Jasper County Democrat, Volume 15, Number 63, Rensselaer, Jasper County, 9 November 1912 — Chinese Are Happy Over the New Issue of Bills [ARTICLE+ILLUSTRATION]

Chinese Are Happy Over the New Issue of Bills

WASHINGTON'S Chinatown eagerly awaits the appearance of the new paper money of the Chinese republic. Chop suey restauranteurs, dealers in celestial teas and spices and bric-a-brac and the venders who line, lower Pennsylvania 1 avenue are all on the qui vive of anticipation. Bankers, particularly those who have accounts with Chinamen and with Americans now traveling or living in China, are also interested in the new money, which is now being manufactured in New York and Which is expected to make an appearance shortly in Chinese circles in this country. 4 Local Chinamen say that a great compliment has been paid to the United States by the celestial republic in that the standard of value of the new money is the American dollar. One side of the notes will be printed In Chinese, the other In English. It will be extremely easy to exchange American money for Chinese and vice versa. The money is the first issue of paper fry the hew Chinese republic, and

is made primarily to retire the inoney of the old empire, which also was printed In the United States and bore the portrait of the Chinese diplomat, Li Hung Chang. Upon the new bills will be found the portrait, not of Li Hung Chang, but of the Philosopher Menizes, who is held second only to Confucius in the estimation of the Chinese. The bills are in denominations of sl, $5, SSO and SIOO. China, of all nations, was the first to use paper money. As early as the second century paper money was used by the Chinese, but In the fifteenth century the Chinese minister of finance abolished It, and not until the latter part of the nineteenth century was it resumed.