Peking, Mar. 26, In all parts of the world one is taught in theory that money is a commodity. the value of which influenced by the same laws of supply and demand as' that of any other merchandise. But in the East one does not have, to wait for great wars and revolutions "for Practical instruction in this theory, for it is always being impressed upon us by daily practical experience. A. discussion with a local banker of the value of the Hong-ong dollar recently brought this home forcibly to the writer. The Hongkong silver dollar is much more commonly seen in Tientsin ind Peking than in Shanghai. In all small transactions it-has pro-cisely the same value on the street as the Peiyang dollar or the Yuan Shih-kai dollar. No Chinese merchant ever discounts it or puts a premium upon it, But if one were to take a large accumulation of these dollars to a foreign bank for deposit they would probably be sub-JJect to a small discount; while for the Hongkong notes, which one cannot spend in the Chinese shops, the same banks would pay a premium of four or five per cent, Also a draft on Hongkong, nominally payable in these same silver dollare which are at a slight discount here, will cost the purchaser nine or ten per cent, although one per cent. covers the shipping charges and in-|* surance on the silver.
Text read from the printed page and cleaned; old type leaves the occasional error.