The Detroit times., 1911-04-28
CHINA TO HAVE NEW
CURRENCY SYSTEM
Will End Vexatious Obstacle To
Transaction of Business and
Foreigners Are Pleased.

WASHINGTON, ID. c., April 2S.-
With the recent signatures OF the
contract for the loan OF $50, 100000 10
China By American, British, German
and French bankers. the death knell
OF the most hopelessly confused cur
rency In the world was sounded For
eigners residing In. or doing business
with China breathed a great sigh OF re-
lief. as the loan is to end a most vex-
atious obstacle TO the transaction OF
business
China agrees. as part OF the con-
tract. to install currency system
worthy OF the name. Until the
eighties OF the last century, China had
no silver coinage. The copper, or
the only national coin Silver was
used in the lump by weight, the unit
OF weight being known TO foreigners
as the taol Can Indian term and TO
the Chinese as the lang, the equal,
roughly speaking, TO l 1-3 ounces
,hvoirdupois.
The weight OF the lang, however,
and the fineness of the silver bui-
lion varied In every city OF the en-
pire, and. TO add to the confusion.
Mexican and Spanish dollars were
also In use in certain localities. About
1887 the Chinese provisional govern
! ment began to mint dollar pieces.
and there are some eight or ten vari-
cites OF these In circulation. all nomi-
nally of the value OF Mexican dol
Tar, but In reality entirely lacking
Uniformity.
Added to these various dollars is
that OF the British crown colony
Hongkong, which is in use in num-
Der of the ports. Several foreign
banks doing business in China have
issued paper notes, which have a linn
tied circulation. Some OF these arc
subject to discount IL used outside the
port OF issue. All this has produced
great confusion, and burdened trade
with endless charges for exchange,
and the difficulties have been increas-
ed by the fiuctuation in the gold val
.ue Of the silver.
The American government has been
consulted number of times by Chi
ma during recent years in regard to
currency reform which would relieve
the situation. In 1903 treaty was
signed in which China agreed to pro-
vide a uniform national coinage.
In 1904. at the request OF China,
Prof. ]. w jerks OF Cornell uni
versity, and member OF the Com
mission on International Exchange,
was sent 10 Picking by the American
government. Prof. jerks studied the
monetary situation in China for Is
months. and his recommendations
were accepted.
However, after his return TO the
United States change OF sentiment
appeared. Various substitute schemes
we're presented, but none adopted
until last May. when an imperial
edict appeared approving plan.
The standard coin is TO be OF silver
OF the same weight and fineness as
, the Mexican dollar. The fractional
pieces in silver will be the dime. the
quarter and the half dollar and sub
sidiary coins in addition to these will
be a nickel fve-cent piece, and In
topper the mill. fve-mill. one-cent
and two-cent piece.
Old Expression Gains Favor.
The queer popularity OF the old ex-
preston, 'dotting an | or crossing
T." Is growing every day In the house
OF representatives.
Minority Leader Mann started the
Yad. In declaring that a certain pro-
vision OF the new rules made abso-
lutely no change over the old new
ones, he declared II was not altered
by the crossing of T nor the dot
ting of an t. This was the first ex-
tended speech made after the conven-
ing OF the extra session.
. The expression stuck in the minds
of the members. II has been used
about three score times since. Rep.
Underwood (Dem., Ala) and Rep.
Cooper (Rep., Wis., pulled 1t of in the
reciprocity debate; Rep. Rucker
Dem., Mo- got 1t of in connection
with the debate on the bill for the
1frrecr efucrfUn Of -serItUrs. ffex-
cpeaker Cannon used IL In his plea
against Canadian reciprocity. and Rep.
Fordney (Rep., Mich.) shouted II out
the other day. The end Is not yet.
Things run in fads at the house.
When somebody revives a catchy ex-
preston Il has a long run until 1t be-
comes so chestnutty that another
Sfnember starts a new one.
Another rife shooting trophy has
recently been added to the collection
at the office of the secretary OF war
The latest addition to the prizes Is
the Dewar cup. which has just ar
rived from England This cup was
won by the American team last year,
I'm competition with teams OF Great
g7ritain and Australia. Each country
was represented by so men shooting
small caliber rifles at rs feet.
The trophy Ia silver cup, 30 inches
high, which cost $500. II was present
ed by Sir Thomas Dewar of England.
II will remain in the custody OF the
United States one year. when It will
again be put in competition.
~ Aerial Tournament Coming.
The national capital will soon be
the scene OF continuous aviation
tournament. Furthermore, there will
be no ticket-takers on the field. and
visitors may acquire the aviation