42
THE CURRENCY QUESTION.
THE HONGKONG WEEKLY PRESS AND
kong after the establishment of u gold, standard will not inspire such people with the spirit of resignation. Nor is it to be imagined that this class is small; the heavy depression in almost every branch of trade and in the stock market last year is all that that need be quoted in this respect.
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Such also
(January 17, 1903. 1865, and the diplomatic pressure brought to bear on Russia, which finally result din (Daily Press, 15th January.)
the rendition, in 1881, of Ili to China after It is at least surprising, if nothing more,
having been occupied for several years by that, in spite of the immense importance of
her northern neighbour, nominally as the the currency question to everyone engaged
man-in-possession for China. in business transactions in Hongkong, and
was the mainspring of the barbarian Tso in spite of the keen interest now displayed We have been favoured with the advance TSUNGTANG's campaign in Turkestan, which over this matter in the Straits Settlements, sheets of an article in the January number resulted in his banding back to China the no public discussion has arisen in Hong of the Asiatic Quarterly, containing an
eutiro of what is now known as the "New kong with regard to the possibility of article by Mr. ROBERT H. ELLIOT on the Dominion," alter having completed the establishing a gold standard, and that the Economic Effects of Recent Indian Currency destruction of the land, and the almo.t action of the Committee of the Chamber of Legislation," originally read before the East entire depopulation of the luge domain Commerce on the 23rd December, when it India Association. Mr. ELLIOT's main stretching from Kunehowfu westwards up was decided to adhere to the Chamber's contention is that the Indian Government to the eastern slopes of the Pamirs. previous attitude and not to call special did not perceive that its method of creating Tso was indeed victorious, but his victory general meeting, has been allowed to pass  stable"
exchange at an artificially was a dear one for Cius, and-the cry for practically without challenge. It might enhanced rate, which was liable to be vengeance that went up after his barbarities, reasonably be inferred from this, did we still further enhanced at its will, instead of which for hundreds of miles left not a not know otherwise, that the constituency developing would seriously injure the in-living being alive, nor a blade of grass which the Chamber of Commerce represents dustries of the country and thus at once where once extended, wide pastures, are now and the Colony generally were convinced diminish the means of employment and the having their natural result in the hatred of that a gold standard is either undesirable rate of wages, "results which have alrendy the new generation but now tardily begin.. or impossible in Hongkong. But anyone occurred in consequence of the currency uing to occupy the ruined homes of their who has the slightest knowledge of the n casure." Into Mr. ELLIOT's arguments slaughtered ancestors. In this unnatural ·· feeling in this matter locally is well aware we have not the space here to enter; it contest Tso spared neither friend nor foe, that such is not the case. Mr. C. S. SHARP, must suffice. to say that he certainly does age nor sex; and TUNG FU-HBIANG, who Chairman of the Chamber of Commerce, at not prove that the fixing of a stable rate of learnt the art under such a master, by a just the meeting of the 23rd ultimo, announced exchange for the rupee has ruined Ludin. recompense has come to exercise it against himself quite prepared to find "much He shows that planters, mill-owners, and the employers of his former chief. To diversity of opinion on the part of the other producers would be better pleased complete the fitness of the retribution general budy of members, as well as among with a less than sixteen-penny rupee-which TUNG was himself a traitor to his former the public generally," in spite of the con is a very different matter. But when associates; lured by Chinese promises and clusions which might be arrived at round he writes of the fixed rate acting as a Chinese gold, he deserted his own people, the Chamber's Committee table. After this bounty in favour of competing countries, Mr. and proved one of the most ruthless of the declaration it seems a little inconsistent at
ELLIOT can only refer to silver countries, ruthless officers of Tso's army. His natural last not to give a chance for the expression whereas a great portion of India's trade is instincts found congenial employment in of the diversity of opinion anticipated. Mr. with gold countries, when the fixed exchange the events of 1900, but they were thereby SHARP, it is true, dreaded a desultory is in favour of India. The great problem, only whetted, and doubtless he will, should discussion with no result. We venture to of course, in connection with the transition the opportunity be forthcoming, be all the think that this is not inevitable. At the of any silver country to the gold ranks lies better pleased to exercise them against the mceting of the 23rd December the case for in its dealings with cther silver and gold plunderers of his former compatriots. But, the retention of the present system was countries, and it is on this point that if TUNG has thus a heritage of hatred to admirably stated, from an oratorical point enlightenment is particularly required in fall back on, it is unlikely that his former of view, and the arguments carried those Hongkong. A letter appearing in another cruelties will be forgotten, and it is this attending away. But unfortunately the coluinn over the signature of "X" mentions which deprives his projected rebellion of its assembly present could not be described as this matter, and we would particularly call chief hope of success.
