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Published online by Cambridge University Press: 14 March 2011
Among the various wonderful inventions, marking the astonishing advances which the Chinese had so early made towards civilization, is that of Paper-Money, which dates as far back as the year 119 before our era. The cause that led to its introduction was the low state of the finances of the Government, who, after various other experiments, issued at last regular paper assignats, which, from the ponderous nature of the rude coin then in use, and the security that the warranty of government afforded, soon obtained extensive circulation. The government who had thus introduced this new currency, made it an object of much legislation; and various were the schemes that were started and remoulded, in the hope of permanently establishing its use. But the numerous intestine wars, and the repeated subversion of dynasties that followed, tended seriously to detract from the credit of the government; and thus, owing to its bad faith, and the excessive issues, a complete failure of the system was the result, after a lapse of five centuries having been spent in unsuccessful attempts to establish it. Government paper-money seems to have disappeared in the early part of the late Ming dynasty; and the Manchus, on their accession, never attempted to revive its use. To Klaproth we are indebted for very elaborate researches on this interesting and oft-discussed subject.
