237
It has been argued that the introduction of a dollar currency would simplify the currency system and make it more convenient for the people. However, it is pointed out that their daily life mostly rely upon the copper currency, and if this has an unimpeded circulation there is no reason why habits of extravagance should be engendered.
It has been argued also that the value of a dollar approximates that of 1,000 cash, and that with the principal and fractional coin so conveniently related calculations are simplified.
But as long as the legal ratios of the currency are not fixed the market rates must constantly vary, and as nearly all the public and private transactions involve exchange between silver and cash the substitution of dollar values in place of the tael would only result in producing a complication of odd fractions.
Another argument is that in all currencies coins should be reckoned by the piece and not by the weight. But just as dollars can be reckoned by the piece, so also can taels once they are struck into coins, and while the trouble of conversions and discounts will be saved, such coins will also fulfil the condition of corresponding in weight to their inscribed denomination.
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their daily life mostly rely upon the copper cur-
rency, and if this has an unimpeded circulation
there is no reason why habits of extravagance should
be engendered.
It has been argued also that the value of a
dollar approximates that of 1,000 cash, and that
with the principal and fractional coin so convenient-
ly related calculations are simplified.
But as
long as the legal ratios of the arrency are not
fixed the market rates must constantly vary, and as
nearly all the public and private transactions in-
volve exchange between silver and cash the substi-
tution of dollar values in place of the tael would
only result in producing a complication of odd frac-
tions.
Another argument is that in all currencies
coins should be reckoned by the piece and not by
the weight. But just as dollars can be reckoned by
the piece, so also can taels once they are struck in-
to coins, and while the trouble of conversions and
discounts will be saved, such coins will also fulfil
the condition of corresponding in weight to their
inscribed denomination.
To
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