Publisher's Synopsis
From the introductory chapter.
Several months ago the Commission on International Exchange published at Shanghai a pamphlet, "Memoranda on a New Monetary System for China," prepared by Mr. Jenks. In that pamphlet were given the reasons why the United States Government had appointed the Commission on International Exchange, a very brief outline of the plan which was suggested for the consideration of the Chinese government together with some arguments regarding the plan, and a brief statement of the work which the Commission had done in Europe and elsewhere. It has been found that, owing to the brevity of the pamphlet, several parts of it were misunderstood, especially by Chinese officials and business men, and very many inquiries have been made for a more detailed discussion of many of the points therein raised.
As a representative of the American Commission on International Exchange, the writer of that pamphlet has spent several months in investigating the currency question in China with the aid of very many officials and business men in the different parts of the Empire and in discussing the outlines of some practicable plan for a new monetary system especially with the members of the Monetary Commission appointed by the Imperial government. It is the purpose of this pamphlet to elucidate many of the points touched upon in the first pamphlet by printing, with here and there slight corrections and elaborations, a series of papers handed to the Chinese Monetary Commission to form the basis of discussions with them. It is thought that by so doing a much more definite view than was presented in the earlier pamphlet may be obtained of the plan which it had seemed to the Commission on International Exchange wise to submit to the Chinese government for its consideration. This method will of course, involve considerable repetition and will destroy the unity of the discussion. On the other hand it will emphasize the points which have been made most prominent in the discussions.
....It will be noticed in the following memoranda that a rather sharp contrast is drawn between two possible plans of procedure on the part of the Chinese government -- (a) the establishment of a new, uniform monetary system, consisting of silver and copper and possibly nickel coins, on the silver basis, the question of the establishment of these coins at a fixed value with gold being a matter left for future consideration, with the definite idea, nevertheless, that the ultimate aim of the government is the establishment of the system on a gold basis: (b) the establishment of a monetary system consisting of silver, nickel and copper coins which would be issued by the Chinese Government at a fixed value in terms of gold and maintained at that value thereafter....
