The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1916-06-23
STIRRED
BY SUSPENSION
OF PAWN 7
Charge That Government Used
Banks Funds to Main
tain Itself.

ldIIl IlSeiI.
PEKlNG. June 23.-ChIna has been
much stirred by the action OF the gov
eminent on Stay u in suspondinG
specie payment on the notes Of the
Bank Of China and the Bank OF Com
municatiOns, the two government in
stitutions having branches through
out the principal cities OF China.
Recently there was great rush 10
withdraw funds from these banks be-
cause OF charges made by tho enemies
Of the government that the late Yuan
Shi-kai administration was utilizing
the banks funds to maintain itself.
Furthermore the recent high price OF
silver has caused much speculation in
the white metal. and resulted in its
transfer and expectation.
Center for Politicians,
Ttcn-tsin has been great center
for politicians out Of sympathy with
the present government. and IL was
there that the rush to withdraw funds
from the Bank OF Communications
first began on large scale. II soon
became apparent that the limited re-
serves would not stand the drain,
and Premier Tuan Chl-jui and his cab
met declared limited moratorium
The moratorium does not extend 10
individuals, but merely to the finan-
cial affairs Of the government. II pro-
Vides that the government banks shall
not redeem their notes in hard money.
and shall not permit the dcpositors 10
withdraw their funds from the banks.
with the suspension OF specie pay
mcnt on the notes OF the two banka.
business in Picking came to a sudden
halt
The cabinet mandate provided that
all persons must accept the notes Of
the two banks at their face value or
undergo severe punishment. Soldiers
and policemen have been stationed
in the various parts OF the city 10
enforce this order in shops.
Nevertheless. merchants have found
means OF cvading the order. Nearly
all prices in the city have been raised
and when merchants feel that nav
mcnt will be made in Chinese bank
notes. they frequently advance their
prices to point that is prohlbitiyc
in order to avoid sales.
PcktnE is. in fact, threatened with
famine as result Of the partial NOR
atorium. for farmers and produce deal
crs will not bring their products to
Picking. as they do not desire to be
paid in the deprecated paper bank
~ ha
institutions.
Vegetables Scarce.
Grains and all sorts Of vegetables
are getting very scarce, and the Chin
csc chamber OF commerce and local
grain merchants have pctitioned the
government urging It to derive means
to relieve the situation. There is n
plan on foot To establish official gran
aries and depots in which all sorts OF
food stuffs will he handled by the gov
eminent for sale n normal prices
All sorts OF food stun have advanced
in price from twenty 10 100 per cent.
One Of the worst features Of the
limited moratorium. is the criticism
directed at foreigners by the vernac-
ular press. Many Of the Chinese news
papers arc declaring that foreigners
have bought UP all the silver and gold
in China, and arc responsible for the
depreciation Of the notes OF the Bank
Of China and the Bank Of Communlca-
tions. Posters making this announce
ment have been pasted on many ~ the
dead walls in PekinE. and Chinese
papers are encouraging the populacc
In this belief Foreigners are already
beginning to feel the unfriCndly atti-
tude Of the masses. who have accepted
/ the statements NJ unreliable papers
and are quite willing 10 believe that
Europeans. rather than Chinese oflc-
Ials. are responsible for the present
/ financial conditions in China.
/ Coolies. hucksters and small NOR
chants. whose business has been al
most entirely ruined nv tho morator-
ium. arc becoming especially curt in
their treatment Of foreigners. The
newspapers are discussing the organl-
Sation % a clearing house in Picking
for foreign and Chinese merchants To
relieve the money StrinEcnCy.
Apparatus to register automatleal-