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On Chinese Currency This is a reproduction of a library book that was digitized by Google as part of an ongoing effort to preserve the information in books and make it universally accessible. https://books.google.com "1 ^ - ON CHINESE CURRENCY. COIN AND PAPER MONEY. V o ojsr CHINESE CURRENCY. COIN AND PAPER MONEY. in W. VISSERING L L D., With facsimile of a Banknote. ~**>?*9y+>9>- - LEIDEN. E. J. BRILL. 1877. RAWABB COLLEGE L!DU# •J6r>,^. ^)t::<C LEIDEN: PRINTED BY E. J. BRILL. SIMONI VISSERINC, VIKU CLARISS'MO PATBI OPTIMO CARISSIMO IOHANNI IOSEPHO HOFFMANN VIRO CLARISSIMO VENERABILI MAGISTRO HAS PRIMITIAS TAM IN STUDIIS ECONOMICIS OUAM IN STT'DIIS ORIENTALIBUS '). D. D GRATUS DISCIPULUS AUCTOR CONTENTS. Page. Preface ix. Introductory Chapter i — 32. CHAPTER I. 1—26. FIRST NOTIONS OF MONEY. Barter. — Origin of money and primitive species. — Denominations to express the idea of money, currency, medinm of exchange. — Infor mation of Kwan-tsze, the earliest writer on money. — Views on the cha racter of money and the use of it in ancient times, by two Chinese scholars of the eleventh century. — Something on the use of money in the beginning of the Tseu dynasty. — Two passages quoted from "the book of rites of the Tien". — Ma-twau-lin's critic. — Introduction of new coins by King-wang and advice given by Tan, duke of Mu. CHAPTER II 27— 60. HISTORY OF MONEY UNDER TUE GREAT HAN-DYNASTY. The Ts'in-dynnsty. — The golden yi. — The Han-dynasty. — The leave-coins — Wen-ti grants the people to cast their own coins. — Speech of Kia-i against free-coining. — Practical view of the same question by Kia-san. — King-ti makes false coins. — ltrign of Wu.ti. -r- His financial measuress. — Representative money of skin-parcels and white metal. — Yik tseu coins. — Institution of one general state-mint. — Excess of false coining under Yuen-ti, and advice given by his Minister to abolish money. — Information on the relative value of money under the Han- dynasty. — History of Wang-mang. — His regency and rc-establisment VI CONTENTS. Page. ot the currency of the ancient kings. — His foolish institution of several varieties of representative currency. — His fall, the 5 tsu-coinB come back. — Speech of Lin-t'ao on the disadvantage of making unnecessary al terations in an existing currency. — Decline of the Han-dynasty, the coin, with the four outlets. — Bad currency of Hien-ti. — End of the reign of the Han-dynasty. CHAPTEE III 61— 98. HISTORY OF THE MONEY DURING THE PERIODS OF DIVISION OF THE EMPIRE. The three kingdoms. — The Tsin-dynasty re-unites the empire. — Ilwan- hinen proposes to abolish the money. — Speech of the privy councilor Kung-lin against that plan. — The same question discussed in another part of the country. — Division of the empire into North and South. — The Southern empire, the Sung-dynasty. — A session of the privy coun cil and advice not to coin too light pieces. — AVretched condition of the currency during the reign of the "Deposed emperor". — View of the po litical events by which the four subsequent dynasties rose and fell. — Admirable speech of a Minister on the necessity that money should have a real value and be perfectly coined. — The Liang-dynasty. — Institution of iron money; its failure. — The Ts'an-dynasty. — The northern em pire. — The Wei-dynasty. — Money is not used at all, the people en forced to use it. — Discussions on the institution of a new currency. — Northern Tsi-dynasty. ■— Assisement introduced. — Gold and silver money of the far west. — The Sui-dynasty re-unites the empire. — Unavailing measures to introduce a better currency. — Money superseded by other objects. — End of the Sui-dynasty. CHAPTER IV : ' 99—125. HISTORY OF THE MONEY UNDER THE T'ANG DYNASTY. Kai-yuen-t'ung-pao-money. — Origin of the nail-mark on the reverse of that coin. — Opinion of later times. ■— Fragments of the annals of false coining. — Free coining discussed again. — The annals of false coi ning continued. — Reports of the collectors of salt and iron-duty. — Ap parition of paper money. — Tyrannical measures to obtain the necessary copper. — Restrictions on the possession of ready money. — Ma-twan- lin's criticism. — Buddha religion laid under requisition and finally abo lished in order to confiscate the copper vessels of monasteries and temples. CHAPTER V 126—159. HISTORY OF THE MONEY UNDER THE SUNG-DYNASTY. The 5 imperial families. — Free coining and its effects. — A conflict between Church and State. — Speech of the emperor and reply of an CONTENTS. VII Page, economist, believer in Buddha. — The Sung-dynasty, new regulation of money-matters. — The history of the double standard in China. — The economical innovations