CO129-114 - MacDonnell - 1866 [7-8] — Page 345

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an ounce troy which is about the equivalent

of 419 grains making the new dollar upwards

of 3 grains heavier than the average of

Mexicans and causing, as shown in the

table attached to Mr Kinder's letter, a

loss of $7.31 per 1000 counted dollars more

than is entailed under our existing regulations.

5.

The prospects of the Mint do not appear good

even under the most favorable circumstances, and since the expiration of the period for Coinage free of seigniorage

the mint has almost been at a standstill, not I believe because the dollars are not taken freely by the Chinese but because the loss already accruing in the conversion of Mexicans and bullion is much greater than any advantage the new dollar can offer as a purchasing medium, and consequently neither merchants nor counters have as a rule been willing to bear the loss.

If 419 grains were adopted instead of 416 this loss, at least, as the weight in counted dollars, would be still greater and increase the difficulty experienced in obtaining bullion.

6.

I therefore hope that your Lordship will induce the Lords of the Treasury to alter their regulations of 10th June last by substituting 0.866.66 of an ounce troy (this being the medium weight of the dollars already coined).

"I have the honor to be

Your Lordship's Most Obedient Servant,

Robt. Prank M'Callum

Governor