本档案由中山大学历史学系特聘副研究员侯彦伯博士翻译。
（原文）
I assume you are familiar with the various paper money experiments of the world， the most notable of which was by the French government as proposed by John Law.In that， as well as all others， the directors of the scheme had a superstitious faith in government fiat far beyond the point of reason and abused the use of the same so as to invite destruction.The failures were mainly due to the extravagant and wreckless manner of issue or the placing of such money in circulation.In every case where paper money， divorced from gold， has been used a false conception of the power of money has mislead those directing affairs.They have erroneously believed that the power of money was based upon a quantitive theory， such as so much per capita， or an amount equal to the value of all commodities etc.Paper money has thus been printed and thus been placed in circulation through favorites and for all sorts of investments and in foolish and unscientific ways which could only call for more as prices would continue to raise higher and higher until confidence would be lost and a crash follow.
I assert that， in the light of past experiments， the one most important point to be adopted and guarded to make a scientific money， which would circulate with gold or silver and all other money and in time supercede it and later become exchangeable among the nations, is the steady unvariable initial issue for human labor at a fixed price per day.(We cannot disguise the fact that labor is the real measure of values.If the precious metals could be gathered like flowers they could not be used for money.It is the scarcity and labor of recovery and the necessity for some limited medium of exchange enhanced by act of government requiring such money to pay taxes and debts as legal tender more than its comparably insignificance uses for ornaments and industry.The labor necessary to acquire it， with the law making it legal tender are the two controlling elements that gives it value as money.)
Your mint or treasury should be as a mine available in every part of your government for public work whenever one two or three hundred men should apply for work at any of the numerous labor posts at the standard wage which should be fixed.In this way your money would go into circulation gradually and sanely.As soon as any locality had sufficient money so that laborers could find private employment at a slight advance over the government standard they would cease working for the government.Therefore companies of men becoming too small to be continued thus automatically discontinue increasing the circulation at the very locality where it should be checked.It would on increased however in any other parts of the country until the same level would be reached and there in the same manner checked until in time the only government labor of this kind you would have would be that necessary to increase the circulation to supply money lost and destroyed or the increase made necessary by the development of commerce and civilization.If the manner of issue is jealously and carefully guarded so that it can never be increased excepting in this manner your country will never require a redemption or contraction because as stated the issue cannot greatly exceed the demand without being stored.However it is possible to provide for automatically reversing the system and contracting the currency by labor redemption， if your minister of finance disagrees with me to the extent of saying such provisions should be made if any such immanency should arise.I will defer explaining the means of contraction by redemption until later because not of sufficient importance to follow at this point.
As stated above， when this money is made legal tender for debts and taxes， and other money of the present is declared not to be a legal tender， there will be a desire to exchange the old inconvenient money for the new.On this account， only， an exception should be made so as to print or coin sufficient to be exchanged for existing money without forcing this portion of the new money out through labor and gathering it back by taxation.This exception is necessary to keep faith with past government pledges and to avoid complications or disconcerting prices and business in making the change.
It should be understood that whenever the government desires money for salaries or uses of any kind all much money should be raised by the usual taxation methods and not by attempting to put the new money in circulation in such a manner which would be destructive to the system.Every dollar issued excepting this to be exchanged for the present money to be destroyed should be worked or mined out of the government and not only considered but in fact made money by the act of labor necessary to produce it in the first instance in this general manner open under the same conditions for every citizen.It should be， if you will pardon repetitions， mined by labor out of the government before it is in fact money.When the government desires money for governmental purposes it should be brought into the treasure by taxation.Those who have property and owe taxes and do not have to labor for a living would be obliged to exchange a part of their property to those who have had to labor for this money in order to be able to pay their taxes.
It is possible to start with the average price of wages or an ideal wage above the average.You can certainly stir up the latent energy or the immense population of your nation and make it one of the most industrious on earth.There need be no idleness within your nation for all may find employment and the standard of common labor become fixed as the real measure of values unobscured by any conditions that have hereto fore hampered it.In fact labor has always been the measure of values.Every architect， every contractor， every engineer must necessarily figure out himself or take the figure of others who have estimated the labor necessary and then multiply the days necessary to accomplish results by the wages to determine the cost or to bid upon a contract.Now， consider how the scarcity and variance or the hoarding of precious metals when used as money disconcert and upset calculations?
