The Washington times., 1905-12-20
RISE IN COPPER
ASCRIbED TO CHINA
Diplomats Say This Is Due 70 Ef-
forts of Provisional Governments
to Increase Currency.

Attempts by the various provisional
governments of China to increase the
copper currency explains the great rise
in the price of that metal and the con-
sequent rise in the market value OF cop
per stocks, according to views expressed
at the Chinese legation In this city. Cop
per importations from the United States
to China have made the wonderful in
crease from about $4,000 pounds in 1894
to nearly So.v0o.o0O during the present
year.
About five years ago the various prov
inces OF the empire were authorized to
set up mints and to turn out the brass
coins commonly called cash. Origi-
Eally these were about the size OF the
old-fashioned copper cent OF the United
States. coIIoquially styled years ago
..bungtowns," with a square hole in the
center, and each was worth one cash In
exchange. Usually the supply was mint
I'd abroad. many times in the United
States.
Change In Coin.
Under the new provision the provinces
turned out a nearly pure copper coin
without the hole and designated az
worth ten cash They contained per-
haps three and one-haIf times as much
I
.he specimens shown today al the
Chinese legation. and their circulation
was confined 10 the province in which
they were ninted. The dies were made
in New Jersey and the copper was prr-
chased there. but the coins were turned
out in China. and the profit. based up
on the worth of the one casn pieces,
was from . TO 40 per cent This pToni
accrued 70 the provincial treasury, ana
:hat meant the provincial government.
The old one cash pieces circulating
practically throughout the enure en-
Dire were driven out OF circulation under
the economic rule that pad or chsap
money drives out good On taelr hSce
they were worth ten OF the old ana IA
trinsicallv they were worth only tnres
| or four. and both classes OF coin Wers
token money TO a great extent
| NTea0Ubile the cost Of the raw ma
| +o-isi aSvanced from I3 1-3 to Il Al cents
per pound but the diminishing pront
/ rSar pound did not affevs the total pro1e.
Each province declared a against tne com.
age OF every other province IN the ten
cash pieces and the value OF the COM
age depreciated more than = per cenk
Vet such coinage was profitable Pricce
OF commodities rose as the oepreclsoiton s I4atsn
r,,ent made at the Chinese legation Cnl-
- y,-as threatened with a serious. Y
not disastrous financial crisis
Government Steps In.
Then according to the legation. -
central government stepped in ana
closed the mints primarily to stop the
overcoinage and secondarily to reserve
10 itself the right TO coin the money of
the realm This II now proposes to DO.
substituting silver for ten-cash pieces
and goId fo- the larger values. Il 10
estimated that had the provincial mints
been permitted to continue they would
have been turning out sixteen and one
haIs billion % ten-eash pieces each
year. or a per capita OF forty such
pieces in a country wherein the circu-
laticn is normally only a fraction or this
sum.
Ii was also said at the Chinese legn-
tion that numerous inquiries had been
received there from persons whom ths
legation supposed 10 be interested in the
copper market but as yet no reply bad
been made TO such letters