“At this epoch, the coinage in use was so heavy and cumbersome that the people themselves started a new issue at a fixed standard of value. But the laws were too lax, and it was impossible to prevent grasping persons from coining largely, buying largely, and then holding against a rise in the market. The consequence was that prices went up enormously. Rice sold at 10,000 _cash_ per picul; a horse cost 100 ounces of silver. But by and by, when the empire was settling down to tranquillity, his Majesty Kao Tsu gave orders that no trader should wear silk nor ride in a carriage; besides which, the imposts levied upon this class were greatly increased, in order to keep them down. Some years later these restrictions were withdrawn; still, however, the descendants of traders were disqualified from holding any office connected with the State. “Meanwhile, certain levies were made on a scale calculated to meet the exigencies of public expenditure; while the land-tax and customs revenue were regarded by all officials, from the Emperor downwards, as their own personal emolument. Grain was forwarded by water to the capital for the use of the officials there, but the quantity did not amount to more than a few hundred thousand piculs every year. “Gradually the coinage began to deteriorate and light coins to circulate; whereupon another issue followed, each piece being marked ‘half an ounce.’ But at length the system of private issues led to serious abuses, resulting first of all in vast sums of money accumulating in the hands of individuals; finally, in rebellion, until the country was flooded with the coinage of the rebels, and it became necessary to enact laws against any such issues in the future. “At this period the Huns were harassing our northern frontier, and soldiers were massed there in large bodies; in consequence of which food became so scarce that the authorities offered certain rank and titles of honour to those who would supply a given quantity of grain. Later on, drought ensued in the west, and in order to meet necessities of the moment, official rank was again made a marketable commodity, while those who broke the laws were allowed to commute their penalties by money payments. And now horses began to reappear in official stables, and in palace and hall signs of an ampler luxury were visible once more.