It should not really be necessary to speak of the variation between the work of different men.The government would deal with them by the hundreds and not individually.The work of a hundred or a thousand men will not vary under the same conditions.The result may vary according to the tools or conditions where applied.They may even be wasted just as money may be wasted.The result is not the measure， it is the naked work of a company of men， the labor of which in reasonably large numbers is near the same in any country or age and it is this naked or mere work which should be considered as the measure or test by which you obtain money.Again， the work is not used to produce a value in any way to become the money， but the work is required in order to fix a limit upon the issue of money which is thus decreed to be a legal tender.It is not limited by any per capita amount， by any wise man's judgment or banker's rules but become the unerring limit of nature embodied in the ability and willingness of men to labor for it.A few erratic men could never commit any disturbance of finance but a million hungry men could always go to the government mint with shovels or pick axes and pick out their wages if money become so scarce there would be no private employment.It would be a condition to prevent financial disturbances.By the first natural acts of the unemployed， they bring money into circulation so that private employment is again offered at a slight increase.Conditions automatically settle down and people became peaceful and industrious instead of troublesome.
This automatic limit upon the issue of money is somewhat like the limit upon the issue of postage stamps， or water or gas in a reservoir or tank.There is an abundance in reserve but restrictions exist to prevent a superfluity.So is the limit of the new money adjusted for every part of the nation to come into circulation when and where needed and then automatically limited by the consistent and everlasting ability and willingness of men to labor for it.
Money carefully guarded in its issue and placed in circulation in this manner becomes an easy standard from which all professional and skilled labor can be estimated.The initial benefit is placed where it belongs to make the laboring classes contented and prosperous so as to stimulate the business of the upper classes and strengthen the nation.
Trade with foreign countries would not be effected as the relations between the different nations has never risen above the dignity of barter in which gold is weighed out as any other commodity.They may continue to weigh it out for such international relations out the time will come when nations with such fixed demands and value for its money at home will gain a popularity with merchants of other nations dealing with them.They will soon learn that your country will prefer its own money to that of any other nation because of its stability strengthened by the fact that it in time will ultimately become the only money of your nation with which judgements of courts can be enforced and with which taxes can be paid or in fact the only legal tender.
Now， as to the redemption feature mentioned above.This， I claim is not necessary because of the care to be taken to prevent ever bringing more money into circulation than is actually necessary to carry on your business.Wages for common labor for private work may go very little above the price fixed by the government for the issue of money but this would not be disastrous as we are accustomed all over the world to have tremendous variations in wages.But if you should think that from some cause too much money may come into circulation you could arrange to redeem it whenever large companies of men are demanded by using a part of your army as industrial soldiers.Your soldiers of course would be paid their regular wages from money raised by taxation but this money you may be required to redeem should be canceled and retired to contract the currency because only an inflated condition would require the redemption.Such a provision would insure a contraction of the currency to keep an unvariable standard.Lastly reference is made to well established laws and practices against counterfeiting frauds act as mere details for consideration.Likewise baser metals may be used as coins instead of paper money， should your people not be sufficiently accustomed to paper money.Also dual terms could be adopted so as to use the name of European or American standards synonymous with those of your country on this money.However all these suggestions are mere details， and would be tiresome unless the main suggestion finds favor with you.
Aside from settling the industries of your country and giving you an inspiring medium of exchange as a mere by product of the system you can set up cement plants and build and pave with cement roads over the entire old empire that will remain substantial and smooth for the next thousand years and with developing motors largely take the place of railroad systems.
If you desire to do these things they can be done in reasonably short order by selecting the proper men for the respective branches of the work instructing them to produce the results.
