has since received a copy of the second letter $ this question addressed by the Bank to the Treasury the 28th ultimo, in which it is contended that according to Meir Charter the limit then note circulation intended in silver is to be Regulated by the amount J the Bank's Capital Converted into silver at the current rate of Exchange.
2. Lord Ripon is disposed to think that this contention is correct, & would be glad to know whether their Lordship concur in that view.
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3. The argument It appears strengthened by the following points, which are not brought out in the letter from Bruk : viz. (1) the words " or other Equivalent" twice. Does this argument really strengthen the case? It would rather tend to prove that the silver denomination of the notes should be constantly changing? But I cannot imagine what was the original intention of the phrase "Equivalent amount".
The part of the Charter referring to the denomination of the notes to be issued in Ceylon, Hongkong or China, appears to indicate that the notes might represent a value of ten shillings sterling...