COPPER - Chinese Currency by J. Edkins.
PART II
Sources of the Copper used In Chinese Currency.
In the Sung dynasty, when Yunnan was still a foreign country, copper was worked for the currency in Fukien (Kiaugsi), and Anhui. These provinces supplied 1,340,000 strings in a year. Hunan and Kuangsi gave 1,560,000 strings in a year. There was a fixed number required from each copper mine. This went on till at Jao-chou in Kiangsi, one string cost nearly two strings and a half to produce it. Then a rebellion occurring stopped the working of the mine altogether.
In A.D. 806 the amount of copper annually obtained from Chinese mines was catties 266,000. At that time the copper produced in a year from mines was 750 times more than the silver then produced. At the same time the iron produced was catties 2,070,000. Of tin there were catties 50,000. Copper was 655,000 catties and of lead 114,000 catties. Of tin the produce was 7,000 catties and of iron 532,000 catties. The
reason that these particulars are given in the history is that taxes were levied on mines by the Tang dynasty Emperors.
For more details on the copper mines worked in the Sung dynasty Ma-twan-liu may be consulted. Chap. 9.
In the year 1727 the governor of Canton stated in a memorial that there were large heaps of copper sand at Fan-tang (alum, cave) beside a river. It was in the district of Chukiang, in the prefecture of Shao-^hou. The heaps were four or five feet high, and some were seven or eight feet or as much as ten feet. They were about 1,000 in number. Each picul of copper sand would yield three or four catties of copper. It would require a year or two to complete the reduction to copper of these heaps. It seems best to allow traders to advance their own capital and reduce this sand to copper on account of the government. Two weivuens will watch the work to see that all the copper produced is reported faithfully. The military will have orders to inspect the workmen and see that private individuals do not smelt on their own account. The workmen engaged will be all residents who can go back to agriculture when the work is done and cause no trouble. We avoid, he adds, using public money in smelting. Mining is forbidden, but this is not mining. No mine is opened here in any mountain. The copper obtained will be all placed to government account and sent where
government directs. Chu-pi, ch. 13, p. 61.
In the Tung-hua-lu, 25, 38, under the year 1769, ministers advised the Emperor to order that no more Japanese copper should be bought for the use of the mint. The import then amounted to 980,000 catties. The annual production in Yunnan amounted to 13,000,000 catties. The amount annually required was 12,000,000 catties. We are also told in page 38 that the newly-issued coins were used in paying troops and that Chekiang new cash were partly made of Japanese and partly of Yunnan copper.
Copper in Yunnan, Shensi, Hupei.
After the war with France Tang Chiang was appointed manager of mines in Yunnan. In a memorial written after his arrival he describes his interviews with the viceroy, the treasurer, and the gentry to make inquiries on the state of mine production and the works generally. He learned that the seventh consignment had been forwarded to Peking. The copper sent forming the second portion of the seventh consignment, consisted of catties 500,000. It was a question still undecided if it would be possible to send away to Peking the eighth consignment in the ensuing winter, that is, the first portion of it Down to about 1850 there were thirty mines in
working order. The wars that followed put a stop to Yunnan mining, which had been yielding annnally 400,000 catties of copper. He mentions Hwei-li in Southern Szohweu and Chu-ching and Chao-tnng in the same province as localities containing copper which has not yet been worked. The expense of commencing a copper mine is stated at more than Taels 100,000 and from that amount to Taels 200,000. When once worked to profit the mines yield copper for several decades of years. The writer of this memorial found that the copper mine company in 1887, when he was appointed to his office, had a capital of Taels 70,000 only, while the government advanced Taels 110,000 to Taels 120,000. The number of miners is 70,000 or 80,000 at a large mine and at a small mine from 10,000 to 20,000. In the whole province of Yunnan there were several hundred thousand miners. This was the case formerly when disorderly persons gathered from many provinces to seek a living. Now the number is few.
M. Emile Rocher says in his work on the Chinese Province of Yliunan that workmen at the copper mines receive from one to one and a half and two taels a month. In 1880 these sums amounted to 14} francs, 7 francs, and 10 francs a month, according to M. Rocher's calculation. As these amounts would at present be not more than 3'., 4/5, 6/. a month, miners' wages must now be increased, because each tael yields twelve hundred cash or less. The rates must be one-half greater if strikes are to be prevented. The copper mines in Yunnan are the largest and deepest of all the mines in that province, and this accounts for the large u timber
of workmen.