（译文）
对于全世界范围内各方发行纸币的诸多试验性案例，想必阁下再清楚不过了。其中最著名的是法国政府就约翰·劳设想所展开的货币发行试验。如同其他所有人一样，该试验方案的主事者们对政府法令抱有一种有失理性的、近乎执迷的虔信，以至于滥用之，终致纸币体系土崩瓦解。无节制、顾此失彼的发行方式，并将这些纸币投入流通是其失败的主要原因。在每个与黄金脱钩的纸币案例之中，往往因为对货币总值的内涵的不理解，误导了发行纸币的执掌者。他们误以为货币总值建立在一种量化的理论基础之上，像是以人均收入有多高，或是以等同于所有商品价值的总额等等形式为依据，从而展开纸币的发行，随性地投入流通，同时以愚蠢、不科学的方式用于各类投资；而因为价格持续攀升，只能要求更多的纸币，直到它失去公信力，进而崩盘。
我断言，鉴于过去诸多试验性案例，发行科学性货币，使之能与黄金、白银及其它各色货币一同流通，且假以时日将超越它们，进而成为世界性货币，所需采纳并坚守的最重要原则是确保该科学性货币的初次发行，能以固定日均劳动力价值为基础，从而具备稳定、不易波动的性质。（我们不能忽视这样一个事实，即劳动力是衡量价值的终极尺度。如果贵金属像漫山遍野的鲜花一样唾手可得，那么便失去了作为货币的价值。贵金属能作为法定货币，并非它是装饰与工业所需的相对不重要的用途，而是它具备了下列三个特性。第一，贵金属自身的稀缺性。第二，采贵金属所需劳动力的可持续性。第三，因为需要有能用于纳税、清偿债务的货币，于是政府透过法令强化了贵金属作为一些有限的兑换媒介的必要性。获得贵金属所需的必要劳动力，以及确保贵金属成为法定货币的法律规定，是贵金属具备货币价值的两大核心要素。）
贵国的铸币厂或国库应如同贵金属的矿藏一样，能用于贵政府各部门提供的公共事业，而每当有一百、两百或三百个人申请众多劳动岗位中的任一工作时，都应该是固定的标准工资。在这方式之下，贵国货币便可循序渐进且合理地流通。随着某些地方积累充分的货币，劳动者便能找到略高于政府工资标准的民间个体雇主，而不再为政府工作。接着，当这些依赖劳动力的公司变得规模过小而无力运营下去时，货币在最基层的地方性流通自然陷入停滞，而政府应该就此停止或控制货币的发行。当然国家其他地方的货币流通可能仍持续增加，直至与上述同样停滞的情况，同样需要由政府加以控制。自此之后，贵国如必须设立政府这类性质的劳动岗位，只能是为了增加货币流通以便填补货币本身的减少与损毁，或是为了满足商业与文明发展而促成的需求。倘若竭尽地、审慎地遵循货币发行原则，除上述两种情形外绝不增发，贵国将不必被动地诉诸货币回购或采取紧缩的货币政策。因为如同前述对货币发行原则的固守，即便在不主动储备货币的前提下，发行量也不会显著超过社会所需的货币总额。然而，如果你们的财政部长不同意我的想法，认为或许能透过赎买劳动力的方式，提供自动反转的机制，以及对货币进行紧缩，那么这种情况政府也完全有能力处理。稍后我将对如何通过赎买劳动力以便实现货币紧缩这个相对次要的话题进行阐释。
如上所述，当一种货币成为偿还债务和缴纳税收的法定货币的时候，其它流通货币不再具备合法地位时，自然也就想将旧有不便的货币兑换成新发行的货币。于是，仅在此情况下，才能以发行新货币的方式兑换旧制货币，而不是通过创造劳动岗位的方式将新货币强行投入市场，再通过税收的途径将其收回。这对履行前任政府之允诺，避免因政权更迭导致的复杂状况，或价格、企业与市场的动荡而言，均是必需的。
应当知道的是，每当政府对货币有需求时，无论是用来支付劳酬还是用作任何其他用途，都必须通过征税途径来筹集所需货币，而不能使用上述会对原有系统造成破坏的方式，也就是强行将更多的货币引入流通体系中。除了用于交换被销毁的现钞外，发行的所有货币都应该从政府征集而来，而且应与最初确实面向所有民众的劳动行为所创造的价值相等。只有透过劳动而从政府手中获得的货币才具备流通资格。当政府因公务产生货币需求时，满足该需求的货币来源应为税收。那些有财产却又欠缴税款而又不需要劳动谋生的人，则必须将其名下部分财产补偿给为纳税而必须劳动的人。
