The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1911-04-28
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4 Asff1NG TO N, 30. CO. April ggs.g y
itii tie feeent signat lures of; the con;
|. tract for the loan soL. $50, 0p0. 900 10
X Ian American. British, German
and French bankers, the death knell
'siof Tie mort shopelessly confused cur.
4 reIicy IN the World was sounded.
Y tfofei gners residing In, or doing bust:
titIless with China breathed a great igh
cf relief as the loan, III to end a most
atlous obstacle to the transaction
n OF sbuBiDessl ~ ~ y,
l.hina agrees. as part OF the con!
4 tract Ito install II currency system
worthy 6f the name I. Until the eight.
N iqs OF the last century, China had mo
silver coinage Me copper; OF, Emore
properly, iae brass cas- was II he only
national coin. liver wasfused in the
\ Jump BY weight, & the unit Gtof. weight
being known to ia relgnefss us tile tael
n Gan Indian term /, and to the Chinese
isisas the Hang, III 9 9elnal, rough speak.
line. Of 4 10 ounces yoirdnpois. n z 4.
HE: weight OF the lang. however,
aud the ffnenegs Of ::the{sIlyer bullion,
varied in every city In. the Empire,
u mud, 10 add TO the confusion, Mexican
afid Spanish iloIlarsJ were talso In use
Il iiill certain Iocalit les y 4 bout SS7, the
sChlnese provincial governments began
I 10 mint dollar pieces, and there are
Y some eight Or ten varieties Of, these
r. In calculation, all Rominally Of, the
lyalneS Of u, M exican dollar but in real
ssiity Sentirely lacking uniformity. KY
Aided to these Various dollars Is
Stlfat ;of the British crown colony,
Hong kong, which IS III nse In nun:
\ her Of the ports. sSSeyeralS foreign
], banks dcingSbuslness In China have is.
fsued paper notes, which haven limit.
Z ed circulation! Some Of these 4 are
4 subjec to discount IL used outside of
the port of Issue. All this has pro-
ys.,diiced great con infusion, and burdened
trade With endless charges for ex-
change, and the difficulties have been
& i1,creasedFby the fluctuatlon in the
gold value Of the siiver.g (. Z -
Is i The American government has been
Z consultclga number OF times by China
during recent years III regard to cur
y rency forinSwhich would relieve the
situation. In 1903 a treaty was sign
4 ed IN Which CHM agreed to provide 4
uniform nattonal ycolnage.
IA sis y! In - 904. nj the request OF China,
1 Prof. 4. wv. jerks, OF Cornell Univer-
sit, and q member or the Commits
4 sisa5 on International Exchange, wis
sent to Peling by the American gov
crnnsent. Prof. jerks studied the
Snt5nctary situation In China Tor IS
months, and chs recommendations
4 were accepted. &.
( However after. his return TO tho Uni
sstda States "a change OF sentimcnttap
!peared: Various substitute schemes
q were presented, 5hut none adopted until
last Nay, when an Imperial edlct APP
iteared approylngSa plan.
q The standard coin Is TO be Of silver
$oSj he same weight and ilnencss MS the
4 Mexican dollar. The fractional pieces
5inssllYer will be the dime, the Quarter,
,siinH the half dollar, and subsidiary
coins In addition TO these Will be n
nickel five cent piece. and in copper
stl.e smlll,3 tiyeemip, one sent, and tvs.
cent piece. l.lii II