Equally important as the unification of currency is the unification of local exchanges in China, that is, monies of account. It is no use having a single coin or unit which may be legal tender throughout the country if it is still not possible to do away with the several monies of account. Unless this is attended to, it is quite probable that the proposed tael would circulate along with the Mexican dollar or the Chinese dollar in parts in China, while for payment or receipt in each place the value of these coins would have to be calculated on the basis of the local weight and fineness. It would be rather hard to do away with the monies of account, and it is only by a gradual development that several local exchanges would altogether disappear. A common mistake has been the belief that the Government could legislate to do away with exchanges altogether. That such cannot be done has been proved amply. Again, the losses resulting to the banks and the local financial and other institutions must be made good in some way, by letting business run on the new arrangement without any dislocation. That part of the variation caused by touch and fineness of the local taels could easily be adjusted, because the basis of the value of silver remains the same in Chengtu, as in Shanghai or Kaifeng. The object is to bring about a uniformity of the measure of value in all these places. To do this, one has to take stock of what is generally known as local customs, as also the periodical scarcity or influx of silver in different parts of the country.