But that does not settle the position of the copper coins. Modern conditions preclude the possibility of having a circulation of copper coins at their intrinsic value. The position is that it is unavoidable to maintain an extensive circulation of copper coins along with silver, and at the same time, it is for all practical purposes impossible to have copper coins at their intrinsic value. Reform, therefore, should be directed in such manner that while the silver unit coin would circulate at its intrinsic value the subsidiary coins in silver and copper must become more and more token coins with an artificial or fictitious value. The question of copper coins is a very ticklish question, because in this country the circulation of copper is extraordinarily large; as a matter of fact, in seme parts where they predominate silver is rarely seen at all. We have already noted the result of the debasement of copper when the system of having such coins as token coins was introduced - although this has been very much aggravated by the excessive issue of copper coins from the several provincial mints, as also the general practice of counterfeiting since token coins became the vogue. It is not for a moment suggested that people took to tokens kindly or welcomed them; but so far as copper is concerned the serious evils, especially in connection with prices, that have resulted from the introduction of token coins, might have been averted by a more calculated policy on the part of the Government. The result of the flood of copper, both from mints and from counterfeiters, has been that silver has almost been expelled from circulation in parts of the country - especially as the excessive issue could not be regulated by the Central Government. From this to jump to the conclusion, as Dr. Vissering does, that the silver standard is ineffective as it has not been able to maintain the nominal value of the copper token coins is, to say the least, far fetched. Tokens were practically an innovation to China, and for any success to attend efforts in connection with their introduction a proper Government control was essential. When the tokens were introduced the country was rent asunder by the Taiping Rebellion; China was altogether dependent, especially for copper and other metals for coinage on imports. The introduction of foreign trade in a much larger ratio than in the past also had an effect on copper coins, as on other things in China. But one should take note of the significant differences between silver and copper, in the eyes of the Chinese. While silver, along with gold to a very infinitesimal extent, was considered as the national wealth of the land or while people looked upon gold and silver as the best form in which their belongings in this world could be concentrated, they always considered copper as a convenience with which they could transact the daily business of life. To put it concisely, the Chinese have for ages considered copper as the medium of exchange. It made no difference whether a medium of exchange had any intrinsic value at all, so long as it served its purpose; and if Chinese had been accustomed to have copper coins weight for value, it was mainly incidental. Prejudices or traditions that have had the run of the people for centuries exert a considerable influence; but they could be got over so long as nothing vital to the life of the people is affected. The Chinese have considered copper coins solely as mediums of exchange; when they did not obtain weight for value they protested. Later on the protest grew to be of less and less volume, and possibly might have died out, but for the blundering policy of the Government. Hence, a reform which makes copper coins tokens should meet with no objection at all, at present, if only it is properly regulated.