"This appears to me more the language of narrow-minded pedants than of practical men of the world. Which one of all who stand under China's sky and feed off China's fields but desires his country's exaltation and the depression of foreigners? If to-day all love foreign money, it is because there is as yet no Chinese money. Once let there be Chinese money, and we shall see how many will leave it for foreign. The two instances alleged above only show that the coins which people looked at, rung, and rejected were false in look and false in ring. The semi-private way in which they were coined in a village was in itself enough to excite the suspicions of the great mass of the public. An Imperial Mint, openly conducted and turning out good work, would arouse no such suspicions; and its money would very soon be current, not only in the provinces of the south and east, but also in those of the north and west, for the following reasons:
"The travelling merchant and trader of the north and west has now to carry with him both silver sycee and copper cash. Copper cash is heavy, and it is impossible to carry much value in that form; whilst the carrying about of silver entails many and grievous losses in exchange. It is natural to suppose that he would welcome as the greatest boon a gold and silver currency which, by its portability and uniformity of value, would relieve him of the obstacles which the present system in vogue in the north and west spreads in the path of commerce.
"The opponents of an Imperial Chinese Mint for the precious metals commonly adduce four dangers, the contemplation of which, they say, should make China hesitate to incur them. Let us look them in the face. They are, firstly, the facility of counterfeiting the new coinage; secondly, the difficulty of coinage, if commenced; thirdly, the loss to China's prestige by an imitation of foreign manufactures; fourthly, the possible venality of officials and workmen in the Mint.
"Would it not be the depth of pusillanimity, the extreme of unreasonableness, for our great nation to give up, for fear of dangers such as these, a plan which, carried out under the guidance and control of well-selected men, will admittedly dam the outflow of our wealth, and put an end to our impoverishment, which is now going on year after year for the benefit of foreigners?