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gold currency, the unit must be 100 per cent fine though the subsidiary coinage could be about .9 touch. But objections have not been wanting, to show that a pure coin would be too soft for ordinary use.
Now it will be found that the Russian gold rouble piece weighs 6.544 grammes of which only 6 grammes is pure gold. The Japanese gold yen, again, weighs 2.22 mace, of which only 2 mace is pure gold. The remainder is alloy, but in use it all passes for pure gold. The same is found in all countries. Though we have not yet started a gold currency, and temporarily use silver to take its place, we must certainly follow the same plan.
From recent experiments in minting we find a silver tael coin with the addition of 3 per cent alloy makes a strong and clear-ringing coin. Of course the expense of minting has to be considered and the labour and alloy, which is estimated at 3%, can be paid for out of the profits accruing from the subsidiary coinage. If this is insufficient the profits from the copper currency could be drawn upon, and if that is still insufficient there remain the profits on the paper currency.
The...