18
273
19.
the
different paragraphs as treated in the Report of the Commission which you left with me lead me too far for perusal, as it would be beyond what is requisite, but I will give you my impression on the question frankly and in a general point of view.
It is known that the mode and rule for payments in Silver in this Country consist in weighing the Bullion on the basis of a certain fineness, and it must consequently be all the same to the Chinese whether they receive Sycee or Ingots, as long as they find the equal result.
The Sycee is better known to them and has therefore the preference, but in the absence of such they will take foreign Silver if they are convinced of its Standard. Up to this moment Carolus and Mexican Dollars alone have obtained their confidence, and to replace them by the new Hong Kong Dollar could in my opinion only be done by two means.
Firstly. If the new Dollar, which is of the same weight as the Mexican, would be made a shade higher in touch and value in order to induce the Chinese to ask for the new coin as being advantageous, but this is not practicable at the present rate of Silver and higher Seignorage, as neither the Public nor the Government would be inclined