The mining company secures funds by canvassing at Hankow, Shanghai, Canton, and other places of large trade. The canvasser is a Weiyueu, a sub-prefect in rank and
representing the exchange bank known as Tien-shun-siang. The interest is 6 % and the additional profits are divided after three years. The capital can be withdrawn after three years at the option of the shareholder. Dividends are paid out by the exchange bank here named. Other capitalists are also permitted to work mines in Yunnan. Yunnan is a poor province, except in regard to its copper and the poppy. The arrival of capital is therefore encouraged by the governing authorities. When undertaking his duties the chief manager, Tang Kiung, believed that it would be best to employ two Japanese mining overseers of experience who would examine the existing mines arid form a judgment as to what machinery would be most suitable. He had this opinion of their ability to give aid in Chinese raining, because they follow the Western method. These particulars are taken from his despatch of ten years ago as found in the work Ching-shihwen-hsu-pien.
The copper of Yunnan, after about A.D. 1740, was produced at least to the amount of six or seven million catties and sometimes to as much as twelve and thirteen million catties each year. The Emperor was advised to order the treasurers of Kiaugsu and Chekiang to buy foreign copper for their mints, the yield from Yiiunan being liable to fall short during some years. Yunnan should supply Peking in the first place and then Wuchang. Farther, it was urged that Chekiang and Kiangsu shonld send their surplus copper to Peking in case Yuunan copper was insufficient for the metropolitan miats. la 1753 the Yiiiman furnaces were much
more active. At Tung-chweu there were fifty furnaces making cash. The amount made was 220,000, After paying wages there was a profit of Taels 43,000. In nine years the total profit was Taels 400,000. Yttuuan from this time made cash for circulation in the province. In 1765 Ta-li-fa also made cash. The eight provinces Kiangnan, Chekiang, Fukien, Shen-si, Hupei, Kwaugtung, Kwaugsi, Kweichou all bought copper from Yunnan. After this Shensi was allowed to open copper mines at Ningkiaug. In two months they obtained 2,400 catties of copper. Sand containing copper would yield beside this amount 5,000 or 6,000 catties more. Ningkiaug is a district city of the prefecture of Hangchung-fu, and is in the southwestern corner of Sheusi province. It is on the high road from Peking and from Hanchung-fu to Ch'engtu, the capital of Szchwen. Here copper was profitably worked 130 years ago in sand, and when mined far below the surface. The other localities where copper was then found were in Hupei, very near the point where Szchweu, Hupei, and Hunan meet. The names two districts - Siueu-en and Hien-feng are given, and it is stated that 15,000 catties had been recently obtained there. The price at which copper was bought from foreign countries was 171/2 taels a picul, and it was used in Fukien Chekiaug, Hupei, Kiangsi, and Kianguau. At the same time the price of copper in Yunnan was eleven taels. The cost of conveyance increased the price to sixteen or seventeen taels, so that it was nearly the same thing as to expense if foreign copper were used. It was felt to be very convenient that it was possible to buy foreign copper, which would be that of Japan, because before the new copper mines were opened, of which the memorial speaks, it was only in Yiiunan that copper was produced. About the time that trade with Japan was allowed, Yunnan began to buy her copper at the market price iu the official shops, to which it was brought by the miners. When this was done Yunnan ceased to send copper to distant provinces. Foreign copper was in demand on this account through the empire for household implements and for the manufacture of cash. The result was that copper became as dear in Yunnan as elsewhere, and as in huying copper, silver was paid for it, this metal entered into the markets of Yunnan as currency in return for its copper. The people acquired new wealth, while the government lost the opportunity to obtain cheap copper.
Appreciation of Copper in the Eighth Century.
In A.D. 793 there is mention made of a very active manufacture
of copper utensils, images, and the like; six catties or six catties and a quarter of copper made a string of 1,000 cash.Dishonest traders for the sake of profit melted the cash, because they could obtain 600 cash for a catty of copper, At the time in Kiangsu, north and south of the Yangtsz, a great scarcity of cash was the result, and an old edict to forbid the use of copper, except for making cash, was again put in force.
During the first century of the Tang dynasty rule the Sui dynasty coins called Wu-chu-ch'ien, weighing about three mace, and nearly f the size of three ordinary cash, were discarded. Instead of them cash were made 8/10ths of an inch wide and weighing 9/16ths of a tael and 4/10ths of a sixteenth. Ten of these weighed a tael, and the cash thus passed into the decimal system, according to which 100 taels of copper in the form of a string of 1,000 cash, are equivalent to one tael of silver and one mace of gold. There were mints in Houan,
Chili, and Ch'eng-tu. Illegal coinage was punished with death to the coiner and his family.
