18
19
the cament rate of discount in
ucciving
the
money for Bills, they have loat to the full
more than the full istent of it in disbursing the money fin either the Contractor for Evernment Waks to must stipulate ofor payment
at the current rate
current rate of the day or increase the sum in their tenders in a
their tenders in a degree
liares a
degree that safe margin for any derreciation
of the Colonial Currency in comparison with loved dollars with which they to por for both materials and
of labour.
require
wages
I have been informed by
Siverni Contractors that such is actually
their practice._
'But
supposing
the
legal Coins to
be at a premium of five per cent and The course of exchange
"the same as
before, no person could tender for Bills under The rate of 236, which would be so much love to bovernment, while the probability
is that the
Money
212
thus obtained would
have to be disbursed at par.
and
I believe farther that the song drawn against in Stonations is placed in India at an expense of 27% per Rupce,
Kept by Government in Sterling turney, and the legal rate in Songtons is 1/10 per Purce a love to Government of no bese than eight per cent at once avises. -
There
as all recounts are
less
can be no question that although an alparent wrfit
may
by the sale of Bills
occasionally be shown by the sale
India or London at a better rate than the rate for Spanish dollars, a
on
serious loss résuts
M
the
average
from
the present mode of placing the govemment funds in Houghtons.
The above Sojections to chopria
Dollars
may
confucion
be obviated; and the constant
in the pecuniary transaction
I.
EX