arabe
from the partial employment afforded to the Mint by the cheap rate at which the Banks were enabled to purchase Ichiboos, and so to coin them profitably into dollars. As I predicted, and as was indeed obviously certain to ensue, Ichiboos rose and this temporary activity of the Mint ceased.
12. That establishment is at present and has for some time been wholly without any employment. Nevertheless, I am not enabled to employ the Staff I would wish on other occupations, for at any moment a demand to coin $5000 may require every such man to be at his post.
Issues of coin are extremely unprofitable and can be made at great loss, but I think it right to diminish the facilities, which the Mint, whilst in existence, can afford to the Public, in no way. Vide Governor to Secretary of State, No 328 § b.
13. In the meantime, the Returns forwarded will, I think, enable Your Grace to satisfy yourself as to the truth of most reports, which may from time to time circulate, in reference to the actual previous operations of the Mint. I have only to add that the present rate of Exchange with India entirely puts out of the question all immediate prospect of any patronage by the Public. The rate at present gives only 218 Rupees to the