time till recent years, there had long been in some of the cities of China
a large use of private and local promissory notes as currency
Notwithstanding the disuse of Government issues of paper-money from that
time till recent years, there had long been in some of the cities of China
a large use of private and local promissory notes as currency. In Fuchau
this was especially the case; bullion was almost entirely displaced, and
the banking-houses in that city were counted by hundreds. These were under
no government control; any individual or company having sufficient capital
or credit could establish a bank and issue their bills, which varied in
amount from 100 cash to 1000 dollars. Some fifteen years ago the Imperial
Government seems to have been induced by the exhausted state of the
Treasury, and these large examples of the local use of paper-currency, to
consider projects for resuming that system after the disuse of four
centuries. A curious report by a Committee of the Imperial Supreme
Council, on a project for such a currency, appears among the papers
published by the Russian Mission at Peking. It is unfavourable to the
particular project, but we gather from other sources that the Government
not long afterwards did open banks in the large cities of the Empire for
the issue of a new paper-currency, but that it met with bad success. At
Fuchau, in 1858, I learn from one notice, the dollar was worth from 18,000
to 20,000 cash in Government Bills. Dr. Rennie, in 1861, speaks of the
dollar at Peking as valued at 15,000, and later at 25,000 paper cash.
Sushun, the Regent, had issued a vast number of notes through banks of his
own in various parts of Peking. These he failed to redeem, causing the
failure of all the banks, and great consequent commotion in the city. The
Regent had led the Emperor [Hien Fung] systematically into debauched
habits which ended in paralysis. On the Emperor”s death the Empress caused
the arrest and execution of Sushun. His conduct in connection with the
bank failures was so bitterly resented that when the poor wretch was led
to execution (8th November, 1861), as I learn from an eye-witness, the
defrauded creditors lined the streets and cheered.[4]

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