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with as such and not redeemed. Kong promised conditionally on being able to elaborate a practical scheme of redemption after coming to Canton and studying the actual conditions. He came down and of course found that *while England, France, America and the rest all have to deal with forged notes, China alone has not: all her forgeries are genuine": As there is there fore no possible method of distinguishing the genuine notes from the "genuine" forgeries except duplicate numbers, the entire issue must be taken into account in considering redemption: and he estimates this total at the very lowest as $40,000,000, and would not consider himself safe in taking over the Governorship in making it less than $50,000.000
He took it then at this figure: and is satisfied that firstly it is perfectly hopeless to expect a sufficient grant from the Capital to redeem such an issue all at once: further he is very anxious to catch out those duplicate numbers if he can. He has therefore evolv- -ed a scheme which is to last over a period of years, and meet both requirements. The Government is to redeem notes with certain number< this year at 90 cents cash to the 1 paper: and exact register to be kept, duplicates (i.e. the second note presented of any one number) not to be honoured and any notes of the numbers given not presented within the year to be repudiated. The second year the cash price would be 80 cents and the third year 70 cents, and so on as long as may be necessary. Meanwhile there should be no restriction of any kind in the One province on the circulation of good coin of any country, until such time as Canton can issue its own currency on a proper civilised basis.
This is his scheme: he admits that it is not perfect and that the details require a lot of filling in. He is also very emphatic that the only really satisfactory scheme is full redemption at once, to be followed by a new and honest note issue, properly secured. But, he says, that is simply a cousel of perfection and impossible; something has got to be done and he has heard worse ideas than his own: his own he will not yet believe is entirely unworkable, but neither is he yet sufficiently satisfied with it to undertake the resposnbility of carry- -ing it out. Could I put forward any better suggestions ? Any