CURRENCY PROBLEMS
31
lifted. This issue was forced upon an unwilling community at the dollar-copper exchange rate, i.e., fifteen hundred cash for one silver dollar. A little more than a year later the issue was redeemed at the rate of one million for one silver dollar. Up to the time of my last visit to that district some twenty years ago, the issue was still referred to as the "sand plate currency".
But as with the brass cash so the copper cash content value soon rose above the market rate and the good old suction pump once again went to work directing the flow of China's coinage into the mills of Nippon. Just at this time, one worthy old ship master, commanding a ship on the berth from Tientsin to Hong Kong and calling at way ports, made a reputation for himself. On the occasion under reference he was seen to be experiencing difficulty on clearing Chefoo harbour. His ship was riding well down by the head and considerable trouble was experienced in heaving the anchor. When the harbour authorities came to the assistance of the ship it was found that the anchor chain locker was so full of copper coins that the anchor chain could not be stowed. To the present day, in certain local circles, the old sea-dog is affectionately referred to as the master of the floating copper mine.
++
+
44
44
As already stated, the baser currencies of brass and copper were related to the value of silver. Silver bullion circulated in the form of slabs, ingots and "shoes". The latter ranged from the one tael shoe especially cast for the distribution of the Imperial bounty (similar to the Maundy Thursday distribution of Royal charity) up to the fifty ounce Hunan Yuan Pao. Banks' bullion storage was usually cast in bars. Not only did the fineness of the silver vary from province to province but there was also a variation in the tael so that inter-provincial accounts required cross-rate computations. Thus the traveller on an extended journey had to carry with him a supply of silver which could be changed along the way to replenish his subsidiary currency for daily expenditure. Here again a problem presented itself for such exchanges could only be effected in quantities and weights for which he had transport facilities. For instance a traveller on horseback could only change a very small piece of silver at a time otherwise the deadweight of the cash would be beyond his means of transport. I remember once being on a horseback journey in the company of a Scot. We had been
CURRENCY PROBLEMS
31
lifted. This issue was forced upon an unwilling community at the dollar-copper exchange rate, ie, fifteen hundred cash for one silver dollar. A little more than a year later the issue was redeemed at the rate of one million for one silver dollar. Up to the time of my last visit to that district some twenty years ago, the issue was still referred to as the "sand plate currency".
But as with the brass cash so the copper cash content value soon rose above the market rate and the good old suction pump once again went to work directing the flow of China's coinage into the mills of Nippon. Just at this time, one worthy old ship master, commanding a ship on the berth from Tientsin to Hong Kong and calling at way ports, made a reputation for himself. On the occasion under reference he was seen to be experiencing difficulty on clearing Chefoo harbour. His ship was riding well down by the head and considerable trouble was experienced in heaving the anchor. When the harbour authorities came to the assistance of the ship it was found that the anchor chain locker was so full of copper coins that the anchor chain could not be stowed. To the present day, in certain local circles, the old sea-dog is affectionately referred to as the master of the floating copper mine
++
+
44
44
As already stated, the baser currencies of brass and copper were related to the value of silver. Silver bullion circulated in the form of slabs, ingots and shoes". The latter ranged from the one tael shoe especially cast for the distribution of the Imperial bounty (similar to the Maundy Thursday distribution of Royal charity) up to the fifty ounce Hunan Yuan Pao. Banks bullion storage was usually cast in bars. Not only did the fineness of the silver vary from province to province but there was also a variation in the tael so that inter-provincial accounts required cross-rate computations. Thus the traveller on an extended journey had to carry with him a supply of silver which could be changed along the way to replenish his subsidiary currency for daily expenditure. Here again a problem presented itself for such exchanges could only be effected in quantities and weights for which he had transport facilities. For instance a traveller on horseback could only change a very small piece of silver at a time otherwise the deadweight of the cash would be beyond his means of transport. I remember once being on a horseback journey in the company of a Scot. We had been
No comments yet.
Private notes are available after approval.