OCR Interpretation

The day book. (Chicago, Ill.) 1911-1917, January 02, 1912, Image 19

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1912-01-02/ed-1/seq-19/

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Sung Man Yung, director of finance of the new revolutionary;
government, said in an interview printed in the China Press: "We
have three projects in hand for raising money. First, the revolu
tionary government at Shanghai will inaugurate a bank with a
capital of $5,000,000. The proposed bank will issue $5,000,000 of
bank notes with securities, not mere, paper dollars. The govern
ment will make these notes legal tender in all business exchanges
and transactions.
"Secondlv, the. revolutionary government will issue government
bonds to the value of $10,000,000 ($5, $10, $50, $100). They will be
redeemed in six years and the interest bearing upon these bonds will
be 12 per cent.
"Thirdly, money will be and as a matter of fact, has been, raised
by voluntary contributions. Already a great sum of money has
been realized as a result of the many energetic and sympathetic citi
zens of the coming republic of China."
The dollar here shown made its appearance on Nov. 21.

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