Papers Relating to the Foreign Relations of the United States, 1921, Volume I

893.51/3585: Telegram

The Minister in China (Schurman) to the Secretary of State

Peking, November 19, 1921—6 p.m.
[Received November 19—9:30 a.m.]

409. My 403, November 16th, noon [midnight]. Continue, payments by the two banks virtually ceased, governmental agencies still accepting notes. Hsu Un Yan [Hsu En-yuan?³²] informs me this is the most severe panic on record. All silver has disappeared from circulation, business at a standstill, Cabinet discussing moratorium.

Schurman

32. Vice President of the Chinese American Bank of Commerce.