The exactness of the relation between copper, silver, and gold is worthy of notice here. The coins were well adapted for market use, and the calculations required in buying and selling were easy and simple. But copper cash will appreciate and depreciate whatever the mint authorities may do to prevent it, if only their quantity be less than or are beyond the demand. Prices rise if there is a deficient harvest, and the relation of coinage to food and clothing becomes at once seriously affected. The Arab conquest of Persia was followed by an active trade in the south-eastern provinces of China. The import of silver thus caused, brought a living energy into commerce in all parts of the interior of the empire. There was an impetus given to the trade in silk, medicines, and precious stones. The strain on the new copper coins was great, and they rapidly appreciated. It is in this way that the temporary increase in the price of copper may be accounted for. It should be remembered that the fact of increased price in copper is mentioned just two centuries after the rise
of Mahommedan power.
How much foreign trade has to do with the occasional rise and fall in currency values may be judged by remarks in the Tang-shu. " Under Tang Ming Huang early in the 8th century seventy-three mints made cash amounting to a million a year. Later there were only ten or twenty coining centres. The number of new cash fell to 850,000. About A.D. 770 there was not a sufficient number of cash for the needs of trade, because lead and iron had to be collected in bulk for necessary uses in market and home, and besides from Canton came gold, silver, cinnabar, and ivory. The consequence was that a deficiency of current coin was severely
felt. The taxes must be largely paid in kind, that is, in cloth, silk, rice, and millet to make things easy for the people. Then the storing in the Imperial granaries will not be too much prolonged. In the markets there will be no glut. There will be more activity in the melting furnaces on the mountains. Less wealth will be lost to the foreigner. Market prices will rise and coined money will be cheap." This opinion of Yang Yu-liug about A.D. 780 was occasioned by the fact that cash were dear and scarce. If taxes were collected in cash the village weaver was obliged to give the tax gatherer three pieces of silk or grass cloth instead of one. Yang Yu-ling, the president of the Hupu at the time, said that the cause was ia the irrepressible demand for metals and for foreign imports.
Melting down.
The fixed weight of copper cash of the present dynasty is from one mace four caudareens to one mace twenty-five. In A.D. 1084 it was decided that one cash should weigh exactly a mace. In A.D. 1702 it was changed again to one mace four candareens. At present, said the memorialist, writing at the beginning of this century, out of a hundred cash only one or two weigh mace one four. Out of a hundred cash thirty or forty weigh a mace. From careful inquiry and research in books it appears that cash weighing one mace continue in use and survive all others. It was decided to follow the precedent of A.D. 1684 and make a thousand cash
weigh in all one hundred taels. One thousand cash at the time of the memorialist, weighed 120 taels. This would be a saving in copper and lead of -one catty and four taels. The dishonest person who melts heavy cash would only obtain six catties and four taels. He would desist when he found no margin for profit. This statement is taken from the King-shih-wen. There is no date.
Counterfeit Cash.
It is difficult to prevent the practice of melting down good cash and making new cash of far less value out of the metal thns obtained. A very large number of persons profit by this dishonesty. In the Sin-wen pao of June 23rd, 1898, it is stated that iii Foochow at present three-tenths of the cash in circulation are genuine official cash and seven-tenths are made by private persons, who have surreptitiously added them to the currency of the city.
Value of Copper when coined.
Copper is a money unit made so by coining. This must be remembered in estimating the value of copper in the equation 1,000 units copper are equal to ten ounces of silver and are also equal to one ounce of gold. The copper cash of China, through the prestige they secure by government patronage and their use in paying wages on public account, attain a value beyond that of the copper of which they are made. When made with too little copper they have the same value as currency with those which are made with a full amount of copper. When a silver dollar becomes current as money in China, it attains a value above its price as silver. This is shown by the fact that an old Carolus is worth 9/10ths of an ounce (Shanghai, January 7, 1897). A Mexican (same date) is worth 74.5 per cent of an ounce. The real weight of the Carolus is 8/10ths of an ounce and of the Mexican 73/100 ths of an ounce. In April, 1899, the Carolus was worth at Shanghai Taels 0.9.0 and the Mexican Taels 0.7.3.8.
Price of Copper.
In A.D. 1300 six catties weight of cash passed for a tael of silver. In 1724, 100 catties' weight of copper cost 17 taels of silver. In 1895 one hundred catties of copper cost about 16 or 16J taels of silver. A string of 1,000 cash weighs about six catties. In the Hupu Regulations for 1831 the price of Yunnan copper in Kiaugsu and CLekiaug was nine taels a picul and the same in seven other provinces. With expenses it was seven taels. The Kwei-chow price of copper was nine taels two mace. Foreign copper cost Taels 15.3.0 in Kiangsu. In Fukien and Hupei the price of foreign copper was Taels 17.5.0.
