I was just reading the 1938 edition of “Social Education in Taiwan,” published by the Japanese colonial government, when I came across this rather neat line in the middle of a section (page 76) on how the civilian population was being taught to aid the war effort (Second Sino-Japanese War) on the home front.
This translates to:
The value of gold held by an individual merely possesses the value a piece of jewelry, or of causing vanity, but should that ownership be transfered to the state, then it will not serve a function in resolving the international balance of payments, but also serve as a grand contribution to the development of the fate of the nation.
It then goes on to recommend that citizens (or perhaps “subjects” is a better word)
think of their own personal finances and sell their gold to the government, as it will not only be highly profitable to sell at the current high market price, but that by exchanging the gold official currency, it can be invested in other ways such as bank deposits, where it will bring about a natural increase in wealth [i.e. through interest], which will be far more profitable than letting it going to waste sitting at home. [Error in my original translation corrected thanks to Aki’s comment below.]
I don’t feel 100% confident about my translation of the latter part, so if anyone has a better translation for 「之を貨幣に換へ、貯金其の他の方法にて運用せば自然財産の増加を来すを以て徒に死蔵し置くに比し極めて有利になること」 than please let me know. Incidentally, this isn’t a section I plan to use in what I’m working on now, just that I thought it would be of interest to all of you.
Now, I wonder how the value of the original gold vs. the paper money held up over the course of the next several years.