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4.
109
forced them into currency by withdrawing the dollars taken for
their manufacture that the coins began to assume a relation to
dollars different to that expressed on their face and tending
to that of the percentage of silver on the respective pieces.
Not only did the new issues of Chinese
subsidiary coins then fall to a discount of over 7 per centum
but all stocks of those and of Hongkong subsidiary coins fell
with them. The result of this is that all persons whose hoards
are in subsidiary coins are poorer by 7 per centum than they
were, the loss corresponding to all the profits made in the
past on the minting of subsidiary coins. It is as if a tax had
been imposed of over 7 per centum of their savings on the poor
people of the Liang Kwang. Such a tax cannot but bear hardly
on them, while with the wealthier merchants trade has been
hampered by the setting up of two standards of value according
to whether payments are made in dollars or in the depreciated
subsidiary coins.
5.
You may not consider it out of place to
quote to the Viceroy the following sentence in which a great
English writer has referred to the evils resulting from the
#It may debased currency in England in the year 1695. He says:-
*be doubted whether all the misery that has been inflicted on
"the English nation in a quarter of a century by bad Kings, bad
"Ministers, bad Parliaments, and bad Judges was equal to the
"misery caused in a single year by bad Crowns and bad Shillings".
In making representations in this matter on
6.
the present as on the past occasions I am certainly not actuated
by any idea of securing a future profit to the Hongkong Govern-
-ment that I deprecate for the Canton Government. I desire only
that the present financial situation may be improved and that a
recurrence of a state of affairs prejudicial to the trade and to the welfare alike of Hongkong and of the Kwang Provinces may be avoided. I shall therefore be glad to receive any suggestions from the Viceroy for an arrangement between us with these
objects