In Canton salt went to Yunnan in return for copper. The silver price of a picul of copper was Taels 9 at the Chin-hai-ch'ang and Taels 11 at the Wan-paoch'ang.
Price of Copper in England.
In the year A.D. 1717 gold was bonght and sold in London at £3.19.11 per ounce. Guineas were in use at 21s. 6d. One guinea was 5 dwts. 936/89 grains, and 480 grains were worth £3.19.8|. The market price of gold was 2d. above its mint price in London. Debasement by wear caused this difference in the mint price.
Gold was coined at £3.19. 83/4 per ounce and silver at 5s. 2cl.
per ounce. The ratio was 15.4.3 to 1. If we take it at 5s. 3d. per ounce according to the market price which prevailed after 1718, the ratio was 15.22 to 1.
The weight of an English penny is grains 145.833. (Ency. Brit., Coinage, VII, p. 37). The weight of a half penny is 87.5. A farthing weighs 43.73.
Gold, one sovereign weighs grains 123.27447. Half a sovereign weighs grains 61.68723.
Silver. A shilling weighs grains 87.27272. Sixpence weighs grains 43.63636. An ounce weighs 480 grains. Twelve oz. are one Ib. December 31, 1897. Price of Chihli bars of copper in London £48.5.0 per ton (London and China Express). The rise of the price of copper in Japan between October, 1896, and October 1897, was in the proportion of 184 to 207.
Price of Copper and of Lead.
Ortai reported in 1728 (Chu-pi 27, p. 7) that there were forty-seven foundries in Yunnan. The amount of zinc was not enough. Recourse was therefore had to lead, and this metal was obtained from three localitiee in Kweichow. Two sub-prefects were sent to that province to buy lead and convey it to Yiiunan. A tax of twenty catties in a hundred was paid to the Kweichow treasurer. The price for the lead at Tiug-tou was Taels 1.6.0 per picul. At Chi-chia it was Taels 1.5.0. At Ma-tsungtirig it was Taels 1.4.0.
In the year 1727 Ortai recommended that nine furnaces should cease working. Lead, he added, had been found at Loping-chou near at hand, and the import from Kweichow might cease. The lead from the two mines Pei-che and Kwai-tse would be sufficient. Another thing had to be considered. The Kweichow mines are in the mountains and difficult of access. Half of the workpeople there are very poor. They have no capital and cannot live without work. At present the price of a picnl, he stated, is one tael or nine or eight mace. If the lead is not bought the miners will leave. It is better to borrow from the treasurer sufficient silver to purchase the lead and convey it away. I have directed the two sub-prefects to do this. They will convey the amount of lead contracted for to Kwei-yang at the price before arranged. The remainder they will buy at the market price and convey to Hankow for sale to Peking buyers. The profit will accrue to the public chest. The amount of silver from March, 1727, to October in the same year expended in this way was Taels 20,000. The lead bought was 2,000,000 catties. The amount of lead already conveyed is 200,000 catties. The expense for wages, coolie hire, and boat hire is Taels 3.5.0 per picnl. At Hankow a picul sells for Taels 4.5.0, There is a profit of one tael. There still remains lead amounting to 1,800,000 catties, and this is now on the way to Hankow, it will yield a profit of Taels 20,000. After this it will be possible to use the Hankow credit balance to meet the Kweichow outlay; however much lead there may be at the end of the year a return will be sent to the Board of the amount of profit.
White metal in sheets costs 47 taels a picul, copper wire is 30 taels a picul, Japanese copper ore is valued at 14 taels a picul. Spelter is mentioned in the tariff as contraband. Its price in Shanghai in 1899 was Taels 9.6 per picnl. The government excepts munitions of war, because the import helps rebellions by supplying the leaders of rebellions with powder, shot and bullets. Large quantities of saltpetre are annually smuggled into
China. White copper is the Chinese name for German silver. This is in fact zinc or a compound.
Manufacture of Copper Cash.
The copper coins of the year 1368 are one mace in weight and narrow. Those of the Yung Lo period a few years later are wider, and their weight only 8/l0ths of a mace. Some cash made since that time have weighed one mace six candareens. In theory one thousand cash should be made out of ten catties of metal, but only six catties are actually used.
