60
character. for it is equally applicable to all payments into the chest, whether of the Crown Agents or Bills in all cases of Commissariat even on account or the Post Office, because purchased at the 4. there must be a similar risk though those Bills be issued at the lowest current rate of Exchange, suing that a still lower rate might afterwards rule. Therefore if the Commissariat takes from any party a consequence which tests the force of the Treasury argument- and may be viewed as "a reductio ad absurdum" but so long as such Bill transactions are admitted at all, and whilst I am at liberty to use the Commissariat chest for remitting money to the Crown Agents, the reason for making a distinction between the dollars exchanged in the one case and those in the other is not apparent.
Here dollars at a higher rate and afterwards issue them at that rate as suggested by My Lords there would unquestionably be a loss to Her Majesty's Treasury. There can however be no certain mode of avoiding that risk however small- except by ordering a total refraining of all Bill transactions on the part of the Commissariat. It would appear that My Lords only notice a distinction where there is none, because My Lords express surprise that I should have taken advantage of facilities for a definite purpose.
12. I can only repeat that I conceived then and still conceive that what I could
60
character. for it is equally applicable to all payments into the chest, whether
of the Crown
Agento Cuses of Bills
in all cases of
Commifuriat
even
on account
or the Post Office, because
purchased at the 4.
there must be a similar riské
though those Bills be issued at the
lowest current rate of Exchange, suing that a
----
still lower rute might afterwards rule. Therefore if the lammifariat takes from any
party
a
consequence which tests the force of the Treasury argument- and
may
be viewed as
"a reductio ad absurdum" but so
• long
as
such Bill transactions are actmitted at all,
and whilst I am
am at liberty to
use the CH
Commisariat chest for remitting money
the brown Agents, the
reason
for making
مال
distinction between the dillars exchanged
in the
one case and those in the other is
rate than si und
not
apparent.
Her
dollars at a higher afterwards issue them at that rate
مان
suggested by May Lards there would unquestionally be a loss to Her Majesty's Treasury.
M. There can however be
no certain mode
of arciding that risk however small- except by ordering a tatel refration of all Bill
transactions
on the part of the
kommiferiat.
would
appear to
only notice a
Majesty's Treasury
Treasury however
see a
difference where
distinction, because May Lords
express surprise that I should have taken
advantage of facilities
purpose.
12.
given for a
for a definite
I can only repeat that I conceived
then and still conceive that what I could
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