The essential of any reform in the direction of changing the standard to gold or gold exchange is the introduction of token coins and notes. The advocates of such a change admit the difficulty of the introduction of any such coins at this juncture - gold being too big and too valuable to be of any practical use and a token coin being too dangerous to introduce. There is a general unanimity with regard to the issuing of notes in order to help out the situation. In my opinion, however, it would be a suicidal policy for China to introduce paper money in any form for whatsoever purpose, at present. For centuries paper has been distrusted; and during recent years the large issues of paper money and the serious losses which the public has had to suffer have led people to look upon paper with the utmost disfavour. Whatever course is taken should be such as to inspire confidence in the Government; and nothing would help so much as the heralding of currency reform with the issue of proper metallic currency, on the principle of weight for value.