A Postscript Memorial from Chang Chih-tung, Governor-General of the Two Kuangs, submitting a proposal for the coinage of silver dollars by foreign machinery The province of Kuangtung is the mart of Chinese-European trade, and there the foreign dollar is the circulating medium not only there, but in Kuangsi, Fuhkien, Formosa, Shantung, Chihli, several of the interior provinces, the north-eastern frontiers, and where there is an open port, the Mexican dollar is taken as the common currency. In this way advantages to our Government of having " national currency of our own are lost, while they are being reaped by other countries. The principles governing the coinage of cash and silver are the same, and that is, they should both be made at our own mints, and by our own methods, in order that we may maintain our national standing. Inthe province of Kuangtung a system of our own coinage is specially necessary, as the currency there consists principally of old and mutilated dollars, and broken pieces of silver, the use of which is a source of much loss to all concerned. When the recent order was given for the purchase of a set ut cash casting machinery for the province of Kuangtung, an order was also made for machinery for the mintage of silver dollars; and it is Foreign metallurgist shall be engaged. to reposed that a skilled and experienced come to China and begin a series of experimental operations. These operations can be undertaken in connection with the cash mint, and it is calculated that the machinery already ordered will be capable of striking off 30,000,000 dollars a year, while the annual working expenses are estimated at Tls. 30,000 or Tls. 40,000. Or, if a separate mint be necessary for coining silver dollars, such a building would not cost, in all probability, much more than Tls. 100,000.
While the weight of the Mexican dollar is 7 mace and 3 candareens, by the Ts'ao Ping scales, it is proposed to increase the weight of our dolar' by 1 candareen and half, so that it may weigh 7 mace and 3 candareens by the Ku P'ing, or standard scales. On one side of the dollar shall be struck the four characters" Kuang Hsit Yuan Pao," both in the Chinese and Manchu languages, and on the other side there is to be a representation of the Dragon, with the tenth characters, ' Kuang-tung Sheng Tsao Ku P'ing Ch'i Ch'en San Fen, "which translated is, "Minted in the Province of Kuangtung, weight 7 mace and 3 candareens by the standard scale," to be both in the Chinese and English languages in order to facilitate its use in trade with foreigners. After the dollars have been issued from the mints, they shall he eireulated for official disbursements and lekin, In the Canton Imperial Maritime Customs, where Mexican dollars have hitherto fore been accepted in payment for duty, this new dollar shall be used along with them; but the quality of our dollar being' up to the best standard of foreign silver, and as it weighs more than the Mexican dollar, its Value shall be rated accordingly, As the mercantile classes are always ready to embrace opportunities for gain, they will eagerly buy up these dollars, and as sven as they have become current, their value will rise, so that although our dollar is heavier by one mace and 5 can-darkens than the foreign dollar, it is not possible that any loss will be' sustained thereby. Should this proposal meet with the approval of His Majesty, it is requested that an explicit Decree be issued, constitut+ ing these newly minted dollars a legal ten der in remittances of revenue to Peking, in payments of Customs duties and lekin, and in the daily trade of the people, When the mintage operations have -commenced, it shall be the duty of the authorities concerned to submit a sample of the new dollar to the inspection of His Majesty, and the sum of one million dollars shall be struck off at the first experiment, Tf th are found to gain rapid circulation, more shall be minted but the total amount shall not exceed five million dollars at first. But, on the other hand, should these silver coins be found unpopular, the operations can be stopped a time, and the loss so sustained will be slight, and will be borne by the province of Kuangtung without ro-sorting to the Imperial' Exchequer. At the expiration of one year, should the experimental operations in Kuangtung prove successful, a detailed account of all expenses and profits shall be submitted to the Throne, and in turn communi" cated to the different boards. And then His Majesty shall direct the Board of Revenue to give their attention to this affair, and purchase the required machinery for the establishment of a mint in Tien tsin, which will supply the different open ports with this new national dollar. At the sune time the mint at Kuangtung shall be allowed to continue its operations, and the number of dollars to be issued by them every year shall be determined by the Board of Revenue should any profits be made, it shall go toward defraying the losses sustained in cash coinage. It is estimated that if the Board of Revenueshould purchase machinery capable of striking off 100,000 dollars a day, it will coin in the course of a Yar less' number, that is 10,000,000 dollars ear 30,000,000, dollars, but allowing for a
year ina very few years our country will be amply supplied with our own currency, which, if not able te meet all our demands, will at least_conservo the profits within our borders. It would seem that a plan like the above, whereby the province of Kuangtung isto make the experiment while the Board of Revenue reaps the profit, would be free from objection; and it is certainly indispensable that the three operations mining, cash and silver coinage should go hand in hand, the profits of the one going to make up the losses of the other; because if mines are successful and
Text read from the printed page and cleaned; old type leaves the occasional error.