Page:The Truth about China and Japan - Weale - 1919.djvu/139

 immoral position of being able to utilize China's financial resources in their own interests under the plea that they are safeguarding the interests of the bondholders: that this abuse, which has largely arisen because of the presence in Peking of foreign diplomatic representatives who know little or nothing of business or the money-market, must be terminated at an early date cannot be refuted.

Three steps, which will be bitterly opposed by the foreign banks, should be taken if the problem of Peking is to be solved. First, the next loan should be made to China precisely in the manner that the United States has made loans to the Allies during the war—namely, the participating states should directly make the necessary advances, or at least directly control them. Secondly, the advances should come to China in actual silver, to be delivered in monthly instalments spread over a long period of five or ten years, and turned immediately into dollar currency which it shall be made a penal offence to melt down, or 'chop', or remove from circulation. Thirdly, what was once done in 1856 to remedy the conflict between currencies must be repeated. Then, the Spanish Carolus dollar being insufficient for trade requirements, and the Mexican dollar not being