is marked in ink on each
ingot. The whole process only occupies a few hours, and the silver is
then ready to be put into use. The Kung K'u is simply a local office
appointed by the bankers of the place, and the weight and fineness are
only good for that locality. The government takes no responsibility in
the matter, but leaves merchants and bankers to adjust the currency as
they please. For purposes of taxation and payment of duties there is a
standard or treasury tael, which is about 10% heavier than the tael of
commerce in use at Shanghai. Every large commercial centre has its own
customary tael, the weight and therefore the value of which differ
from that of every other. Silver dollars coined in Mexico, and British
dollars coined in Bombay, also circulate freely at the open ports of
trade and for some distance inland, passing at a little above their
intrinsic value. Carolus dollars, introduced long ago and no longer
coined, are retained in current use in several parts of the interior,
chiefly the tea-growing districts. Being preferred by the people, and
as the supply cannot be added to, they have reached a considerable
premium above their intrinsic value. Provincial mints in Canton,
Wuchang, and other places have issued silver coins of the same weight
and touch as the Mexican dollar, but very few have gone into use. As
they possess no privilege in debt-paying power over imported Mexican
dollars there is no inducement for the people to take them up unless
they can be had at a cheaper rate than the latter, and these are laid
down at so small a cost above the intrinsic value that no profit is
left to the mint. The coinage has in consequence been almost
discontinued. Subsidiary coins, however, came largely into use, being
issued by the local mints. One coin "the hundredth part of a dollar"
proved very popular (the issue to the end of 1906 being computed at
12,500,000,000), but at rates corresponding closely to the intrinsic
value of the metal in it. The only coin officially issued by the
government--up to 1910--was the so-called copper _cash_. It is a small
coin which by regulation should weigh 1/16 of a tael, and should
contain 50 parts of copper, 40 of zinc, and 10 of lead or tin, and it
should bear a fixed ratio to silver of 1000 cash to one tael of
silver. In practice none of these conditions was observed. Being
issued from a number of mints, mostly