Circulation, and in practice it is bought and sold like Merchandise. The foregoing Abundance gives to Gold other advantage to trade than would a similar abundance of Lead or Cotton. We cannot therefore regard it as at all qualified to be the measure of value in the commerce of civilized people.
Second. The introduction of Mexican or republican dollars. This was attempted in the beginning of the present Year, and the attempt was supported by Official influence both foreign and Chinese - but it failed, partly for want of Unanimity Among the foreigners, but mainly because neither the commands of the Mandarins nor the efforts of this community were competent to compel the Chinese to use a coin they did not like.
Your Excellency is well aware of the almost universal impotence of Governments in such cases, and will doubtless agree with us that the Chinese Government is quite incapable of compelling its subjects to adopt a coin to which they have serious objections.
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