At the outset, however, it is safer to begin with a full proportion of metallic reserve in order to bring about a thorough confidence. Such a procedure is, of course, not economical: but it is necessary to evolve a system by which paper money would be accepted throughout the country at its full face value. No better method of popularizing paper could be devised than that of issuing notes to the value of the unit of currency - the Shanghai tael. The banks might issue also notes of multiples of the unit; but their endeavours must be mainly devoted to popularizing notes of the unit value. Of course, it is understood that until they could arrange for at least 40 per cent, of the issues to be covered by coin reserves - the rest to be in bullion - no attempt should be made to issue paper. The railways, large companies, Customs, bankers, merchants as well as foreign banks, might be asked to help to take these notes freely. That the foreign banks would help, if my proposal is followed, there is no doubt; once the Government departments, the railways and foreign banks take the notes at their full face value the confidence of the public would be complete.