In A.D, 1644 each cash was in the mint one mace in weight and the thousandth part of a tael. On the back of the coin were the characters Jig, one li. Afterwards the weight was made one mace two candareens. It was increased still more to two mace one candareen and a half. This was found too heavy, and it was made one mace, four candareens. A few years later it was made a mace in weight and one mace four candareens. This was in the reign of Kang Hi, and 1,000 cash were changed for a tael of silver. Old cash were at the same time changed for seven mace. In the reign of Yung Cheng, about 1730, the weight for newly-coined cash was made one mace two-tenths. In the reign of Kien Lung a document of 1745 says, melting down was a worse evil than counterfeit coining. The writer says the best system is to make 1,000 cash represent one tael of silver. The cash are light. The copper used is less in quantity. There is no temptation to melt down the current coins. The people really find it the most convenient system when they can pass a cash for a thousandth part of a tael of silver.
During the 18th century a memorial by Chu Hsiin in the Ching-shih-wen says copper cash are requisite. Silver is not sufficient. Copper is found in abundance. Silver is hard to obtain. Copper cash can be made ad libitum as they are required. Famines will occur in most of the provinces, and in famine times the grain tribute is not forthcoming. On the other hand, the Emperor gives grain and copper cash in charity. The people suffer because for the annual tribute they have only millet, cloth and silk fabrics, and the government always prefers silver. The people go in search of silver to pay to the revenue officers. It is employed to meet the current expenses of the central government or is paid to the troops. Each year the fixed amount is many million taels. Silver becomes dear on account of this large demand constantly occurring. Millet, cloth and silk become cheap. Thus the people are impoverished. It then becomes a duty to open the mints and manufacture more cash.
The question occurs, can the manufacture of cash be made to yield a profit ? Seven catties of copper make 1,000 cash. With the expense of making added, 1,000 cash cost a tael of silver. No profit then is possible. But it is really 100 % profit, because the 1,000 cash when made are still circulating among the people. The memorialist added, my opinion is that silver and cash should both be used. A thousand cash are worth a tael. The people, however, do not like cash ; they prefer silver. When the proportion is seven parts silver and three parts cash they still try to avoid paying cash. In collecting taxes for paying troops and forwarding money to Peking, not only should silver be demanded but the proportion half silver and half cash should be observed. The ground for this is to prevent silver from becoming dear as it would be if silver only were demanded, and to prevent copper cash in the same way from becoming dear if cash only were received in
taxes. It is really best for government and people to maintain a double currency.
While copper is the chief metal used zinc is the usual alloy. The weight ought to be the one thousandth part of an ounce or tael according to the government standard, and copper cash, as actually manufactured in government mints, should represent about 75 per cent of their nominal value.
Sometimes large cash representing five cash, ten cash and twenty cash in one piece, have been issued. In the years 1853-4, iron cash were manufactured by the government. When the attempt was made to put them in circulation this newcurrency was quickly found to be impracticable and was soon abandoned.
A mint, the largest in the world, was established by Viceroy Chang Chih-tnng at Canton. A Scotchman
had it in charge in the pay of the Chinese government.
The price of copper rose after the Japanese war with China, and it became profitable to melt down all cash which contained a certain weight of copper. The crime, if discovered, is visited with heavy punishment, but it is easy to escape discovery. The number of cash in circulation diminished rapidly so as to cause much inconvenience to the public. To remedy this state of things cash have been manufactured in large quantities at Canton, Woochang, Shanghai, Hangchow and other large cities.
The offer under the old regime was never made to owners of silver or of copper to bring silver and copper to be made into coin and returned to them to put it themselves into circulation in the ordinary course of trade. But a change has taken place in this respect recently. On September, 1898, the Tsung-li Yamen memorialized the Emperor on coining copper cash. Liu Ching-feng recommends that the method of coining
formerly in use be still followed.
In the Shen-pao of September 21, 1898, there is a memorial of Liu Ching-feng on foreign coinage. He was eleven years abroad. He learned to admire foreign money, and recommends its imitation by China since the manufacture can be made profitable to. the State. The benefits are four. The capital needed is small. One thousand Chinese cash weigh seven catties, and 100 catties cost twenty or moretaels of silver. There is a loss of one-half in coining. If alloy is used in too large a quantity the legend is indistinct. If in China we make ten
cash or twenty-cash pieces, 100 catties of copper make 80,000 cash. There is twice as much profit as before. The second advantage is in excellent workmanship. Wellmade money cannot easily be counterfeited. By using mint machinery the inscription is clear and false coiners are at a disadvantage. Inferior machinery fails in the attempt to imitate well-minted coins. By using five, ten, and twenty cash pieces there is an advantage in the fact that counterfeiters lose money. The third advantage is in uniformity of market value. The five, ten, and twenty cash pieces change for a dollar or a silver tael at a fixed price. The fourth advantage is that they are made legal tender by a law requiring them to be received iu taxes at the fixed rate. Unfair discounts charged to enrich the receiver can thus be prevented. Fifty years ago government treasury-notes failed to obtain extensive currency, because they were not received in taxes. The writer proceeds to urge that the new silver coins be permanently nsed in China in conjunction with well-coined copper cash. After a time
paper money can also be introduced as in foreign countries; this kind of money is found to be beneficial to trade.
