CO129-114 - MacDonnell - 1866 [7-8] — Page 379

374

standard wo

the experiment with the first lot sent in the Government as they average the same ~

the Hongkong dollar and

by

any

divergence

the

apay before pouring into bars, this

can be checked and Correated

ov.

will if practicable, save cok and labor, and

probably reduce the total loss to 4 per Mille.

With

regard to the future I append

may

a

few remarks which

orr

present position.

So long

shew more clearly

Exchange is low the

Bankers cannot without loss afford to pay the 2 per Cent Seignorage because the Silver (which in Chinese trading Fransactions

amounts to no other consideration than the

Coin or mass)

quantity of pure silver in a Coin or

is just as valuable and will produce as

mugh tea or silk in the form of a thre of

бусел

as it will when coined.

It therefore appears that the Government: must for the present depend entirely on itself. for the introduction of the new Courage.

The

Mexican dollar required six years to become

established and altho the opportunity is favorable so far. the alteration of the Mexican Coinage

is Encerned

the

depressed

state of trade may for a time counteract any visible advantage.

The time for commencing on ~

undertaking of the kature of the Mint has been most unfortunate, the obstacks to

success in all new establishments are as

sufficiently heavy and trying but in this Case the Financial circumstances of the