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on to China the whole responsibility for the execution of
29
the scheme, we are, I hope and believe, more likely to
achiove a substantial measure of currency reform than by
multiplying safeguards which we should have no means of
enforcing.
The Chinese stated that their ultimate aim, to which
their Currency Scheme is a preliminary, is a gold standard
and to this the Conference raised no objection. Pending
the introduction of the new coinage, sycee at present in
circulation will be allowed to circulate temporarily at
market value, but a date will be fixed after which it will
cease to be legal tender (Article 14). It is impossible
to fix the date at present, as the time period will vary
with the different localities in which it is intended to
introduce simultaneously the now coin, but the intention is
that every holder of sycee or coins at present in circula-
tion shall be afforded a reasonable opportunity of exchang-
ing them for the Standard Dollar at the standard rate of
$1.50 = 1 Kuping Tael. Then sycee will be demonetized
and the Standard Dollar will be the only legal tender
(Article 5).
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