These processes have been gone through is not very great. It is to this circumstance that I attribute the fact that Mexican dollars can generally be bought in the markets of San Francisco as cheaply as they are, relatively to their intrinsic values.
The assertion as to the eagerness with which the Chinese take the subsidiary coin is best answered by instancing the state of the Colonial Treasury at the present moment - upwards of a hundred thousand dollars lying there, and the Colonial Government is obliged to borrow money at 8% interest to meet its daily disbursements. The Chinese will no doubt take a small quantity of the one and twenty-cent pieces sufficient to be an important element in connection with the success of the Mint, and any attempt to force the coinage into existence can only have the effect of depreciating it.
Having answered the various points raised in Mr. Mackenzie's letter, there is one other subject not mentioned in any previous correspondence on the Mint question to which I wish to draw attention. It is the mode in which the Chinese Government treats all gold and silver bullion passing through its hands. Mexican dollars are the Government currency of China, and I am given to understand that all silver of whatever...
these
proceses have been gone through is
not very great-
It is to this circumstance
that I attribute the fact that Merican
dellan
Car
generally be bought in the
martets of San Franciscs as cheaply
do
bou silou relatively to their intrinsic I
values.
The
assertion
as to the
eagerness
with which the Chinese take the subsidiary is best answered by instancing the state of the Colonial Treasury at the present
canage
moment - upwards of a hundred and le
thousand dollars wout
aw nav
lying there
and the Colonial Government is obliged
to borrow money
at 8%%% interest to meet
its daily dishusements - The Chinese
will no doubt lake a small quantity
of the bow and liventy cent fireces sufficient to be an im
285
hut not
portant element in
connection with the success of the Mint_ and
any
altempt to force the canage into
upistence cant
only
depreciating it.
Having sturs
have the effect of
answered the various
points raised in Mr. Mackenzie's letter
there is one
I belive in
an
other subject not mentioned
any previous correspondence
the Mint question to which I wish to draw attention. It is the mode in which
the Chinese Gor crument treats all com and silon bullion posing through its hands.
Maiquan Syere is the Governmen currency of China and I am givm to understand that all silva of whateon
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