On Chinese Currency : Preliminary Remarks About the Monetary Reform in China
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The Bank can be strictly prohibited from ever doing this, so that this danger is avoided in the case of the Bank. It would therefore be preferable to cause any issue of silver notes to be done exclusively by the Bank in future.
A remarkable instance of the utility of a temporary issue of silver paper by means of an organization which is otherwise based on a gold standard, and may consequently only suffer the issue of gold notes, was when the Japanese Government issued silver notes in Manchuria ...and Korea during the war with Russia.
The Japanese Government considered this issue to be necessary because, taking into consideration the enormous sums of money required for the payment of the army expenses, the conveyance over land and sea, and the wages of coolies and other military expenses if they had to be paid in specie, the transport, guarding and distribution of this specie would have involved 170 great trouble and expense. This was the reason why the Government, realizing the convenience of substituting this specie by paper, issued a medium of circulation in time of war which could be exchanged for silver yens and to which the Government gave a legal rate.
What to read after On Chinese Currency : Preliminary Remarks About the Monetary Reform in China?
You can find similar books in the "Read Also" column, or choose other free books by Gerard Vissering to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The Bank can be strictly prohibited from ever doing this, so that this danger is avoided in the case of the Bank. It would therefore be preferable to cause any issue of silver notes to be done exclusively by the Bank in future.
A remarkable instance of the utility of a temporary issue of silver paper by means of an organization which is otherwise based on a gold standard, and may consequently only suffer the issue of gold notes, was when the Japanese Government issued silver notes in Manchuria ...and Korea during the war with Russia.
The Japanese Government considered this issue to be necessary because, taking into consideration the enormous sums of money required for the payment of the army expenses, the conveyance over land and sea, and the wages of coolies and other military expenses if they had to be paid in specie, the transport, guarding and distribution of this specie would have involved 170 great trouble and expense. This was the reason why the Government, realizing the convenience of substituting this specie by paper, issued a medium of circulation in time of war which could be exchanged for silver yens and to which the Government gave a legal rate.
What to read after On Chinese Currency : Preliminary Remarks About the Monetary Reform in China?
You can find similar books in the "Read Also" column, or choose other free books by Gerard Vissering to read onlineMoreLess
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