A. matter which is much more likely to. affect seriously the pros perity of the Province, is the do-preciation of the paper currency, And its manipulation by some of the tradesmen for their private gain. The notes referred to are those issued by the Hupeh Provincial Governnient Mint, with a face value of 1,000 cash. "Many of these notes were first issued as much as 12 or 14 years ago, and naturally they have been much torn and defaced by passing from hand to hand. Some of the merchants have agreed grade these notes for purposes of exchange; on some of them they iseount 100 cash, and on others as much as 20 changing for coppers. Others, more justly, refuse to receive them at all. When is considered that, 12 years ago note was almost equal in value to a dollar, and that now it takes four of them to equal a dollar, the extent to which the common people are suffering can be realized. For some time past, the Mint Office has been expected' to relieve the situation by buying up all these id motes at their face-value; but 0 far, nothing has been done. A few days ago, a meeting ropresentative of the various public guilds met in the Tiang 'Tao Kiai in 'Wuchang, and passed an urgent re-elution asking the Bureau of Finance to' give orders to the Mint Office that steps shall be taken at once to buy up all the notes now circulation in the three cities. They also requested the military authorities to issue strict orders forbidding the manipulation of these notes by the tradespeople, Hsinyang Shelled Hsinyang is still beset on three sides: by the Hupeh forces under Generals Lin Vu-chuin and Sung Ta-pei." Prom motives of humanity, no general bombardment the city has been permitted; bat guns are planted on a hill Bnovki asthe Yang Shan: outside shells, ab many as 60 per dey, are being' dropped inside the walls. Many of the people have been wounded, and a great many houses destroyed. Food is also scarce inside the city, and most of what! there is, is commandeered by the soldiers who are holding the place.
'A deputation, which includes Mr. 'Yang Kuang-ya, the President of the Hsinyang Merchants' Guild, and. a missionary, the Rev. John' Bly, came down by the railway Inst week to interview Marshal Wu Pei-fu and try to arrange for the capitulation of the city. The trouble is, that the Shensi soldiers who ere in the beleaguered place refuse to give up their arms, and.demand to be received into the Hupeh army brigade under Gen, Lin Yuchuin. Wu Peisfu has declared that nothing less than an uneonditional surrender will be received by him; the Shensi soldiers are simply bandits, and to receive them into the army will only increase the from which China is suffer~ if. The deputation made several efforts to gain some other terms; but Wu Pei-fa has stuck to his point, and they have had to re-urn disappointed to Hsinyang. The lives of 40,000 people are at stake, and if the city is not surrendered soon, it seems that the greater part of these must perish of starvation or disease.
Text read from the printed page and cleaned; old type leaves the occasional error.