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To extend our argument further afield:
in all our transactions with other countries, foreign obligations have always been liquidated in terms of taels. Native Customs revenue, also, is expressed in terms of K'u P'ing taels. Foreign commerce is carried on entirely by means of exchange calculations, and the price of the pound sterling fluctuates with the state of the silver market. By using a tael currency transactions can all proceed as before, and the extended use of such a coin cannot fail to prove advantageous.
The coinage of a tael currency was recommended by the Council of Finance. In Hupei and the New Dominion a tael currency has been in use for some years. The Board of Finance also held that if a silver currency were to be adopted there could be no harm in using a tael coin.
This, then, is also our present decision: and we have furthermore adopted the suggestion of Tuan Fang to coin a large quantity of 5 mace pieces (half taels) to be of equal currency with the tael coins, and to be legal tender for any amount. Besides these two coins we