(Srzciatty 'I'RANSLATED FOR THE "N.C, Dany News.") memorial, explaining that, in the writer's opinion and personal experience, any attempt at putting a fictitious detorminate value on gold in order to bring about a gold standard, inst the true interests of China and would be conductive to her harm, in her present condition, rather than advantage; and further that no matter whether the power be given to foreigners to bring about or not, such a scheme should not by any moans be permitted.
With reference to the action of the Usited States Government in High Commissioner to China in the person of His Excellency Jenks to consult about the currency question and sottio the prices of gold and silver, when the Memorialist returned to Wuchang from Peking in the middle of the 2ud moon (end of March 1904) he found that official had b Hankow awaiting the Methori arrival for some time. Commissioner Jenks then sent word to the Memorialist requesting that a date should be set for " couference between ourselves and stating that he was most anxious to see the Memorialist. Iaccordingly received him and we had altogether two conference The foreign Commissioner's arguments, although far-fetched and off the mark in many instances, were successively combated by the Memorialist, while, on his part, the foreigner was unable to make substantial replies to the various questions 1 advanced, and on which 1 desired information. that his ideas and mine wore identical on th main points, and that when the time came to settle matters he would arrange satisfactorily the points concerning which I had expressed apprehension, and add them into then I have carefully read Commissi Jonks's Currency Scheme for China, and have come to the conclusion that the arguments are all empty and nnsubstantial and that, furthermore, they are 0 pregnant with calamities that my heart was struck cold with fear when that I dare now to present my views thereanent to your Imperial Mxjesties the Ewpress-Dowager and Emperor.
Now the finances of a country are its life and pulse, In no country throughout the whole world be it strong, or be it weak, as long as in independent country possessed of sovereign rights, would the Government of such " country permit any alien for a single moment to control its finances, still less would it allow representatives of various countries the privilege of interfering therein.
Tu the First Clause of Commis-ioner Jouks's scheme, he says that ju establishing a currency China should thirty-two to one, faun at satisfying the demands of the Powers to whom she owes her Indemnity. In the Third Clause he says that in starting this scheme the Chinese Government should appoint a foreigner to take up the duty of Director of the Mint who wwe the chief control of the currency of China. He should have several suitable persons to assist him in superintending the coining of copper cash and other matters which the Director of the Mint shall appoint. In the Fourth Clause he says that the Director of the Mint all every month draw up a report giving tails of the state of the currency in which he shall also state the amount of money in circulation, the amount of loans, and the amount of bills of exchange bought by foreign countries, ete. This Financial Report is not the Financial Statement of the Chine Government. Its object is to inform agents of the Powers to whom Chi owes the Indemnity and to show that the Chinese Government is doing things properly. The Director of the Mint should also be given the power to start this and to draw up the regulations therefor. Inthe Thirteenth Clause it la stated that steps must be taken to establish banking on a satisfactory basis and regulations thereanent must be drawn up whereby the Government bank or any stable banking institution may be permitted to issue bank-notes for circulation representing values of the currency of the realm. These the Director of the Mint. The Seven-director of the. Mint shall in conjunction with the financial agents of the various Powers be allowed to inaugurate some system for the re-organisation of the finances of the Empire. This means nothing more nor n that the finances of the whole Empire of China shall be entrusted into the hands of the foreigner designated as the Director of the Mint, leaving nothing in the hands of the owners thereof, Then, as if fearing that other Powers may comment on such a procedure, it is suggested that the largest creditors to whom China owes an Indemnity could be made istled to the utmost extent of their again, that the financial agents of the Powers to be indemnified, could be allowed the privilege of examining the balance-sheets and accounts of the Chinese Government; and thirdly that the said agents of the various Powers shall be allowed to have a hand in organisation of the finances of the Chinese Empire. In fact, looking upon China as a country to be commercially exploited by the various Powers without considering to whom the Empire is subject or who holds the Government thereof. To such a dangerous point does the unceasonableness of such a scheme approach. The harm of such proposals is made plain enough to all who may consider the matter and does not require any special perspicacity on the Memorialist's part to point out. But what seems to the Mealist to be beyond comprehension ix the proposal to strike new silver coins and ratio of 32 to 1, that is tosay, make thirty-two taels' weight of silver to equal one tael weight of gold, by which it is claimed that a substantial and Incrative profit of twenty per cent could be obtained, the object being no doubt to excite the cupid dity of China. Now if this ratio could hold good in exchange between China and foreign countries, we could us ratio to pay our Indemnity to the foreign {Powers to our mutual and equitable advantage. But Jenks's arbitrary ratio of he decides, can be current in China alone; if, on the other hand, one sells bills of exchange abroad or wish ed to purchase gold, the ratio of exchange must be decided by the Director of the Mint, at the time of said transactions. In his subsequent suggestions sent to the memorialist, clearly points out the silver coins used in China in financial transactions should be at a settled ratio of 32 to 1, but that in the event of using silver money for the payment of accounts to foreign countries these silver coins must be valued as silver bullion and put making Chinese merchants take gold at a market ratio of forty to one and pay same to thei own Government, aod, io of thirty-two th thirty-two taols weightot at foreigners comin,
may purchase here a tael weight of gold'
the other hand if one wishes to ese silver to pay a gold debt to country he must, as usual, do 80 at the ratio of forty tacle' weight of silver to one tael weight of gi icious in the search for gain, or imposes laws which are arbitrary, the people will naturally refuse to obey, while such laws cannot be put into force. Should, for instance, these arbitrary laws be enforced by coercion it merely comes to this that the riches of merchants of inland citi obtained for the Government only to be poured out again into the coffers of foreign countries. Moreover the rate of exchange for gold sovereigns and silver bullion is telegraphed throughout the four quarters of the globe and also published in all newspapers. If there is a d to give cheap prices for the purchase of dear gold, the people of the country would prefer to take out their hoards of old gold utensils and ornaments, and merchants who have obtained gold ore from their m 4 sell them at good prices to foreigners to export abroad what man would cxre to sell his gold to the officials at x low price? Hence the prospect held out of obtaining " profit of twenty per cent on gold is one that cannot be rearised. Should it be decided arbitrarily to raise the price of silver money nnd the Government forcibly compel the people to accept thirty-two taels of silver for one tael of gold, whose forty taels, the people will inly enhance their prices for gools, those which cost them thirty-to produce to be priced at Thus there will be mutual riminations and deceptions on all sides, anda lot of trouble resulting to the advantage and benefit of no-one. Hence the proposed profit of twenty per cent on the coinage of silver money will not be possible of accomplishment.
Again, the proposal to compel the people to uso the nowly-strack, silver coins to pay their old debts appears to mo to be even more harsh and unreasonable; while fictitiously to enhance the value of the new coins by force to pay is to be feared that the difficulties for such a course will be too many nor can such a aystem Inst long. Indeed, while there is fear that such coins cannot be made to pass current throughout the Empire; can there on the other hand be any prospect in forcibly making the people use then to pay off old debts? Once a law like this be ised merchants and people in the various provinces of the Empire will immediately find their means of borrowing money blocked. There will be soon seen creditors pressing debtors; shops and firms going into bankruptcy; robberies and bickerings and the like. "Merchants and traders will be closing their doors and stop business, the poor will be poorer still, and the rich become poverty-
Text read from the printed page and cleaned; old type leaves the occasional error.