Perhaps the best instance of the corruption of the {63} Chinese is
their action with regard to the currency. In the good old days the
currency of China was the silver shoe or ingot, which had no exact
weight, and had therefore to be weighed at every transaction. Below
that was the copper currency, which had no fixed relation to the silver
currency, but only the relation of copper to silver. A copper cash,
therefore, represented only its actual value in copper. It was
naturally a most unwieldy coin. The old books of travel in China give
lamentable pictures of the traveller riding about with huge strings of
copper cash almost crushing him with their weight. When the whites
began to trade in China they introduced the Mexican dollar with its
subsidiary coinage, and this was the common currency in all the ports
until a few years ago; but when the Chinese began to Westernise they
considered it inconsistent with their dignity not to have a coinage of
their own. Led by the Japanese, and assisted by several firms whose
speciality was the erection of mints and mintage machinery, they
started mints all over the country, and they have kept these mints busy
with the most _funeste_ results. To begin with, they coined a dollar
in imitation of the Mexican dollar, but even in this the mints did not
agree. Some dollars are very light, some slightly below value, and
some are nearly true. The first experience of the traveller is that he
possesses in his pocket a set of coins which no one will accept, except
at a great reduction. But the muddle goes further than that. It was
very profitable coining light coins, {64} but it was still more
profitable to do so in the lower denominations. The Chinese thought,
or chose to think, that it did not matter what the intrinsic value of a
10-cent piece was as long as you wrote on it 10 cents. They have no
bank or post-office where you have a legal right to get a dollar for
ten 10-cent pieces, and the result therefore of recklessly coining the
base 10-cent pieces has been not only to depreciate it with regard to
the dollar, but to make it an uncertain value, so that you must go to
the money exchangers almost every morning and ask for the rate of
exchange between the dollar and the small silver pieces.
Public-domain text, read in full here on John Shaqi.
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