280 PROCEEDINGS OF THE AMERICAN ACADEMY. 



who appreciated the dangers incident to the emission of fiat money 

 by the government, and who announced the opinion not only that the 

 amount must be proportioned to the needs of the people but that 

 provision must be made for redemptions at promised periods and 

 places. 



Arbitrary methods were resorted to in order to maintain the 

 currency in circulation. Edicts were issued making it compulsory to 

 receive paper currency in payment of debts, and forbidding the 

 hoarding of the metallic currency. At other times it was provided 

 that in making payments a certain proportion should be paid in paper 

 money. An avenue for the use of the paper currency was at times 

 afforded through their reception by the government for taxes, but the 

 policy in this regard was not uniform. They were sometimes received 

 in full payment, sometimes in part payment and sometimes not at all. 



As far back as the first note of which we have any representation, 

 there was on the face of the note an announcement that he who 

 counterfeited the note would be subject to the penalty of decapitation. 

 There was also a statement that a reward would be given for the arrest 

 of the counterfeiter. The penalty of decapitation for the counter- 

 feiter seems to have been constant, but the reward for the informer 

 varied with the size of the note, and was doubtless influenced by the 

 temper of the ruler, as well as by the activity of the counterfeiters. 

 On some of the notes threats are hurled against officials who conceal 

 or condone such offenders. At other times, the efforts seemed to be 

 directed towards finding out the real offenders rather than punishing 

 accessories and it was announced in connection with one emission that 

 " accomplices as well as those who attempt to conceal the act will on 

 confessing the fact be pardoned and be allowed to hold official employ- 

 ment." 



Perhaps the most original suggestion in connection with the various 

 discussions concerning counterfeits, occurred during the Sung dynasty 

 after a large seizure of counterfeit money had been made, during the 

 discussion as to what should be done with the counterfeiters. One 

 adviser said that the customary policy of beheading the criminal and 

 destroying the counterfeits was a mistake. "If," said he, "you put 

 the official stamp on that counterfeited paper, it will be just as good 

 as genuine paper, and if you punish these men only with tattooing, 

 and circulate these notes, it is exactly as if you saved each day 300000 

 copper cash together with fifty lives." The writer says the suggestion 

 was adopted. 



The change from wood-cut to stereotype plate could never have 



