February 25, 1905.]
honesty that is with-held from the Japanese, on this ground, is a mystery to be explained only by the eccentric inconsistencies of popular judgments.
CHANG CHIH-TUNG AND CHINESE CURRENCY,
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东苗
11
CHINA OVERLAND TRADE REPORT.
coinage ought to persuade him that the advice and assistance of the foreigner might still be found useful. "What seems to the memorialist to be beyond comprehension," he says, "is the proposal to strike new siver coins and arbitrarily cause their value to stand at a ratio of 32 to 1, that is to say, make thirty-two tiels' weight of silver to equal one tael weight of gold, by which it is claimed that a substantial and lucrative
profit of twenty per cent, could be obtained, the object being no doubt to excite the cupidity of China." Professor JENKS, who propose l a silver currency with a permanent exchange value at that ratio, may smile som what wearily at the Viceroy's wise "that is to say. Forgetting entirely that Peking has already taken notice of the currency syste.n of Japan, which invited foreigners to teach an inaugurate te system, CHANG CHIH-TUNG goes on: "The scheme of JENKs aims at taking away our wealth and sizing the control of our finances. His scheme is most poisonous to
the welfare of the State, and the calamity which will accrue therefrom will be at once visible to all." He elsewhere a Imits that the financial situation in China needs sonio reform, and it is quite beyond comprehension to explain his unreasonable and unreasoning attitude towards every suggestion to that en 1, ex- cept, as we have already said, by the conclusion that he has now attained a mental senility uufitting him for further public business. It is to be hoped that wiser counsel may gain the e r of the Throne, more even for China's sake thin for the sake of tho e who do business with her.
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127
The
aud they cannot be said to have been re- couped until they receive an amount (if paid in silver) sufficient to buy back the gold that China's misbehaviour forced them to spend. No man is expected to pay a £5 sterling banknote, and to receive in retura depreciated scrip of equal face value. bankers, money-changers and shroffs who thrive on the profits derived from China's thriftless "system
of currency will no doubt support CHANG CHIR-TUNG in his op position to monetary reform; but the foreign bonkers, who als appear to gain by the present system, have sufficient intelligence, we trust, to support the policy of using a sprit to ontch a mackerel. The development of trade ant th3 in- creased turn-over that would follow the adoption of sine such system as thit proposel by the American Currency Com- missioner would, ns we have repentedly reminded them, more th in recompense thei for the immediate sacrifice of petty profits which it would likewise entail. Perhaps
the most s rious hindrance from the Chinese point of view will be that an immediate outlay of Government capital would be required to establish the new currency ; and that the general resistance to any increase of tixion, by the people who are alrealy tixed to the uttermost or by the officials who want the money for themselves, would seen to shut out hope in that direction. But if China be rising loans to pay what she owes, as well as to pay whit "she does not aud should not owe, she is taking the
longer road and the m-re expensive course; and proving thereby th it she is not so poverty- stricken as sh is sometimes thought to be. The Chinese Government appears indeel to be wealthy in everything but sense. China has res urces, and the credit that follows resources, and the remedy for her purely temporary embarrassments lies ready to her haud, put there by the expert whose advice she sought and ought now to follow.
(Daily Press 22nd February.) Although, as our realers know, it was by direct invitation of China that Amics sent Professor JENKS to stul Chinese currency, its disavantages, and possibl; measures of reform, CHANG CHIH-TUNG has sent in a me norial to the Gove.n sent ut Peking that is bitterly hostile to the con- clusions of the American expert, Those who remember CHANG CHIH-TUNG's record, and who have thereon estimated his charac ter and capacity, will be shocked to read bis latest effusion, a translation of which has just been published by our Shanghai contemporary. Except on the theory that he is entering upon his dot ge, and goiu; back to the hard-shll preju lices of his youth, it is impossible to realise his present inental outlook. He claims to have cure. fully real Commissioner JENKS' recoumen- dations, and to have found that all his arguments are empty and unsubstantial.” They are so pegnant with calamities that his heart was struck cod with fear when he read them. His heart was cold, and his brains turned to water, because he saw in the scheme suggestel only a foreign attempt to gain control of Chinese fin laces. We have previously seen of what miserable ealousy this famis Vicuray is captile, in his tira le against Sir ROBERT Hier, and the childish and inconsequent arguments (Daily Press, 24th February.) he levelled at Sir ROBERT HART's proposals In extension of our comments on CHANG for giving China a stable revenue, are CHIH-TUNG's memorial, it may be added that almost duplicated as to character in the there are several factors that are likely reply he now makes to Professor JENKS. to retard the adoption by China of a stable One passage of his m morial runs: currency,
supposing the authorities at "Now the finances of a country are its life Peking were anxious to introduce such a and pulse. In no country throughout the reform. CHANG CHILL-TONG in opposition whole world, be it strong, or be it weak, 4- is not the most important of these, although long as it is an independent country posses- he has, as we have recently observed, offeral sed of sovereign rights, would the Govern all the strongest protests and quasi-argu.
