FORBES, Vice-Chairman to the foreign ministers, March 12, 1877

Mr. Forbes to the foreign ministers.

Your Excellencies: In accordance with a resolution passed at a general meeting of this chamber, I have the honor to address your excellencies on behalf of the merchants of this port, as represented by the chamber of commerce, on the subject of a national coinage.

The object of the chamber in bringing this question to the notice of your excellencies is to solicit the combined action of the foreign representatives, with the view of inducing the government of this country to establish a legal fixed standard of value and a national currency, the want of these aids to trade being deemed a great impediment to the extension of commercial intercourse between foreigners and natives, as also to the development of the native trade.

There exists at present, as your excellencies will be aware, numerous arbitrary standards of value, the usual commercial medium of exchange in the north of China being the tael, which varies in actual worth in different places; while at ports in the south, and even for certain trades where the tael is generally used, the coin of a foreign country is introduced.

It would be superfluous further to urge upon your excellencies the advantages of a legally-established general unit of value for the whole of the empire, as this is recognized in all Western countries as necessary, and it is hoped that the ministers will view the proposals of the chamber with favor and ultimately induce the Chinese Government to give practical effect to the merchants’ suggestions, at least so far as the trade with foreigners is concerned.

The chamber has collected information regarding the original cost and the working of a mint, and at a subsequent time will be glad to be given an opportunity of offering some remarks upon the description of coin to be legalized and other matters connected with the subject; but before troubling your excellencies with details, the chamber deems it advisable to solicit an expression of your excellencies’ opinion upon the general question, and upon the prospect of the scheme being favorably entertained by the native authorities.

I have, &c.,