CO129-345 - Public Offices & Foreign Office - 1907 — Page 428

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banioo

coined in one province is accepted in the next only

at a considerable discount. The coining of a dollar

of the proper fineness, weight and finish is not a

gain but a cost to the Mint from which it comes, and

it is not unnatural that the Mint should wish to

recoup itself by the profitable coinage of subsidiary

silver coins, the over-issue of which, combined

with the natural law that the coin of less will al-

ways oust the coin of greater intrinsic value in

a country where the coinage is not or insufficient-

ly protected by law, has been specially felt in

South China. What has occurred in the silver coin-

age of the South is at present taking place in the

copper coinage all over the Empire: the new copper

coins are fast displacing the old copper cash.

By the laws of China land and other taxes are

payable in Treasury (Kuping) Taels, while the Treaty

tariff calls for Customs duties in Haikuan Taels,

so that, if the proposed silver dollar is to be the

uniform coinage of China, it will be necessary to

fix the rate of exchange between it and Kuping and

Haikuan