Under the terms of the loan of 1911 Dr. G. Vissering, at one time president of the Java Bank, was appointed monetary advisor to the Chinese Government in the month of October; owing to the fact that a day or two after his appointment the Revolution broke out, he was not able to do much. He was succeeded in November of the following year by Dr. E. A. Roest. During the interval, Dr. Vissering, with the assistance of Dr. Roest, had formulated a scheme of reform on the basis of a gold exchange standard. In January 1913 Dr. Roest died and Dr. Vissering submitted a scheme for the reform of banking - which is almost entirely devoted to the establishment of a state bank, and with which proposal I will deal in the latter part of my book. In the meanwhile, the Currency Commission was appointed with Dr. Chang Tsung-yuen as chairman, to reconsider the question of currency reform in the light of the suggestions made by Drs. Vissering and Roest. This Commission formulated draft regulations, which received the approval of the President and Cabinet early in 1914. I will give a brief summary of proposals, which in passing, I might remark, were as of much practical value as the several proposals made under purely Chinese auspices:
Dr. Chang's currency commission proposed that the unit must be small and contain only six mace 4 candareens and 8-li (Kup'ing weight) or 23.97795048 grammes of pure silver. The silver coins were to be four: 1 yuan, half yuan, 20-cent piece, 10-cent piece; the 5-cent piece to be nickel; and the copper coinage to be comprised of 2-cent piece, 1-cent piece, 5-li piece, 2-li piece and 1-li piece. The coinage was to be in decimal progression; 10 li was to be worth 1 cent and ten 10-cent pieces was to make a yuan and thus 1 yuan should be worth 1,000-lis. The weight and fineness of the coins were to be as follows: Yuan, 72 candareens, 900 fine; half yuan, 32.4 candareens, 700 fine; 20-cent pieces, 12 candareens, 700 fine; 10-cent pieces, 6 candareens, 700 fine; 5-cent nickel pieces to weigh 7 candareens with an alloy of 75 per cent. copper; 2-cent copper pieces to weigh 28 candareens with 95 per cent. copper and alloys of 4 per cent. pewter and 1 per cent. lead; 1-cent copper pieces to weigh 14 candareens, with the same amount of alloy; and 5-li, 2-li and 1-li pieces with proportionate weights and the same proportion of alloy. The yuan pieces were to be unlimited legal tender, half yuan pieces to be legal tender up to $20, 20- and 10-cent pieces to be legal tender up to $5 and nickel and copper pieces to be legal tender up to $1. There were regulations for the enforcement of the currency law, withdrawal of the coins in actual circulation and all the paraphernalia for the proposed reform. Those acquainted with this subject could see at a glance that the whole scheme was absolutely ridiculous, especially when it proposed to have coins with 30 per cent. alloy.