Excerpt from Chinese Currency
The facts of this work have been collected from Chinese books and journals and from Customs' publications, and they have been as far as possible brought up to date. At present the Chinese are importing both gold and silver. In 1900, according to Mr. F. E. Taylor's very valuable report on trade, gold was imported from Japan because many rich Chinese wished for the most portable metal in case they needed to fly to a distance through the mischances of war. Silver was imported to the amount of fifteen million and a half taels. In addition to this sum, known from the Customs' books, there was an enormous import of British, French, and Mexican dollars, brought by the foreign armies which captured Tientsin and Peking. In Manchuria and Chihli dollars are now more plentiful than sycee. The circulation of foreign dollars in the north of China has increased so much as to help the people, in a considerable degree, to recover the commerce which was interrupted by the war of 1900, the year of cruel massacres and severe retribution.
The payment of heavy indemnities must greatly deplete the currency throughout China. The people will be compelled to increase their exports in order to adjust the balance of trade. The silver which leaves the country ought to come back in payments for exports. This is according to present appearances likely to occur. The country happily is resuming its usual state of tranquillity. The Boxer movement was abnormal. The people at large will soon return, where there have been rude disturbances, to the quiet pursuits of industry, and money will quickly come back to the cultivator, the weaver, and the trader.
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