The new Commercial Treaties with foreign Powers provide for the introduction of a uniform currency. If China does not exert herself to do so now, but delays till matters are beyond repair, she will become the laughing-stock of foreigners, and find herself in still further troubles.
Your servants, after joint deliberation, find that there is now no lack of copper coin in the provinces, and consider that the output must be restricted without delay before it is too late. They now make the following proposals:-
The output of coin in the large provinces of Kiangsu, Hupei, and Kuangtung will be limited to 1,000,000 pieces each per diem; in Chibli and Szechuan to 600,000; in other provinces to 300,000. The touch and weight will, in accordance with the Board of Revenue's Regulations, be exactly similar. Your servants will from time to time send officials to make inspections, and if it is found that the Regulations are not obeyed, the officials of the mint concerned will be severely dealt with. Provinces without mints will not be permitted to start them, but Shansi and Shensi and adjacent provinces will be supplied from the Board of Revenue Head Mint, Kueichou, &c., from Szechuan, and other provinces. The import of copper blanks from abroad for the use of the provincial mints was forbidden in the previous Memorial; but it has been found that contracts had been made for the supply of these blanks before the Regulations were sanctioned. In such cases importation will be allowed. The blanks, which have been bought in very large quantities, come from various countries, and are not uniform in weight or touch. Confusion would result from continuing to mint them, and they must therefore be melted, brought up to standard touch, and then minted. If the coins are then found not to be up to standard, the officials responsible will be strictly punished. The sanction of the Financial Commission and the Board of Revenue must be obtained by telegraph for all purchases of copper, and they will instruct the Customs to allow importation.
The mints must no longer be known under their old name, but as the Board of Revenue Branch Mints of such a Province." The old dies of various types used in the provincial mints must be no longer used; the minting operations must be suspended till the pattern dies issued by the Board of Revenue are received. The provinces must report to the Financial Commission and the Board of Revenue, within three months' time, the yearly output of each mint, the total amount of coin produced since its establishment, the amount of coin in stock, an estimate of the requirements of the population, the number of districts in which the coins are already current, and the amount of material and copper in stock unused. The Commission and Board will thus be enabled to calculate whether there is a surplus or deficiency of these coins. The Head Mint will lose no time in having the pattern dies engraved and distributed to the mints, who will then recommence minting. In this manner the manufacture of copper coin will be regulated according to current requirements. In addition, in pursuance of the above-mentioned Regulations, the provinces will be called on to open Government assay shops in connection with the Board of Revenue Bank, which will issue silver and copper coin at fixed rates of exchange, so as to prevent an excess of copper coin, and fluctuations in value.
Your servants consider that these measures are absolutely necessary for the financial welfare of the Empire, and the high provincial authorities should, in view of the importance of the currency question and in the interests of the whole Empire, unite in endeavouring to further their execution. Should the proposals receive your Majesties' sanction, instructions will be issued for their universal execution.
The continuance of copper coining in the provinces under certain restrictions is, however, a temporary measure. Minting must be suspended at times when there is an excess of coin, and therefore the profits gained thereon are not a trustworthy source of revenue. We pray that the provincial Governments may be instructed to find other means of raising revenue in substitution of them so that the reform of the army and other important reform measures may not be hindered. Your servants respectfully present the above Memorial proposing restrictions on the output of copper coin for the consideration of your Majesties.
Imperial Rescript. ----Approved.
(Translation.)
Inclosure 2 in No. 1.
Supplementary Memorial.
A SUPPLEMENTARY Memorial of the Financial Commission and the Board of Revenue reporting the hurried exportation of copper coin from Chekiang and Fukien in contravention of the regulations, and requesting the punishment of the official responsible.
IT is clearly provided in the Regulations for the reform of the currency drawn up by your servants, that the copper coin minted in the provinces must be first restricted in circulation to the province of origin, and must not be exported in large consignments out of the province. Those Regulations were sanctioned and put into force on the 21st August last. We are now informed by the Wai-wu Pu that they are in receipt of a note from the British Minister, in which he states that according to a report of the Consul at Chefoo a consignment of thirty-five cases of copper coin, which had been conveyed from Shanghae by the British firm Messrs. Cornabe Eckford & Co., had been stopped by the Customs at Chefoo although covered by a certificate for the export of copper cash obtained at Shanghae.
In reply to telegraphic inquiries by your servants, the Viceroy of the Liang Kiang stated that when silver and cash is exported a bond is required from the foreign firm, but in the case of copper coin (not cash), passes granted by the provincial Government are taken as guarantees. The consignment of thirty-five cases of Chekiang copper coin conveyed by Messrs. Cornabe Eckford to Chefoo were covered by a pass from the Governor of Chekiang, Nieh Chi-kuei, and were therefore, after inspection by the Shanghae customs, allowed to be re-exported. In addition, Chekiang wishes to consign, through the Shanghae customs, a further 230 cases of copper coin to Tsingtai.
A further telegram from the Viceroy of the Liang Kiang states that the Foochow Tartar General, Ch'ung Shan, telegraphed that the Foochow Mint was indebted to Shanghae for the value of certain copper supplied. In settlement of this no time would be lost in minting and forwarding to Shanghae copper coins to the number of 14,000,000. Of these, 4,000,000 had already been consigned and the remainder would follow as soon as possible in instalments. In spite of repeated telegrams to stop these consignments, a further telegram was received from the Tartar General that on the night of the 8th November 8,000,000 coins had been shipped to Shanghae.
Your servants would observe that the previous Memorial provides that if the accompanying Regulations are disobeyed, the Mint concerned will be ordered to suspend its operations and a Memorial will be presented requesting the punishment of the offending persons. The Regulations have now been in force for a considerable time, and yet Chekiang and Fukien have not only not ceased exporting coin as directed, but, on the contrary, are endeavouring to do so more than ever in flat contempt of the Regulations.
In addition, therefore, to our Memorial proposing the temporary suspension of the minting of copper, it is our duty, in accordance with the Regulations, to request that the Fukien and Chekiang Mint officials be degraded and handed to the Board for punishment. The Governor of Chekiang, Nieh Chi-Kuei, and the Tartar General Ch'ung Shan, of Fukien, who in issuing after the Regulations came into force passes enabling large consignments of copper coin to be exported, are also guilty of a dereliction of duty, and we pray that a Decree be issued handing their cases to the Board to be dealt with.
We humbly present this supplementary Memorial for your Majesty's consideration.
Imperial Rescript.--Approved,
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