CO129-116 - Sir MacDonnell - 1866 [11-12] — Page 260

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed

258

them than the Mexican, and the Public will not pay two per cent for the conversion of the latter into the former, nor will it purpose to have their Sycee answer their Silver so coined into British Dollars unless these two forms of Bullion should happen to be ruling much below their intrinsic value as compared with defaced or "chopped" currency, or clean coin happen to be bearing premium. The former of these two events is not likely (although it has been known) and should it recur, it could not last, because the very demand which conversion into Coin would create would at once restore Bar-Silver to its true value.

A recurrence of the latter contingency, not overlooking the fact that two coins would now divide its benefit, it must be remembered that the premium borne in 1862 and 1863 by undefaced Mexican Dollars over disfigured ones, was entirely due to exceptional circumstances, at that time prevailing in North China and Japan, which for the past twelve months have altogether ceased to exist.

Foreign trade with Japan first commenced in 1860 and speedily led to a vast demand for Mexican Dollars, because the Japanese, ignorant then of the suitability to their wants of Western Manufactures, would accept

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258 them than the Mexican, and the Public will not pay two per cent for the conversion of the latter into the former, nor will it purpose to have their Sycee answer their Silver so coined into British Dollars unless these two forms of Bullion should happen to be ruling much below their intrinsic value as compared with defaced or "chopped" currency, or clean coin happen to be bearing premium. The former of these two events is not likely (although it has been known) and should it recur, it could not last, because the very demand which conversion into Coin would create would at once restore Bar-Silver to its true value. A recurrence of the latter contingency, not overlooking the fact that two coins would now divide its benefit, it must be remembered that the premium borne in 1862 and 1863 by undefaced Mexican Dollars over disfigured ones, was entirely due to exceptional circumstances, at that time prevailing in North China and Japan, which for the past twelve months have altogether ceased to exist. Foreign trade with Japan first commenced in 1860 and speedily led to a vast demand for Mexican Dollars, because the Japanese, ignorant then of the suitability to their wants of Western Manufactures, would accept

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6. 258 them than the Mexican, and the Public the Sycee as to per cent for therefore will not pay two the conversion of the latter into the former, nor will it purpose to have their Syeee answer their ar Bar- Silver so coined into British Dollars unless these two forms of Bullion should happen to be ruling much below their intrinsic value with defaced or as compared "chopped" currency, or o clean coin happen to be bearing premium. The former of these two events is not likely (although it has been known) and should it recur, it could not last, because the very demand which conversion into Coin would create would at once restore or Bar-Silver to it's true value. a recurrence of the latter contingency, not overlooking the fact that two coins would now divide its benefit, it must be remembered that the premium bome in 1862 and 1863 by undefaced Mexican Dollars over disfigured ones, wa entirely due to exceptional circumstances, at that time prevailing in North China and rose into Japan, which for the past twelve months have altogether ceased to exist- Fareign trade with Japan first consequence in 1860 and speedily lead. to a vast demand for mexican Dollars, because the Japanese ignorant then of the suitability to their wants of Western Manufactures, would accept

2026-05-19 12:30:52 · Baseline

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258

them than the Mexican, and the Public

the Sycee

as to

per

cent for

therefore will not pay two the conversion of the latter into the

former, nor will it purpose to have their Syeee

answer

their

ar Bar-

Silver so coined into British Dollars

unless these two forms of Bullion should happen to be ruling much

below their intrinsic value

with defaced

as compared

"chopped" currency, or

clean coin happen to be bearing premium. The former of these two events is not likely (although it has been known) and should it recur, it could not last, because the

very

demand which conversion into Coin

would create would at once restore

or Bar-Silver to it's true value.

a recurrence

of the latter contingency,

not overlooking the fact that two coins would now divide its benefit, it must

be remembered that the premium bome

in 1862 and 1863 by undefaced Mexican

Dollars over

disfigured

ones, wa

entirely

due to exceptional circumstances, at that

time prevailing in North China and

rose into

Japan, which for the past twelve months have altogether ceased to exist-

Fareign trade with Japan first consequence in 1860 and speedily lead. to a vast demand for mexican Dollars,

CO129-116 - Sir MacDonnell - 1866 [11-12] — Page 260

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