Minister Rockhill to the Secretary of State.
Peking, September 29, 1905.
Sir: In further reference to the cablegram which I had the honor to send you on the 15th instant,a concerning the newly-established uniform national coinage of silver and copper, I now inclose a substantially accurate translation of a joint memorial of the financial commission, which embodies in part the plan approved by the Emperor on August 22 last.b
In conversation with one of the members of the commission, however, I was informed that another memorial had been submitted and approved which gives further details of the scheme. By the courtesy of the Chinese Government I have been furnished with a copy of this latter memorial, which is as yet unpublished. As soon as translated I shall forward a copy. At present I may say that it provides for a coinage in three metals, gold, silver, and copper, but does not indicate the ratio to be established between gold and silver, nor the means to be adopted for maintaining parity of exchange.
The minister, to whom I have referred, informs me that the commission is awaiting the report of His Excellency Chang Chih-tung upon the scheme, when these matters will be definitely decided.
At present the coinage of silver is suspended except in the viceroyalty of Chang Chih-tung (Hupeh and Hunan), where an experiment of a coinage of 1-teal pieces and fractions thereof is being made.
As the copper cash is the real currency of the people, the mints are to be employed for some time in supplying the demand for these copper coins.
I have, etc.,