of Wang-gnan-si. 1°. State advances to cultivators of land 2°. Prohibitions against the export of copper suspended. — An old way to pay new debts. — Critical observations on money by Tung-lai of the family Liu. CHAPTER VI , 160—218. PAPER MONEY OF THE SUNG-DYNASTY Origin and denominations. — Private bank in Sse-ts'uen,- its insolvency and institution of a Government-Bank. — Way of issue of bills of ex change by the State. — Receipts for Government productions used as mo ney — Reserve funds. — Terms of redemption. — History of the bills of exchange , and bills of credit. — The Southern Sung-dynasty. — Bills of the province of Sse-ts'uen. — Hoci-tsze and frontier-bills. — Bills of the districts of Hoai and Hu. — Tyranny, overissue and depreciation. — Criticism and notions on paper money by Ma-twan-lin, Tung-lai and y Sui-sin. A. ID ID E JST r> .A.. I. Description of the far-simile of a Chinese Banknote of the Tai-ming dynasty Page I— III. II. Description of a Banknote of the year 1858 . iv — r. III. Addenda and Errata . vt. P R E F A C E. It is now two years since the first thought occurred to me to write a historical and critical inquiry into the metallic and paper currency of the Chinese, followed from original sources. The source chiefly drawn upon and consulted by me has been "the Examination on Currency')" by the Chinese scholar Ma- twan-lin 2), treated of in the VIII and IX Volumes of his great Encyclopedia. Ma-twan-lin'a life and works have been described by abei. kemusat in the '"Biographie Universelle." He was born in Po-yang3), province of Kiawj-fti, probably about the year 1245, when the end of the 5«,/<7-dynasty was near, and the social condition of China was most miserable in consequence of an over-issue of paper money. Under the last emperor of this dynasty he held an important public office, but when the Mougols had conquered the Chinese empire, he resigned his post and devoted himself entirely to scientific studies. During twenty years he was engaged upon the composition of his great work from which the materials of this volume have been gathered. X PREFACE. lu 1321 the first edition of his work was published under the title of Wen Men tung klao '). According to Ma-twan-lin s own preface to his work ~fr wen, signifies the historical chronicle, the purely historical facts as he found them in the Annals of the different Dynasties; jjjfc hien are properly oral or written addresses and reports which are mostly the elucidation of the historical facts. I, therefore, prefer the Rev. Dr. legge's translation of that title into "General Exa mination of Records and Scholars" to that of abel reposât who tried to express its signification by the rendering "Recherche approfondie des anciens monuments". Great is the praise lavished by European authors on Ma- twan-lin, and together with Confucins and Mencins he is of all Chinese authors the best known in Europe. In the above mentioned biography abel remusat says of him: "On est certain de trouver sous chaque matière lea faits qui y sont rela tifs disposés chronologiquement suivant l'ordre des dynasties et. des règnes , année par année, jour par jour. On ne peut se lasser d'admirer l'immen sité des recherches qu'il a fallu à l'auteur pour recenillir tous ces maté riaux, la sagacité qu'il a mise à les classer, la clarté et la précision avec lesquelles il a su présenter cette multitude d'objets dans tout leur jour. On peut dire que cet excellent ouvrage vaut à lui seul toute une bibliothèque et que quand la literature Chinoise n'en offrirait pas d'autre il faudrait la peine qu'on apprit le Chinois pour le lire. On n'a que choisir le sujet qu'on veut étudier, et traduire ce qu'en dit Ma-twan-lin. Tous les faits sont rapportés et classés , toutes les sources indiquées , toutes les autorités citées et discutées. Il est à regretter qu'on ne se soit pas encore occupé d'exploiter cette mine précieuse, où toutes les questions qui peuvent con cerner l'Asie orientale , trouveraient des réponses les plus satisfaisantes. 11 y a même beaucoup de parties de Ma-twan-lin , qui mériteraient d'être tra duites en entier " £**«#■ j PREFACE. XI After a careful study of Ma-twan-lin I readily agree to this encominm passed on our learned Chinese; only in one respect I must differ from it. Ma-twan-lin is not always equally clear and dis tinct. Compressed constructions which often cloak his exact mean ing are of too frequent occurrence; moreover, he is peculiarly fond of using words in a strange secondary signification, not explained in any Chinese Dictionary. A comparison of many pas sages, and a profound study of the difficult parts will at last enable the studeut to solve these riddles.
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