At Soochow in 1898 spelter from Yunnan, to the amount of 5,000 piculs, was received to be used in cash manufacture.
Hu-pao, December 12th, 1898.
Shen-pao, December 15th, 1898. The governor of Kiangsi asked permission to make cash to weigh eight caudareens as approved by the Board of Revenue. Formerly the weight was one mace. The execution must be attractive to compensate for lighter weight. If it is not pleasing to the eye the Wei-yuen in charge and the workmen are to be severely punished.
Casting Cash and Silver Coins.
The price of copper is increasing, and as 1,000 cash weigh six catties and four ounces a coiner of cash would lose money, yet 'the number of cash in circulation constantly diminishes. A considerable profit results from melting them. New cash must be made smaller and thinner. In 1898, 100 catties of copper cost Taels 20. The same weight of lead cost ten taels. If copper and Lead be purchased for thirty taels of silver, and made into cash, one hundred catties will yield 625,000 cash. If these cash are used to buy siiver at 1,210, the value on September 12th, 1899, the coiner gains taels 21.6.0. The cash ought to contain only enough copper to render it unprofitable for the coiner to melt down the cash. If -cash are still made weighing 61/2 catties per thousand a coiner will profit to the extent of ten or fifteen per cent by melting them. The coiner of counterfeit cash uses too little copper to make good looking coins.
New Cash cast at Moukden.
The Governor-General of Moukden province says (Chnngwai, November 16th, 1899) cash at eight candareens entail a loss. Ha has curtailed the copper so as to use five candareens in weight, half copper and half lead. No benefit will result to the melter if he melts these cash. The mint at Moukden is making 1,600 strings each day. 30,000 strings are in stock. They are not so elegant as those made with machinery, but they are strong and not too thin. The Emperor has seen these cash, and they are approved, and more will be made.
The Klang-si Mint.
At the Kiang-si mint eight mao are cast in one year. Each mao contains 1,958 strings and 400 cash. When 200 catties weight have been made the workmen are paid 6,400 cash ; they finding charcoal, etc. Fifty-two parts copper, 48 parts spelter is a better proportion than 50 to 50. The new coins are less brittle with this proportion. Waste in melting is to be charged 20 parts in a hundred instead of 15 as it was formerly. This is to secure that the quantity of metal shall not be insufficient, now that foreign copper is dearer to buy. In future with 52 parts copper 7,959 catties will be cast. With 48 parts spelter 7,344 catties will be cast. Together they make 15,300 catties. In all subtracting for waste charge 20% and quality 8% the amount will be 12,240 catties of sixteen ounces each. This is Taels 19r>,840. The number of cash will be 2,448,000. Shen-pau, December 15th, 1898.
Japanese Cash In China.
In A.D. 1752 orders were given to forbid the import of Japanese copper cash at Shanghai, Ningpo and Cha-p'u Sometimes the Japanese coins kuowc as Kwan-ynng cash were found to amount to nearly one-half of the cash given in change for a tael of silver. Cha-p'u must then have been an open port. Subterranean elevation of the coast has since rendered the trade there impracticable. The rule was made that Kwanyung cash should be bought up and sent to Peking to be melted down and made into Chinese cash.
Turkestan Currency.
In the year 1781 the Emperor was asked if the cnrreqcy of Turkestan should be supplied with new cash from Pu-er in Yunnan. The Emperor said, let the mint at the city of Pu-er still continue to make Pu-er copper into cash at 100 to the tael each of them counting as ten ordinary cash. This would be better than conveying Pn-er copper to Hi to be made into cash there at 800 to the tael. It may be noted here that the Emperor saw clearly that the proper place for minting copper cash was Yunnan when money was required at a great distance.
Annual Amount of Cash coined.
COPPER CASH IN THE PRESENT DYNASTY.
2 1645 443,751,760
3 1646 624,823,960
4 1647 1,333,384,194
5 1648 1,449,494,200
7 1650 1,682,424,510
9 1652 2,097,632,850 201, 210 old remainder.
