32
01
33
other cheaper metal; and the intrinsic value of it should be so much below the rated value of 1000 to a Dollar as would cover the expense of coinage, and prevent any possible fluctuations in the market price of the metal contained in the coin withdrawing it from circulation. These points being provided for I think considering the extensive People with whom we have to deal, it would be desirable that the new coin should, if possible be intrinsically worth not less than the coin issued by the present Chinese government; and at first I would recommend that it should be made as much superior to that now being issued as could be done without loss. I have been unable to ascertain the value of the metal contained in 1000 cash, the present Emperor's coin, but I assume that as it is current at less than its intrinsic value the Market price of the metal cannot be greater than one dollar at all events be; and that there will be no difficulty in issuing from the Treasury 1000 Milish Dollar at least equal to the present Chinese issue.
I must however leave the question of value to be decided by competent Authorities at Home after an analysis of the specimens enclosed; and I have arrived at the conclusion