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which all circulation of these coins must cease, and they will thereafter be redeemed
sycee." by the mints and the Ta Ching Government Bank as if they were "
Section 15.
In the same way all copper coins and "cash formerly minted throughout the Empire will continue to be current, pending the adoption of measures by the Board of Finance, after due consideration of the circumstances at the proper time.
Explanatory Note.-This and the preceding sections outline the procedure to be adopted in regard to the old coinage. A detailed scheme will be prepared later by the Board of Finance, and be submitted separately for the approval of the Throne.
Section 16.
Within one year of the Imperial sanction of these regulations, all official receipts and payments, which have customarily been made in silver, will be calculated, with due regard to the weight and touch and amount of such receipts and payments in the particular place, in the first instance, in “ good" Treasury silver and then again in the new coinage, and the monetary denominations of all such sums will be changed accordingly.
Explanatory Note-It is a necessary preliminary to the unification of a coinage that the currency denominations employed in all registers, account-books, contracts, &c., should be changed into harmony with the national coinage. Such a step not only gives a rapid impetus to the general adoption of such a coinage, but is a great convenience in preparing a budget or definite accounts of expenditure incurred. There is no objection, therefore, to the assignment of a term for the general alteration of old currency denominations to the new, even previous to the new currency being generally current on the market. Neither is the period fixed of one year too short, since it will be easy, in accordance with the system of exchange laid down in section 13 of these regulations to change calculations once made in taels into those made in dollars. If after alteration of the currency denominations it should happen that the amount of new coinage in circulation is temporarily insufficient, the employment for that period of either sycee or the old coinage in proportion to its weight, touch, and amount calculated in the first instance in good Treasury silver and then in the new coinage, should present no difficulties.
Section 17.
Within one year of the Imperial sanction of these regulations, all official receipts or payments, which have formerly heen properly made in "cash " or in silver reckoned on a "cash" basis, will be calculated at the market rate of the place on the day the sauction was received, in the first instance in good Treasury silver, and then in the new currency, and the monetary denominations of such sums shall be changed accordingly. The same procedure will apply in cases where either a silver dollar or some other coin has been employed for the purpose of such payments or receipts.
Explanatory Notes.-The change in "the monetary denominations of such sums referred to in this section applies to the alteration in advance of these terms in all registers, cash-books, contracts, &c.
"
"The market rate on the day the Imperial sanction is received" is fixed as a basis of calculation to prevent any manipulation of the market by dishonest persons and to avoid all disputes on the question of exchange.
The procedure to be adopted has already been telegraphed by the Board of Finance to the provinces, with instructions to make enquiries into the market rate for silver and other coin in every prefecture, sub-prefecture, department and district in each province and to report accordingly to the board, who will have a list of these rates published in every place throughout the Empire.
Section 18.
Within one year of the sanction of these regulations, all customs dues and duties, as well as all moneys connected with posts, telegraphs, steam-ships, and railways, will be calculated by the Government offices concerned in the new coinage, in proportion to the weight, touch, and amount formerly paid and received, and through the medium
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of "good" Treasury silver. A memorial will likewise be presented stating that the monetary denominations have been changed accordingly.
Explanatory Note.-The large sums received in customs duties and the important part played by communications in the State give these branches a most important bearing on the coinage. It is therefore necessary in their case to assign a term within which the monetary denominations must be changed, so as to give an impulse to the use of the new coinage.
Section 19.
All private accounts formerly estimated in silver "taels" shall be converted, according to the local " weight" and "touch" of such tael into "good" Treasury silver, and thence be calculated in the new coinage, and the monetary denominations shall be changed accordingly.
In cases where silver dollars, copper cents, cash, or some other coins were the medium of calculation, the market rate of such coin in the particular place on the day of the sanction of these regulations shall form the basis of valuation for conversion into the new coinage through the medium of "good" Treasury silver, and the monotary denominations employed shall be changed accordingly.
Persons failing, in accordance with this section, to change the terms employed in private accounts, will, on suit being brought against them, he compelled to settle any financial transaction involved in accordance with the market rate of the currency employed on the day of the sanction of these regulations.
Explanatory Note.--The term "or some other coin," as employed in this section and in section 17 of these regulations, denotes "the small cash of Tien-tsin," "the red cash of the New Dominion," and such similar coins.
Section 20.
From the date of the sanction of these regulations the minting of all coins now in circulation shall cease.
Section 21.
The Board of Finance shall establish an assaying office for the new currency, and shall engage a coinage expert, who shall melt and generally test coins selected from the outputs of the various mints, and who shall publish a document for general information embodying the results of his examination."
Explanatory Note. This process of testing will apply to coins which are actually in circulation on the market equally with freshly-minted coins. Any number of these coins be selected, and orders will be given to the assaying office to test every one with a view to maintaining public confidence in the new currency.
may
Section 22.
The Ta Ching national coinage is to be accepted upon tender by all persons and to any amount at any place within the confines of the Chinese Empire; it may not be refused in payment.
Explanatory Note.-This section defines the authority for, and the limits of, the circulation of the national coinage in accordance with precedent in every country.
Section 23.
Persons transgressing the provisions of sections 3 and 22 of these regulations may be proceeded against by the party affected, and will, on due trial and conviction, be liable to a fine not exceeding 1,000 dollars and not less than 10 dollars.
Explanatory Note.-Section 3 refers to persons wilfully demanding a discount in exchange in defiance of the decimal system; section 22 refers to persons refusing the national currency when tendered in payment.
Section 24.
Any alterations found necessary in the present regulations will be made by the Board of Finance upon memorialising the Thirone accordingly.
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