10 1653 2,521,663,740 213,370
11 1654 2,488,544,460 201,210
12 1655 2,413,878,080
Shun Chih 17 A.D. 1660 280,394,280 cash 201,210 old remainder
18 1661 291,584,600
Kang Hi 5 1666 295,879,800
10 1671 290,475,830
15 1676 231,365,360
20 1681 231,398,600
25 1686 289,936,700
30 1691 289,925,400
35 1696 237,063,050
40 1701 238,065,800
45 1706 238,075,800
50 1711 374,933,400
56 1717 399,167,300
60 1926 437,325,800
Yung Cheng 1 1723 499,200
4 1726 675,160
5 1727 723,528,000
6 1728 746,304,000
8 1730 757,865,000
9 1731 1731 1,048,759,660
In the reign of Shun Chih two million strings of cash were cast during several successive years, that is, from 1652 to 1655. But in A.D. 1660 the quantity was thought too great for the need of traders. After this time 300,000 strings were believed to be sufficient. This continued to be the number of new copper cash made down to 1711, when the quantity was increased to about 380,000.
In the Hn-pu Regulations of the year A.D. 1831 the number of cash made yearly in each province is recorded. They amount in all to two million and fifty thousand strings of cash. These regulations were in use in the reign of Chia Ching and Tao Kuaag, that is, from about A.D. 1800 to A.D. 1830. This number of new cash sufficed in- those times when the population was increasing from 301) milHons in A.D. 1800
to 394 millions in 1830.
The numbers represent strings of 1,000 each.
Peking ... 899,856 Szchwen, additioual 14,868
Chili ... 60,666 Kuangtnng ... 34,560
Kiangsu ... 111,804 Kuangsi ... 24,000
Kiangsi ... 41,928 Yunnan ... 94,860
Fukieu ... 43,200 additional ...84,924
ChekiaDg ... 129,600 Kneichow ... 94,860
Hupei ... 84,000 Shansi ...17,472
Sheusi ... 87,360 Hunan ...47,880
Szchwen ... 179,259 Hi ... 1,122
________________
2,052,219
This amonnts to only two strings of 1,000 cash each for three hundred persons. The population was increasing at the rate of two millions a year, so that each new person had in fact one string of cash made for his use.
Each year in the reign of Chia Ch'ing the number of strings stated in the table would be made in the proportion mentioned for each province. Nearly half the required number were manufactured in Peking. The number for Chekiang is large, because of the silk and tea trade. Kiangsu supplies Anhui province, and is large on that account. Szchwen has a very large population and prosperous agriculture. Especially was this the case before the spread of the poppy cultivation which, as in Shansi, has done not a little to demoralize the
poorer classes. Hunan and Hupei need large quantities of new cash for the tea trade, Shensi has a large supply, because it shares the new cash with Kansu. The amount stated as made at Canton is small, because there silver is very much in circulation in foreign trade. Yunnan has been accustomed to make a large number of new cash, because copper is found there and it is convenient to export cash in payment for the produce of the adjoining provinces.
In making cash the alloy according to the regulations is 4/10ths spelter, 6/10ths copper in the coins formerly made in Peking. When the copper was inferior some lead was used. The proportion was : copper, 54 ; spelter, 423/4ths ; lead, 31/4th. Strings to the number of 3,993 are made with 29,952 catties of the mixed metal. Seven catties go to make a string.
A mao consists of 300 piculs or 29,952 catties. The number of rnao in a month was for Chihli fonr.
The number of catties includes copper and spelter.
The whole number of strings of cash is : total strings, 872,145. In Kuangsi the number of mao in a year is 36. In 1815 spelter and lead began to be used in the proportion since adhered to in Chinese mints.
The numbers here tabulated are taken from the mint statistics of the year 1831. Mr. A. H. Harris kindly aided me in preparing this table.
Rules followed in coining Cash.
The Regulations of the Board of Revenue on this subject have been accumulated during two centuries and a half, being the time that the present dynasty has lasted. The edition I have followed is that of 1831.
The proportion of spelter to copper in making cash is four parts to six. More accurately in a hundred catties 54 catties are copper, 42 catties 12/l6ths are spelter, 3 catties 4/16ths are lead. When the copper is inferior, lead is not used and spelter takes its place. The central provinces with Canton and Fukien
on the south-east and Sheu-si in the north-west all have the inferior copper called Chin-ch'ai-ch'ang copper. Peking and Shansi at the date of this regulation used foreign copper, buying it from merchants who imported it. Szchuan, Yiiuuan and Kueichow have lead mines and follow the regulation.
