CURRENCY PROBLEMS
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I replied, "on the contrary you ought to reward me with the highest decoration your country can bestow. The two hundred and thirty thousand dollars I put into circulation all possessed one very striking property". What was that?" he asked, Not one stuck to the palm of the hand, they all slid off I replied.
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When I returned to Shanghai, in September 1945, at the end of the War, I found three currencies in common circulation. First the "Fah Pi", the legal tender of the K.M.T., secondly, the "Wei Pi" the currency issued by the puppet Wang Ching-wei Government, and thirdly the "Mei Pi", U.S.A. currency. I remember that whenever labour was asked for the currency of its preference the choice was invariably, “Mei Pi”.
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Time will not permit to enlarge upon the use of gold as a medium of currency. When the quantity of silver exceeded the convenience of transportation, exchange into gold was the usual practice. This was in the form of dust, leaf and bar. To the inexperienced, such as myself, preference was usually for gold leaf as being more readily inspected for adulteration. But reputable exchange dealers, from time immemorial have issued their own certificates of purity which were always reliable provided they covered a first-hand purchase. I remember that towards the end of 1929, in company with another missionary, I was faced with bringing out the balance of relief funds, to the coast, through a bandit-infested area. In all the total weight of the gold was 63 ounces which we had worked into bangles which we wore high up on the arms and bars which we secreted in waist belts. We fell into the hands of the bandits who robbed us of our belongings but by the Grace of God did not search our persons. Thus through varying experience we finally reached Tientsin and I can still see the look of surprise on the face of the Agent of the Chartered Bank when we partially disrobed in his office and shot the total of our carryings on to his desk.
It is only fitting that I close with a reference to the introduction of the latest form of currency, the Jenminpiao. This came to Shanghai with the Liberation Army in May 1949. Prior to the arrival of the Communist forces and during the wild days of the K.M.T. evacuation to Taiwan, the Shanghai brokers had brought out their stocks of silver dollars and were doing brisk business all along the Shanghai streets, exchanging paper for...
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