以平均薪金或相对稍高的薪金启动货币发行或是可行的。您自然可以激发国民潜能，使贵国成为全球最勤劳的国家之一。在贵国中，无所事事的苟活行径需被彻底堵死，要使人人有工可作，一般性劳动成为一种永恒不变且清楚的固定价值标准。事实上，劳动一直是衡量价值的标准。每一个建筑师、包工头、工程师都必须在实现自我劳动价值的同时，也衡量他人的劳动价值，并根据必要劳动价值乘以必要劳动天数算得酬劳，用以计算成本或竞标合同。接下来我们来考量一下，货币的稀缺性、差异性或者私人贮藏贵金属货币，为何会破坏上述计算体系。
在此论题中，个人工作差异并不重要，因为政府并非与每个劳动力一对一地打交道，而是同时与成百上千劳动力对话。同等条件下，一百个人或一千个人的工作整体状况差异不大。影响结果的因素大致为生产工具与工作环境等。劳动力就像金钱一样，是有损耗的。衡量货币发行量的标准不应当是上述单个劳动价值的计算法，而是群体劳动者的净劳动总量（该量在不同国家、年龄段的劳动者中相对趋于一致）。也正是这个群体量决定了单个劳动者的劳动所得。同样地，劳动的根本目的不是创造货币的币值，而是作为衡量经法律认可的货币发行总量的尺度。它不受人均量值的限制，不受任何专家判断或银行家规则的限制，而是由人们劳动能力与意愿决定的一种不容置辩的自然阈值。金融秩序不会因任何个别提出的不同意见而嬗变，却会在数以百万因货币短缺而饥肠辘辘的劳动者揭竿而起的工人运动中风雨飘摇。如此强调对宏观视角的理解将是防止财经形势动荡的一个重要基点。随着再就业的劳动力的第一次自然劳动行为伊始，货币开始流通，私人雇佣劳动力的薪金也开始缓慢上升。社会情势逐渐稳定，人们变得勤劳祥和，不再剑拔弩张，鱼死网破。
上述货币发行过程中的自然阈值与发行邮票非常类似，就像水库中的水、气罐里的气一般。其核心要义在于储备，却又受阈值局限，需要时刻防止过剩、满溢。新兴货币的发行阈值要适应于国家各处的具体状况与需求，并恒久以劳动力及其劳动诉求为限制性因素。
形如上法，规范货币的发行及投入流通的进程，使得货币本身成为了衡量职业、专精劳动力价值的基本尺度。经济收益的初次分配应使劳动阶级感到满意、富足，进而刺激上层经济，巩固民族实力。
与外国的贸易则不会直接受此影响，因为国与国之间关系的实质从未超出以物易物的范畴，黄金与其他商品并无二致，都充当等价物的作用。在既有国际关系之下，这一特质会一直延续下去。直到某一天，当一个国家的货币在国内需求稳定、价值稳固时，该国将受到与他们打交道的其他国家商人的欢迎。他们会心知肚明，贵国人更青睐本国货币而非外币，因为它的稳定性是经得起考验的，因为它最终将成为贵国唯一可以用来执行法院判决的货币、可以缴纳税款的货币或是该国唯一法定货币。
接下来讨论之前提到的赎买劳动力的问题。鄙人认为赎买劳动力本非必要或必然，因为真正需要在意的是投入流通的那部分过剩的货币量。民间个体雇佣劳动力的薪金可能比政府为发行货币而创造劳动机会的薪金稍高，但这并没什么不妥，因为世界各地工资水平本来就是参差不齐的。但如果您认为由于某种原因过多货币流入市场，您可以对较大规模企业的劳动力进行赎回，并使您的部分军队成为产业兵（即充当劳动力的角色）。您的军队当然也得从税收筹集的财政中获取正常薪金，但为达到紧缩通货的目的，回笼的这部分货币应销毁，因为只有膨胀的情况才需要货币回笼。如此的应急措施将确保货币紧缩起来，以维持货币价值与发行标准。此后还列举了针对伪造货币行为的成熟法律体系与判例，仅供细节性参考。同样，如果您的人民不习惯纸币，也可以使用贱金属材质的铸币。同时，建议在贵国货币的相关事宜上采用欧、美两套名词概念体系。当然，这一切还需要以您认同鄙人的核心建议为基础，不然这些细枝末节便无异于空中楼阁。
除了解决贵国工业问题，并在既有体制之下为本国创造稳定可靠的交换媒介之外，您还可以兴建水泥厂，并在贵泱泱古国的苍茫大地上铺设万里水泥道路，随着内燃机的发展，这些道路将在接下来的几个世纪间愈显重要。它将最终取代铁路，成为交通系统中的核心角色。
您可以挑选合适人才负责各类事务，而且指引他们达到效果，通过这样的方式在短时间内做成上述诸事。