The question of the utmost and urgent importance for China is the unification of the several local currencies. It cannot but prove to be a task of extreme difficulty and one requiring a liberal exercise of tact. Whatever standard is advocated for the country the unification of the internal currency should be attended to at the outset. As it has to be done in any case, it is quite unnecessary for me to discuss the effect of the adoption of any particular standard on the settlement of this question. Considering that the country has long been accustomed to measure all wealth by silver, it does not need much of an argument to show that the adoption of the silver standard would facilitate the task. The objections to the silver standard can only arise from those who view the currency question purely from the standpoint of international trade. From this point of view certainly there are very plausible and seemingly unanswerable objections to the silver standard.