markets. but dur,
ing The last twenty wears 1t has gone lower and
cwer so that now il takes from six to seven siiv.r
taels to purchase pound or It's morcy eIniVa "a
lents thus causing less 10 CHINA OF iroh ~ ~ w
Third~At first tho depreciation was comparatively
trinire and supposed 10 be the result ,W OF so,' ~
temporary arrangement which would soon risht II.
self hut not only has depreciation continued but
increased ana IT ia now evident that slyer weir III" mo
what it was and that the tarifi unit; tne ,
nkTa and 1e Of Oay . 10 nc not tho how ha Of "
sterling This fact is OF Itself enough to Justify ac-
tion in the matter. nut other circumstances nave
come into existence which mako action imperatNc;;
During the last twenty years China has established
legations abroad-his been purchasing mschlner.
ong and continued expenditure abroad.and has
been going TO the foreign money markct % .or ,oa'S,
the equivalent and an this time the very same
money which China has been rrcev,ng d dor has had
he paid foreigners at the rate of from ''S
to seysn taHs a every pound n, line 0ss oSont rs IL "a
making itself felt 10 too serious an extHnt TO b"
hcrne: and both tho necessities Of tho day ana CON
The original value Of tho customs tacl he rc-rnur-
cia'ed and that the alue OF silver AZ which .hina ,
consented 10 collect duties. viz three taols TO the
round he observed and adhered to.
Fourih-The matter Is not one requiring either re-
ms matter of fact. the tnriT whole is so light
that to require its application IN sterling nor on,n
duties. but can ne no hardship 10 anyhow, while "
r. besides what china s entitled 10 @ IN o,a"'
the relative value Of the tarin tacl and tho pound
T'ne ratenm TO o" nd ought 10 be dScd and
published IN advance. Hitherto 100 customs taes
have cauallrd iilt Shanghai tacls, and when IN"
tariffs were negotiated their equivalent In gold was
is3a ss sdthai is while one customs iaei enualled
pence the Shanghai tael olualled IN. pence: but
the average value Of thc Shanghai ta"l during
tho last twelve months has been per iael NOT quit"
36 pence and c,Ordnely. there has bc"r n loss Of
&c pence on every Shanghai acl paid as duty. ana.
therefore, 10 make mp silver enough 10 buy 81 ponce.
tho sum Of n e.222 Shanghai tses Is required.
The arrangement proposed for 1885, is therefore.
this
Co) Duties may be paid In sold-ln sycce-or in for
eiRn coins
,b, II paid in gold. gold pound remains. as at
hrst tho equivalent of thre" customs i1els. frar
tIons o he calculate cd accordingly.
(cD II paid In sycee. 2.2S tacls OF shanghai syce"
are the equivalent OF lon customs taels. fractions
TO be calculated accordingly
(d) II paid In foreign coins. then as much OF them
will suffice 10 buy 4 propOrtionatc quantity or
Shanghai svcce equal 10 tho customs ta"ls payable.
fractions to be calculated accordingly.
In this way tho figures Of the existing tariff will
stand untouched goods Will pay according 10 The
customs tae and AZ ~ original rate-the customs
tacl and the gold pound will stand In tho same
lation before. Beginning. thus. with 1885,. the
rate for every subsequent year vii be published
elk months In advance. 20 thar all may know before
hand and Inconvenience he avoided