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and merchants, who profit by the existing chaos in the monetary
system, are opposed to the reform, kot but the Central Government certainly possess the power, if they have the will,
to put these measures into practice, just as they have had the
power to enforce the opium suppression Regulations which also
meant ruin to many vested and far more legitimate interests.
The Imperial Decree of October 5, 1908, WISH
which laid down that China should first standardize and render
uniform her silver currency and then "carefully proceed to take
measures for a further advance with a view to assuring the
adoption of a gold standard in the future", proclaimed the
Kuping tael as the unit of currency because "the use of the
tael and its frantions had been so long established that it
icult would be differsat to substitute any other denomination to take
its place". This decree as a matter of fact has remained a
dead letter until now the dollar is proclaimed in the place of
the Kuping Tael. The Practical advantages of this change are
obvious, but above all the ratio between the new coinage is
fixed and we have the old normal ratio of one to one thousand,
instead of such a cumbersome arrangement as something like
1482 copper cash as the equivalent of a Kuping tael.
It is perhaps too early to hazard a guess as
to the speed and efficacy with which the promised reforms will
be enforced, but at all events a step in the right direction
has been taken and though China is not yet in a position to
consider the question of adopting a gold standard, the fact
that she may soon have one recogţised standard of currency
to replace the varying values in different provinces, should
have a beneficial effect upon her commerce and lend stability
to her financial and mercantile transactions.
The Right Honourable
Sir Edward Grey, Bart, K.P.,
&C • •
80...
&C. >
I have etc.,
(sd.) W. G. MaxMuller.