CO129-073 - Lieut. Governor Caine & Sir Bowring - 1859 [1-5] — Page 201

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199

the

Currency, and the substitution of "local enactment?

a

I have therefore to observe that I see no necessity for rescinding the Queen's

Proclamation of May 1845, and doubt the Expediency of Superseding it by any

such local enactment.

If we are to revise the relative value

between the Dollar and the Sovereign,

we shall have to revise official Salaries and the entire financial arrangements of the Government; and for this, I repeat, I see

No necessity.

His Excellency Sir John Bowring made a suggestion the other day in the

Course of Conversation which I think might be very reasonably acted upon.

It was that the accounts of Government should be Kept in Dollars, as are

those of all Mercantile Firms in this country.

Let the Colonial Treasurer keep his

Cash Columns as now, and receive such coins as, save under special agreements, local Ordinances or otherwise, cannot be refused

as legal tender under the Proclamation above alluded to, but let him cast out his totals,

Carry in other words keep his books, in Dollars, and not in Sterling.

I would certainly advise a trial of this

plan, instead of making the Experiment of doubtful Legislation on a dangerous subject.

(Signed) W. J. Mercer,

Colonial Secretary,

and Member of the Executive Council,

Colonial Secretary's Office,

Victoria, Hongkong, 31st January, 1859.

[Turn over.]

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199theCurrency, and the substitution of "local enactment?aI have therefore to observe that I see no necessity for rescinding the Queen'sProclamation of May 1845, and doubt the Expediency of Superseding it by anysuch local enactment.If we are to revise the relative valuebetween the Dollar and the Sovereign,we shall have to revise official Salaries and the entire financial arrangements of the Government; and for this, I repeat, I seeNo necessity.His Excellency Sir John Bowring made a suggestion the other day in theCourse of Conversation which I think might be very reasonably acted upon.It was that the accounts of Government should be Kept in Dollars, as arethose of all Mercantile Firms in this country.Let the Colonial Treasurer keep hisCash Columns as now, and receive such coins as, save under special agreements, local Ordinances or otherwise, cannot be refusedas legal tender under the Proclamation above alluded to, but let him cast out his totals,Carry in other words keep his books, in Dollars, and not in Sterling.I would certainly advise a trial of thisplan, instead of making the Experiment of doubtful Legislation on a dangerous subject.(Signed) W. J. Mercer,Colonial Secretary,and Member of the Executive Council,Colonial Secretary's Office,Victoria, Hongkong, 31st January, 1859.[Turn over.]
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199theCurrency, and the substitution of "local enactment?-aI have therefore to observe that I see no necessity for rescinding the Queen's·Proclamation of May 1845, and doubt- the Expediency of Superseding it by anysuch local enactment..If we are to revise the relative valuebetween the Dollar and the Sovereign.we shall have to revise official Salaries andI the entire financial, arrangements of the Government; and for this. I repeat, I seeNo necessity.-made aHis Excelleney Sir John Bowring suggestion the other day in theCourse of Conversation which I think might be very reasonably acted upon.It was that the accounts of Government should be Kept in Dollars, as arethose of all Mercantile Firms in this bountry.Set the Colonial Treasurer keep hisCash Columns as now, and receive such coins as, save under special agreements, local Ordinances or otherwise, cannot be refusedas legal tender under the Proclamation above alluded to, but let him out his totals,Carry in other words keep his books, in Dollars, and not in Sterling...J would certainly advise a trial of thisplan, instead of making the Experiment of on a dangerous subject.doubtful LegislationT.(Signed) W. J. Mercer,Colonial Secretary,and Member of the Executive bouncil,bolovcial Secretary's Office,Victoria, Hongkong, 31th January, 1859.[Turn over.)
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199

the

Currency, and the substitution of "local enactment? -

a

I have therefore to observe that I see no necessity for rescinding the Queen's

· Proclamation of May 1845, and doubt- the Expediency of Superseding it by any

such local enactment..

If

we are

to revise the relative value

between the Dollar and the Sovereign.

we

shall have to revise official Salaries and I the entire financial, arrangements of the Government; and for this. I repeat, I see

No

necessity.-

made a

His Excelleney Sir John Bowring

suggestion the other day in the

Course of Conversation which I think might

be

very reasonably acted

upon.

It

was

that

the accounts of Government should be

Kept in Dollars, as are

those of all Mercantile Firms in this bountry.

Set the Colonial Treasurer keep his

Cash Columns as now, and receive such coins

as, save under special agreements, local Ordinances or otherwise, cannot be refused

as

legal tender under the Proclamation above

alluded to, but let him

out his totals,

Carry

in other words keep his books, in Dollars, and not in Sterling...

J

would certainly advise a trial of this

plan, instead of making the Experiment of

on a dangerous subject.

doubtful Legislation

T.

(Signed) W. J. Mercer,

Colonial Secretary,

and Member of the Executive bouncil,

bolovcial Secretary's Office,

Victoria, Hongkong, 31th January, 1859.

[Turn over.)

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