Here are some paragraphs that correctly attribute the comments on Chinese paper money to Alexander Del Mar; they come from his Monograph on the History of Money in China. . ., pages 14 and 15. This book can be read here:
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"This was the most brilliant period in the history of China. Kublai Khan, after subduing and uniting the whole country and adding Burmah, Cochin-China, and Tonquin to the empire, entered upon a series of internal improvements and civil reforms, which raised the country he had conquered to the highest rank of civilization, power and progress. Tranquillity succeeded the commotions of the previous period; life and property were amply protected; justice was equally dispensed; and the effect of a gradual increase in the currency, which was jealously guarded from counterfeiting, was to stimulate industry and prevent the monopolization of capital. It was during this era that the Imperial canal, 1660 miles long, together with many other notable structures were built." Del Mar
Inflation took hold in 1287. The second Mongol issue continued falling in value until about 1310. At about this time a third issue replaced the second, duplicating the 5 - 1 ratio with which the second had replaced the first. Then things changed markedly for the worse.
"Population and trade had greatly increased, but the emissions of paper notes were suffered to largely outrun both, and the inevitable consequence was depreciation. All the beneficial effects of a currency which is allowed to expand with a growth of population and trade were now turned into those evil effects that flow from a currency emitted in excess of such growth. These effects were not slow to develop themselves. Excessive and too rapid augmentation of the currency, resulted in the entire subversion of the old order of society. The best families in the empire were ruined, a new set of men came into the control of public affairs, and the country became the scene of internecine warfare and confusion." Del Mar
In the final phase of the Mongol dynasty in about 1350 huge efforts were made to correct the management of the currency but the situation was beyond repair, monetary paper having been issued in one form or another by all manner of private, provincial and central government agencies in what amounted to an explosion of credit.
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