Disaffected spirits unbiassed to begin with. However in-
our readers' attention to it. The tendency of like nature to TUNG himself will doubt- partial and discriminating a man may be, all over the world is to " go gold," and the less be found to answer his call, as desperate his own interests must weigh with him. defenders of the existing state of affairs in men are ever ready to follow for a time a Hence the fact that no prescitation of the Hongkong must be prepared to show how leader who offers them unlimited plunder. case for the gold standard was heard cannot
we shall escape evil consequences if we are! But Tung is at least as much hated as feared be taken as an indicati u that all the higher left alone with China as the partisans of by his own compatriots, and the majority of intelligence of Hongkong is set firmly silver. The question is not oue which can the population of these districts, though against the introduction of that standard. be disposed of summarily, and its discussion thoroughly disaffected towards China, are What we want is a sober discussion of the cannot be considered a concluded, even for unlikely to forget his former desertion and two sides of the question. At the present the moment, because of the decision of the its consequences towards themselves. Prince moment the public knows that the fall of Committee of the Chamber of Commerce; TUAN himself is unlikely to be in b.tter the dollar and the fluctuation of exchange on the 23rd December.
odour; although Tso was a Chinaman he weighs upon it leavily, while to a certain
was carrying out the orders and policy of number of people these financial movements
The Manchu Government, and TUAN himself are advantageous. It therefore vaguely
stands too near to the Throne to be a ranges itself on the side of currency altera-
pesona grata to an indigenous population; tion. It soes the Committee of the Chamber
(Daily Press, 13th January.)
nor will his precious son, who for a short of Commerce declining a more general That TUNG FU-HSIANG and Prince TUAN period was named as heir presumptive to discussion on the question and adhering to are plotting rebelliou on a grand style the Imperial throne, and who it is stuted its former opinion for fear of harm and of in the provinces of Kausu and Shensi has been brought out at Hsian as the new creating a bad impression." Is it not there seems How little doubt. There Emperor, be any more likely to lend any natural that the public should be rather is also little doubt that a rebellion in assistance to the movement.
Few oppor mystified? We cannot help thinking these provinces would be fraught with tunities are afforded in China for the that the Committee of the Chamber great danger to Chiun. It would, never.expression of popular feeling towards of Commerce made a great mistake in theless, he rash to assume t'at such a individuals, especially if those indivi luals closuring, so to speak, the discussion rebellion is likely to be countenanced by stand in close relation to the Throne, but on the currency question. Those in the present Government or by any consider there is no doubt that the feelings with this Colony with an open mind, and able party in Peking. It has been for which the young heir presumptive was they are exceedingly numerous, desire twenty centuries part of the traditional · regarded by the nation at large were those nothing more than to hear the two cases policy of China to maintain its influence of intense and unconcealed contempt. Even stated fairly and in open court. The over these distaut provinces, and more than if TUNG FU-HSIANG'S and Prince TUAN's supporters of the present financial s stem once or twice the Empire 1 as strained every, records wero mere tempting with any err seriously if they think that by hushing nerve to repress all attempts at disaffection section of the Chinese people, the promin- things up they will induce a state of con- in these outlying districts, which at no time ence given to the young heir would be tentment. A great number of people sce have ben a source of profit, but very much sufficient to wreck their hopes of a success- themselves brought by the gradual fall of the reverse, to the Empire at large. This ful rising. But if the movement contaio in the dollar to such a state that they appear was the keynote to the desperate struggles itselt the inevitable seeds of eventual to be on the edge of an abyss, beyond which made by the Chinese to recover possessio: failure, there is unfortunately no room for there waits for them below financial ruin. of Kashgar and İli, which had been taken doubt that it is the power of the two arch Generalisation about trade leaving Hong-fr m China by the Ancer YAKUB in the year conspirators to inflict a grievous wound, and
64
THE THREAT FROM TUNG FU- HSIANG,
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