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even from the Government Post Office.
Your Excellency acquiesc-
ed in this refusal to accept legal tender and has ordered
without legislation that remittances by Money Order by the
Post Office are to be charged for at two rates, one about the
ordinary exchange of the day when private bank notes are paid in
and the other 10 per cent lower when silver dollars, the legal
tender of the Colony, are paid in. To take a concrete example-
supposing today a man meant to send £10 home in payment of a bill by Money Order. He will have to pay $113.96 in notes (plus Commission) for it, but $10.78 cents more (plus Commission)
The following are the rates of
if he pays in silver dollars.
sterling exchange today :-
Ordinary Bank rate (Notes only) 1/2 3/168.
Money Order rate ( -:- - :-) 1/9 1/16d.
6.
--
--
(silver dollars only) 1/7±0.
I do not for a moment suggest that the former extra-
ordinary though perfectly legitimate method of making money
should have been allowed to continue. Your Excellency has
power (under Article 27 of Postal Authorities Agreement) to
suspend the operation of the Money Order Branch of the Post
Office, and this might have been done pending legislation.
7. What has been done(i.s, the fixing of different rates
for Notes and silver dollars) is, I humbly and respectfully
submit, possibly illegal, and certainly means the setting of
the seal of official sanction on the debasement of the legal
Currency of this Colony.
8. I should like to add a word regarding Sepoys and others
whose pay is small. It is not always possible to pay a man
getting a small rate of wages in Notes as one dollar Notes are