the Dollar; stopping of the coinage of the silver yen has had the effect of making it already worth 2 1⁄2 more; it is now quoted at 225.0d. (the intrinsic value of the gold yen Excludes silver, in Article X. There are about 25. Id. half the value of other old gold yen).
When we demonetize the Japanese Yen, as we did four years ago in Ayala, the Portuguese Rupee is less in value than this; it arises less in value than the Indian Rupee (see 12469/43).
I think we may leave it alone at the Straits, since it will gradually go away of its own accord to be exchanged for gold yen in Japan under Art. XVI of this new Law; and in the Colony, so far as I can see, no one can be hurt by continuing to treat it as legal tender there - so long as it continues to circulate.
Therefore, Mr. Johnson will do nothing.
S.W. Cowper.
I doubt about leaving the Yen to take itself. As I read the new Japanese Law, the time will come when the silver yen will cease & debase in Japan as a token. If the Japanese Government...
I. Swettenham tells me that he has heard - but cannot say in what positions - that the yen has already practically ceased to circulate from the Straits. We may defer that date until they have got in all the silver yen in circulation; a proportion, well & good. But I think Sir E. Salon has enormously underestimated the amount of yen in circulation at the Straits, and it seems notwithstanding impossible that today the present rise in the value of the yen at the Straits & Labuan might leave us with a large quantity of silver yen, which is not legal tender in any other part of the world.
The demonetization of which, if it were desired, would be a costly job. I am disposed to take time by the forelock & demonetize now. We had better ask the...
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