PUBLIC RECORD OFFICE
Reference :-
MC.O. 882
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PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-
COPYRIGHT PHOTOGRAPH-NOT TO
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2.
Prior to 1825 a dollar was 5 francs, or 344-9 grains
of pure silver, or sterling.. From 1825 to 1838 it was in franc and two-franc pieces, 933'1 grains of silver, or in sterling From 1838 to 1848 it was in rupees, 344-3 grains of
silver, or in sterling
3 104
891444
8 101
From 1843 to this time it has been in rupees, 330
grains of silver, or in sterling
3 84
per
So that the present intrinsic value of the dollar as now computed is only of a penny, or cent. less than the rate at which it was really left by the Proclamation of 1825, and at which it con- tinued, in consequence of that proclamation, for thirteen years. It is 2d., or 4 per cent. less than the intrinsic value prior to 1825; and it is 17d. less than it was from 1838 to 1843.
34. But these various changes which have taken place in the intrinsic value of the dollar in account could only affect existing debts at the time the changes took place. During the continuance of each of these separate values, all transactions would accommodate themselves to the actual value of the dollar at the time, but in considering the question of an equitable adjustment of the Mauritius currency at the present day, it would be strictly correct to estimate all obligations which were entered into prior to 1825, at 38. 10fd. per dollar; those from 1825
to 1838, at 38. 91d.; those from 1838 to 1843,
at 3s. 104d. per dollar; and those since 1843, at
38. 8 d. per dollar. It is quite plain that the value of a dollar currency has never reached 48. of sterling money within 3 per cent.: the difference for the
time being, in converting rupees into sterling money for the purpose of drawing bills on London, being compensated by the rate of exchange.
35. The intrinsic value of the various denomina- tions which enter into the monetary arrangements of Mauritius, may be thus recapitulated :
The sovereign, or pound sterling, 113 gr. of
gold, or at the rate of 15·7 to 1..
The shilling, of silver..
The rupee, of silver
The dollar in account, after fluctuating from
330 to 344-9 gr., is now, as explained
In the actual state of things, then, exactly 2 rupees, and the rupes is than 2.; while it will require 5
1774 gr. silver.
80-7
ห
166"
D
980-
M
the dollar is rather more dollars and
The first attempt to introduce & Gold standard and British money.
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16
rupees to make a pound sterling. I have
not overlooked the alleged nominal value of the shilling as a token representing the of a pound, although its intrinsic value is very little more than the part of a pound. More of this hereafter.
This
36. The next point to consider is the attempt which has been made to introduce the British gold standard of value, and the adoption of the English money in account by the Government. attempt was first made and promulgated in 1825 by the proclamation to which I have already referred. The currency of the Mauritius was then in a most unsatisfactory state, and the plan which the Treasury contemplated for reforming it was in principle unobjectionable. And I doubt not, had it been properly carried out, the Mauritius would all this time have had a most satisfactory currency,
and
that the British denomination of accounts would long ago have become common; whereas by the errors which have been committed, the con- fusion and inconveniences then existing have been much aggravated, and fresh anomalies have been introduced. A very imperfect and rude currency, left to itself, will work with tolerable accuracy and justice to all parties, by the vertainty with which all. coins or metals will, in the absence of any arbitrary rating, acquire and pass for their intrinsic value in the markets of the world.
37. The plan contemplated by the Treasury was
to introduce the English system, the British gold standard of value, and to aid the circulation by giving a legal currency to foreign coins valued in relation to the sovereign or the pound sterling, according to the intrinsic value of pure metal which inch coins contained. A table of the ratings of the different coins accompanied the proclamation. So far as gold coins were concerned, there was no difficulty in arriving at their precise relative value to the pound sterling, as it was only a question of the contained. proportion of pure gold which each But with regard to silver coins, which were the chief ones in circulation, it was necessary not alone to ascertain the quantity of pure silver which they contained, but also the precise relative value of gold and silver. To this part of the scheme I think there was an objection, though not a very grave one, on principle. The rating of silver coins was fu effect introducing a double standard in the currency
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