Perhaps no other city in Central China is so over-ridden with small cash as Hai chow. In the surrounding country, small cash are refused, and the dollar changes for 880 to 950 cash, according to the fluctuation of the market. But in Hangchow, fully thirty-five out of every hundred cash are small, "sand" cash, or zine, tin, and other useless counterfeits. Some of the guilds recently petitioned the prefect on the subject, with the resuit that a proclamation was issued prohibiting the use of worthless cash. The dollar therefore now changes for 940 or 950 cash; and the strings are heavier and better. There is, however, much ill-feeling on the subject among the small tradesmen, who cannot get rid of their small cash; and it is probable that the reform will not outlive the month. The disappearance from circulation of large copper cash is a grave danger to business in many Felts of China. Great quantities are hoarded up by the rich; and still greater, in spite of prohibitions and penalties, are melted down by copper-smiths, good brass and copper being scarce, and mult dearer than the coined metal.
Text read from the printed page and cleaned; old type leaves the occasional error.