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currency.
From the point of view of public convenience
it has been said that as a large supply of dollars
already exists, it would be simpler to extend their
use than to adopt a tael currency. But it must be
borne in mind that in every place where dollars are
used it is always in combination with sycee: while
in all the places where sycee is used it by no means
follows that dollars are also current.
Chinese dollars were originally coined in order
to oppose the invasion of the Mexican dollar, and it
seems to us that if a national currency is specially
established, everyone will have perfect confidence
therein.
As regards the objection that the higher denom-
ination will tend to raise the cost of living, while
a smaller denomination will tend to economy in
prices, it must not be forgotten that besides the
unit of value there must be fractional currency,
and
that a 5-mace piece will prove more convenient than
one of 7 mace.
Moreover the bulk of the people in
their daily transactions prefer a unit of moderate
value.
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