We published on Tuesday a. translation of an Imperial Edict, issued on the 4th instant, authorising the raising. of a. Chinese National Loan, 'T'he.amount for which subscriptions are invited is, we understand, one hundred million taels, and fervent appeal is made to the self-interest of the mandating and the loyalty'of the people. No doubt a certain amount of the bonds will be taken up by the official classes who will act more or less under pressure, but the high officials in Peking must be entirely misled as to the feelings with which the people regard their Government if they suppose that the Chinese public will purchase the Sincerity Bonds" on the strength of their insinuating title. The Edict does not say by whom the interest is to be paid, and we may be sure that five per cent minus squeezes and plus. difficulty and uncertainty of collection will not prove attractive to a people who are accustomed to obtain heavy interest for their money on considerably better security thin the promise to pay of a hopelessly corrupt Administration, It would appear that the bonds are to be redeemed at fixed periods, but what those periods will be is left suspiciously vague. And itis stated that at the periods of redemption the bonds will be liquidated, not by being cashed, but by being accepted in payment of Land and Salt Taxes, 'That to say, a man who presents a bond in payment of such taxes will have to surrender' it and also be squeezed for a considerable percentage of his obligation in cash as well, A truly delightful prospect for officials, but hardly one to stimulate the somewhat slumbering patriotism of the masses, Presumably the provincial officials who redeem the bonds will send them to Peking in part or whole payment of the remittances they have to make under the head of the Land and Salt Taxes, so that the Central Government will be short' of cash to the extent of the redemption, and will have to raise more money to take the place of the deficit. he officials who purchase bonds will no doubt make sure of their interest in full gnd will take care to protect themselves against loss and, as this National Loan obviously offers a prospect of a rich harvest to their class, we may confidently expect that the greatest zeal will be shown by "the deputies charged with the sale of the said bonds'to the people," especially us those of them " who shall succeed in obtaining large sims therefor will be rewarded with.extiaordinary promotion in recognition of their energy and ability." 'The whole scheme is plainly' either a dodge' of the
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