Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-04-16
PROGRESS IN CHINA
Loan of $4,000, 900 Secured
for Public improvements.
CURRENCY REFORM IN VIEW
United States Financiers to Supply
Part of Capital.
AN ADVISER TO BE SELECTED
Effort of the Imperial Government
to Place Its Affairs on
Sound Basis.
CURRENCY REFORM IN VIEW
AN ADVISER TO BE SELECTED

Currency reforms and other nationa
improvements are assured to China b,
the signing yesterday in Picking Of tn,
contract for loan of 10000, 600 by rep
resentatives Of the imperial government
and the representatives of American
British, French and German bankin,
groups, which are to supply the funds
The contract was Immediately ratified by
imperial edict. The State Department
was notified by cable yesterday that tn,
contract was Immediately ratified by i'm
perial edict.
What the program of the Chinese gov
eminent will be Is not determined, othe
than 1t embraces currency reform, bu
the construction Of railroads and othe
extensive national enterprises are as
sured. There is no doubt that American
engineers will have many opportunitie.
to give their services to large project:
which will be instituted
Loan to Run Forty-Five Years.
The loan is to run for forty-five years
to be issued at %, to bear interest a.
) per cent and is secured by certain
enumerated imperial revenues. At tn,
suggestion of the United States an ad
ity not interested in the loan to assist in
the currency reforms, in order to assure
absolute equality Of treatment and pref
erence in every respect among the par.
ticipating powers. 1t is more than likely
that Hollander will be appointed ad
wiser.
The satisfactory conclusion of thes.
important negotiations is an event ir
the history of our diplomatic rela
tions, and one that is gratifying to the
Department of State.
Declared Policy Exemplified.
In 1t is given a practical exemplifica
ton of the declared policy of this gov.
eminent, which, as expressed by Presi
dent Taft, is directed by a desire t.
make the use Of American capital il
the development Of China an instru
ment in the promotion Of China wei
fare and material prosperity without
prejudice TO her legitimate rights as al
independent political power, and, a:
stated by Secretary Knox, has beer
to secure sympathetic and pra ctica
cooperation of the great powers ir
maintaining the political integrity OF
China by making 1T to the interest OF
each to support such policy
Where the nations invest their capi.
tai there they are intent on preserving
peace and promoting the development
Of natural resources and the prosperit,
Of the people"
Brass Cash Once National Currencv
Until the eighties Of the LAST centur,
China had no silver coinage. The COP.
per, or, more properly. the brass casl
was the only national coin. Silver was
used in the lump by weight, the uni
OF weight being known to foreigner:
as the tael an Indian term, and tt
the Chinese as the lang, equal rough
speaking, to one and one-thirt
ounces avoirdupois. The weight O.
the lang. however. and the fineness OF
the silver bullion varied in every elf,
Of the empire. To add to the confu
sion Mexican dollars and Spanish dol
lars were also in use in certain 10.
calities ~
About the year 1887 the Chinese nro
vinc1al governments began to mint dol
lar pieces. There are some eight O,
ten varieties of these in circulation
all nominally of the value of a Mexi.
can dollar but in reality entirely lack.
Ing In uniformity
Auoed TO these various dollars is tho,
or the British crown colony at Hong.
Kong, which is in use in a number IF
the ports. Several foreign banks doine
business in China have issued naneI
notes. which have a limited circ1ila.
ton. Some Of these are subject to dis.
count. II used outside the port of issue
All this has produced great confusion
ana burdened trade with endless charges
Tor exchange The difficulties have heen
increased by the fluctuations in the gold