Dimensions of Cash.
We are told in the Chin-tang-shu that the cash made in A.D. 620 weighed the 1000th part of six catties aud four ounces or taels. Ten of them weighed one tael. They were made in Honan-fu, in Peking and in Clieng-tu. These cash, it should be noted, were cast in A.D. 620. The nien-han, K'ai-ynen, was adopted later by the famous Emperor T'ang- Ming-hnang in A.D. 713, and was in use to 742.
In the Shen-pao, November 8th, 1898, it is stated that the new cash now being made at Tientsin weigh four catties, ten ounces per 1,000. This weight secures them from being melted down. Previous to this new coinage notes were in use to supply the lack of cash. In daily transactions two parts in ten of cash and eight parts in ten of notes were being paid.
Scarcity of Copper Cash.
The chief cause of the great lack of copper cash of late years has been the closing of all the provincial mints, about the year 1853, when Nanking was taken by an insurgent force and kept for twelve years. It became impossible to procure copper from Yunnan. In addition to this the cash shops on account of the high price of copper at Tientsin especially, have disposed of large quantities to surreptitious coiners, who have
made them into small cash of inferior value. The profits are divided between the coiners and the cash shops. Both are punishable if detected. Shen-pao, May 20th, 1897.
Other causes are that rich men receive their rents in cash and the redemption money for pledges also in cash. Their profits come to them, in this form. Their payments are in silver, because silver is more easily carried. Also the temptatiou to hoard is great when the price of copper cash rises, and when silver is falling, silver is less valued.
Copper and Copper Coinage, A.D. 1780.
The History (Tung-hua, 35, 24) states that the copper sent
up from Yunnan to Peking was insufficient, and the official price paid at the mines was too low, Private buyers gave more for the copper. The ronds from the mines ure too many to be well guarded. The rule was at that time that nine-tenths should go to the government and one-tenth be privately sold. The cash then made were seven and a half catties to a string. The Emperor remarked that wheat and rice were bought for the granaries and sold again to lower the market price of food when it rose. Let the same be done with copper cash. The secret coiner melts down the imperial cash and makes smaller coins, or he carries away from the mines the copper which ought to go to the government mint. Let small cash be bought and made into large cash when this can be advantageously done. The Emperor says : " We wish to have a uniform currency. Let us buy up the small cash made by unprincipled men and expend a little money in making them fit for our purpose."
Coinage at Nanking in A.D. 1900. Lu, Acting Viceroy of Liang-kiang, stopped the coinage of copper as being too expensive, but it has been found that the price of cash has risen so much that a new supply is required. The Acting Viceroy has now appointed a T'i-tiau Ch'eng-k'ing-ming to commence the manufacture of new cash at once. The mint would begin operations April 24. Sin-wen, April 27, 1900,
Copper Cash made at Canton.
In the Ching-shih-wen is a memorial by Hsia Yin, which appears to belong to the early part of the Chien Lung period. He says it is only lately that copper and silver have unitedly become the national currency. In Peking at the two principal mints copper to the extent of millions of catties is used each year in making new cash. Cash increase in number and become cheaper ; at the same time more copper is bought, and the price of copper rises. While cash become cheaper and copper becomes dearer how can a profit be realized ? The province of Canton uses silver as currency and not cash. Although Lei-choufu (the southernmost prefecture of Canton, forming a peninsnla fronting Hainan) nses cash, the cash there in circulation are all of the Sung, Yuen, and Ming dynasties, and not those of the Manchu dynasty. Canton, being a seaport, can obtain
copper from foreign merchants. No city can be more convenient, for a mint. Also the fact that copper cash have in Canton province not been used before is security for the success of a mint now. Copper can be obtained for the Canton mint from the Shao-chou custom house and that of Knag-ebon (in Kiangsi). The newly-made cash can be used in paying official salaries and army expenses. The conveyance of copper over
seven or eight thousand li will thus be saved. This will be a saving in the provincial treasurer's books of many thousand taels annually.
Expense of Mining for Copper.
The Sin-wen of September 12, 1899, says that Li T'iech'wen has received the Emperor's permission to mine for copper. Copper is greatly needed to provide for the mints in this time of scarcity of copper cash. But the writer of an essay in this Journal thinks he ought not to look to the people to subscribe funds. The navy has cost the people during ten years 1,604,000 taels. Each year the people contribute 1,000,000 taels. The expense of mining is stated as follows : Yunnan copper, 100,600 piculs, cost in silver at present prices Taels 300,001). Foreigners should be invited to take shares, and then the Ytiunan mines can be made to yield a vast amount of copper.