Private Notes

Stephen Tai
Mar.04, 1998

	(1) Sycee Note 2-tael Silver in Beijing scale Issued by Tien Yi Bank in Beijing Dated as of the day, month, year of Kuang Hsu Period (1875-1908)
	(2) Cash Note 1,500 cashes Issued by Hsuan Sheng Ho Bank in Hsin Prefecture (in Shansi Province) Dated as of the 9^th day, 3^rd month, 6^th year of Kuang Hsu period (1880)
	(3) Exchange Note 2 Chuang, i.e. 2,000 cashes Issued by Tai Hsing Yuong [Merchant] in Tong Shan County (in Hu-Peh Province) For commercial purpose only, as a payment from or to the issuer for its goods transactions. Not for official purpose. Dated as of the day, month, year of Hsuang Tung Period (1909-1911)

Ching Dynasty, except for special occasions, its government usually possessed negative attitudes against issuing Official Notes, until the last few years from its ending. Even though, however, a variety of bank notes were issued by local banks and merchants and circulated within their resident areas in its history without a break.
Those private note issuers established their creditability by mean of cashing the notes on a timely manner as demanded by their customers, for some places they were respectively convinced by local people, even more trustful than the official banks. Notwithstanding, however, problems with their creditability were from time to time existing, bankruptcy happened all the time somewhere in the country which endangered the social economy of the area.
The private notes could only be used in commercial activities and within limited areas, could not be paid for official account. Should any risk occur in private notes, official's interests would not be influenced directly, therefore, the government did not really pay much attention to private note issues, or deal with those issues seriously, unless a material economic crisis was incurred. The Chinese had to live with them, until they were offering alternative currency to circulate.