(Daily Press, 23rd February.) ment of such a country permit any alie for ments that wilful misun-lerstauling and Soal affairs are sometimes the most im- a single moment to control its finances, still emgenial peju-lice could inspire him to portant. It is the little annoyances and less would it allow representatives of tler. One factor, in particular, tends at the little troubles that make life miserable; various countries the privilege of iuterfering let to postpone the consideration of Con- and antithetically, an aggregate of minor therein." There is one explanation that her missioner JENKS' proposals. That is the pleasures may make the sum of human occurs to us, which, if accepted, may save current war, the possible issues of which happiness. Of the numerous little worries CHANG's reputation for sanity. Assuming occupy the minds of the Chinese ruling incidental to contact with the Chinese, that he has better reasons for objecting persongs to the exclusion of all other perhaps nost people would confess that the to the proposals of Professor JENKS, questions. Their position may be regardel attitude of the ricsha coolie or chair coolie although we do not profess to be able to as analogons to that of a busy man about où receiving his dole is the most persistently guess what these may be, he perhaps shares to undergo a serious surgical operation. It annoying an- noticeable. There may be the late LI HUNG-CHANG's con empt for the needs a man of strong character to devote human pachyderms who can turn a deaf understandings of tho authorities at Peking, attention to his business in'erests while the ear to the mutterings of the discontental and has purposely couched his memorial in fave of his life is unsettled. Now that fellow who has not received more than ten this Chauvinistic style. It is just possible the end of the war appears to have come cents over his legal fare, and who can move that he realises what sort of clap-trap is within measurable distince (vide our tele-away with a mind serene; but the maj›rity most effective at Peking, and therefore gram published yesterday) the collective of those who make use of these public lowers his personal diguity to gain his end mind of Peking may profitably turn
vehicles are, we fancy, mire sensitiva. by offering such evidence as that the to this really pressing subject. If the Apart altogether from such a consideration, foreign Commissioner's arguments were Celestial Micawhers could be persuaded there is the awkward question of small far-fetched and off the mark,'
" an un- that in their case the greater danger thre it change, of which the supply always seems reasonable outcry," and that he (Professor | ens from within, they might be inducel to short st when it is inost in request, namely, JENKS) was reduced to silence when inter- give serious consideration sooner
to the
when the pis enger is deposited at the door rogated by the shrewd ani cock-sure memo- pssibility of res'oring their financial health of his or her domicile. Tais lnck of sub- without any very painful operation. The fluctuation of exchange added, in the two years preceding the war, the quite unneces- sary sum of one hundred and fifteen million taels to their principal indebtedness to the Powers, basel ou the three shilling rate at the time of the Protocol. This could not | have happened if Chius had had tal coins value at a fixed ratio to goll. Nor should this addition to the sum of taels be regar led as an uncarnel incremeat for the foreign cred.tors. Their expenditure was in gold,
rialist. Otherwise, we must revert to the former conclusion, that CHANG CHIA-TUNO has suddenly become as ignorant and pig. beaded as the Chief Eunuch himself. He is not really so ignorant with regard to the uses of foreigners, for he has found various Occasions to employ them on his own reform schemes in his own provinces. It is to bis enlightened administration there that he owes much of the go d reputation he has gained. His own inability to comprehead the difference between silver and silver
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KICSHA AND CHAIR TRAFFIC.
sidiary currency of en leads to too excesive payment of the carrying colie, which is a bid thing on two counts. It is no incon- si lerable tax on the expenditure of those who use them regularly; and it has the effect of Luc easing the avarice of the tribe, and of, unofficially, raising the tariff. This,' of small importance to some of us, may well be a hardship on numerous families who have to make many ends meet on moderate means. Discount again all these reasons, the facts still remain that in the
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