199
the
Currency, and the substitution of "local enactment?
a
I have therefore to observe that I see no necessity for rescinding the Queen's
Proclamation of May 1845, and doubt the Expediency of Superseding it by any
such local enactment.
If we are to revise the relative value
between the Dollar and the Sovereign,
we shall have to revise official Salaries and the entire financial arrangements of the Government; and for this, I repeat, I see
No necessity.
His Excellency Sir John Bowring made a suggestion the other day in the
Course of Conversation which I think might be very reasonably acted upon.
It was that the accounts of Government should be Kept in Dollars, as are
those of all Mercantile Firms in this country.
Let the Colonial Treasurer keep his
Cash Columns as now, and receive such coins as, save under special agreements, local Ordinances or otherwise, cannot be refused
as legal tender under the Proclamation above alluded to, but let him cast out his totals,
Carry in other words keep his books, in Dollars, and not in Sterling.
I would certainly advise a trial of this
plan, instead of making the Experiment of doubtful Legislation on a dangerous subject.
(Signed) W. J. Mercer,
Colonial Secretary,
and Member of the Executive Council,
Colonial Secretary's Office,
Victoria, Hongkong, 31st January, 1859.
[Turn over.]