560
...
}
༡
15
cost of conversion will be enormously increased.
The Mexican dollar we are not responsible
for, but the British trade dollar would preBUIF-
-ably in common honesty have to be accepted at
its new value.
This is denied by some and for sake of
argument therefore we will suppose the British
dollar is also repudiated.
A new silver coin will thus have to be
struck, which though differing in device will
presumably still bear about the same touch and
weight to that of the discarded trade dollar.
Immediately this is done what is to prevent a
wholesale coinage of dollars being started, not
necessarily in China alone, but in other quarters
by rivals none too scrupulous, who would not
hesitate to avail themselves of such an oppor-
tunity for profiting at our expense.
I maintain that this danger is so serious
a menace to the Colony that were it the only
objection to be considered, it should in itself
be sufficient to crush any proposal as to a fixed
ratio between silver and gold.
Mr. Osborne puts the question aside as
though of no ment, but I cannot admit there is
mo.
A
as
any comparison between the risk of false coinage
as now obtains in England or on the Continent,
to the imitation of subsidiary coins, and the
risk which would be incurred by the Colonial
Government if a system of coinage were intro-
-duced into Hongkong rende ring profitable the
coinage of false silver tokens, trade dollars or