Now we should start on a different basis. The important step in reform, as I have mentioned in the previous chapter, would be the adoption of the Shanghai tael as the standard with the necessary standard and subsidiary coins -copper as well as silver subsidiary coins to be tokens. Thus the banks would have a basis of money to work upon. At first the banks must endeavour to make the issue of the new standard a success; considering that the standard I have proposed is the one in which nearly half the total trade in China is done, and one in which silver stocks and the Government loans are represented, the popularizing of this standard should prove an easy task. The next step would be to minimize the use of this standard, i.e., in actual coins, because no country in the world can afford to have all the money it needs and do business solely with actual metallic currency. Under modern conditions of international trade, no country can escape issuing paper. So long as banks confine themselves to the use of actual bullion or metallic currency, no Government or constituted authority has a right in any civilized country, to seek to exercise control over them; the relation between the bank and its clients has nothing whatever to do with the Government, except in cases when one or other of the parties infringes the law. But when banks begin to issue credits or paper money or when they use the paper issued by the Government, the latter naturally should step in to see that banking is conducted on the right principles. Under such conditions the bank becomes practically an agent of the Government; and the latter has the right to exercise authority over its agents. Apart from this, there are principles of public polity that dictate the necessity of Government control.