22. For a long period prior to the year 1853, China was obliged to export large amounts of silver annually, in order to pay for the excess of her imports over her other exports - yet during that period, copper cash constantly bore a premium over its value in silver, and in the case of the Carolus Dollar, this premium ranged from 10 to 15 percent.
23. We conclude, therefore, that the present condition of the currency here has little, if any, connection with the so-called balance of trade, but is the consequence almost entirely of the partiality of the Chinese for silver, a scarce coin.
We think also that this partiality cannot be destroyed, but that it may be transferred, with advantage to the new coin which we advocate.
The development of trade which might be expected to result from a good and abundant currency; and the obvious and important benefits which the...