LANGUAGE-PEOPLE-MONRY 1 7 



is defended on the same grounds as that of 

 the foreign exchange banks in quoting 

 different buying and selling rates for bills 

 of exchange". (Morse). The Kuping, or 

 treasury tael, as its name would imply, is 

 the currency in which are collected all 

 other dues to the government other than 

 customs duties, excepting only those which 

 are levied in kind, such as the grain 

 tributes, or in copper. The Shanghai tael 

 is the standard of international exchange 

 for the trade of North China and the 

 Yang-tse basin, all other quotations in 

 local currencies being re-conversion from 

 the rate for Shanghai currency." A centur>' 

 ago Germany was the paradise of the 

 money-changer with its countless coinages, 

 each circulating in its own principality, 

 but that was simplicity itself when com- 

 pared with China. In China every one 

 of the hundreds of the commercial centers 

 not only has its own tael weight, but in 

 many cases has its several standards side 

 by side ; and these taels of money will be 

 weighed out in silver which, even in one 

 place, will be of several degrees of fineness". 

 (Morse). An example of this confusion in 



