CHINESE ISSUES, AS RECORDED. MARCO POLO'S STATEMENT.
For 10 ounces of silver (viz. }
the Chinese Ting)[2] } 10 bezants.
For 1 ounce of silver, i.e. 1 liang, }
or 1000 tsien (cash) } 1 "
For 500 tsien . . . . . . 10 groats.
200 " . . . . . . . 5 " (should have been 4).
100 " . . . . . . . 2 "
50 " . . . . . . . 1 "
30 " . . . . . . . 1/2 " (but the
proportionate
equivalent of half a groat
would be 25 tsien).
20 " . . . . . . .
10 " . . . . . . . 1 tornesel (but the
proportionate equivalent
would be 7-1/2 tsien).
5 " . . . . . . . 1/2 " (but prop. equivalent
3-3/4 tsien).
Pauthier has given from the Chinese Annals of the Mongol Dynasty a
complete Table of the Issues of Paper-Money during every year of Kublai's
reign (1260-1294), estimated at their nominal value in Ting or tens of
silver ounces. The lowest issue was in 1269, of 228,960 ounces, which at
the rate of 120d. to the ounce (see above) = 114,480l., and the
highest was in 1290, viz. 50,002,500 ounces, equivalent at the same
estimate to 25,001,250l.! whilst the total amount in the 34 years was
249,654,290 ounces or 124,827,144l. in nominal value. Well might Marco
speak of the vast quantity of such notes that the Great Kaan issued
annually!
To complete the history of the Chinese paper-currency so far as we can:
In 1309, a new issue took place with the same provision as in Kublai's
issue of 1287, i.e. each note of the new issue was to exchange against 5
of the old of the same nominal value. And it was at the same time
prescribed that the notes should exchange at par with metals, which of
course it was beyond the power of Government to enforce, and so the notes
were abandoned. Issues continued from time to time to the end of the
Mongol Dynasty. The paper-currency is spoken of by Odoric (1320-30), by
Pegolotti (1330-40), and by Ibn Batuta (1348), as still the chief, if not
sole, currency of the Empire. According to the Chinese authorities, the
credit of these issues was constantly diminishing, as it is easy to
suppose. But it is odd that all the Western Travellers speak as if the
notes were as good as gold. Pegolotti, writing for mercantile men, and
from the information (as we may suppose) of mercantile men, says
explicitly that there was no depreciation.
The Ming Dynasty for a time carried on the system of paper-money; with the
difference that while under the Mongols no other currency had been
admitted, their successors made payments in notes, but accepted only hard
cash from their people![3] In 1448 the chao of 1000 cash was worth but
3. Barbaro still heard talk of the Chinese paper-currency from travellers
whom he met at Azov about this time; but after 1455 there is said to be no
more mention of it in Chinese history.
