Suver by weight is money, just as coins weighing each the same quantity of silver are money. It is the large extent of the commercial area of China that has hitherto prevented the adoption of a national coinage. Local rules of trade are fixed by commercial guilds and guilds in different provinces take divergent views. There has been a good deal of caprice in the adoption of certain dollars. Certain guilds formerly favoured the old Spanish dollars. Others have favoured Mexicans and others chopped dollars. Each Viceroy and Governor has the assistance of a I'rea-surer; and each Viceroy, Governor and Treasurer is a new man from another province in every instance, and he is appointed in Peking on account of favourable influences which are there paramount at the time. The Treasurer and the higher officials being new to the province find it advantageous to be in amicable relations with the commercial guilds. The officials are fresh to their work and are open to adopt the local policy, which is determined by the combined power of the native merchants in the form of guild action. Thus each Hie commercial city is like a small kingdom with a commercial parliament in which self interest and local predilection are dominant. In these circumstances the form of money in which all can best unite is silver by weight. The importation of American silver during and since the Ming dynasty has been the unfailing stream by which the ruling currency of China has been kept in a flowing condition. America has itself used half its production in its internal coinage or in storing up bullion. A hundred and thirty years ago the population of China arrived at the portentous height of two hundred millions, and it has been growing ever since. All this time commerce has been extending and the rich-men have been growing richer. More silver therefore and copper also are constantly required. 'I'he merchants want them in the cities and the Government wants them in Peking. The
Text read from the printed page and cleaned; old type leaves the occasional error.