On the part of Her Mjesty's Treasury. Deputy Commissary General UNIACKE and the Mint had been found perfec:y useless, as producing any saving or profit.
His Excellency then said it was important to know whether bankers could produce any rea- sonable ground far continuing the Expenditure of the Mint. Of all the Community they bad the greatest interest in supporting it, for inques. tionably its maintenance by the public afforded themin the course of the year many opportunities of making profit by turning, at small expense chopped dollars and old silver, bought at a dis- count, into good cein, At the same time, it was the duty of the Government not to consider the in- terests of any class, but of the public at large.
Mr. JACKSON regarded it simply as a matter of exchange, which had been so low during the past year that the bankers could not possibly Lorow any business into the Mint. But if ex- change went up there would be plenty of work for it.
Mr. DELBANCo suggested that each of the banks should contribute, annually, $3,000 to the maintenance of the Mint. taking their chance of their making profitable use of it.
Mr. KAYE agreed with Mr. Jackson, It was the exchange on India, and not on England; which affected the question. It was always cheaper to circulate Mexican dollars, and it must not be forgotten that bar silver acted as a currency. He considered it expedient for the colony that the Mint should be closed.
Mr. KRASSER seeing that there was no chance of exchange ruling higher, for some time to come, no work was likely to be given to the Mint.
Mr. BERWICK saw no prospect of the Mint paying.
Mr. JACKSON stated, that as a banker, he would be glad that the Mint should continue open, but as a colonist, he would say decidedly that the Mint ought to be closed,
His Excellency thought Mr. Jackson had pithily, yet completely, expressed the true bearings of the question in that last observa- tion.
Several gentlemen present then pointed out that they were somewhat unprepared for giving an opinion on the question, when it was put sa plainly as, should the Mint be closed or not 2 His Excellency, however, said that the matter had been under full consideration for at least a year and a-half; still, hefore taking any definite action, he would further consult with the Executive Council, as it was a very unpleasant duty to close an undertaking and admit the failure of a speculation from which so much had been expected. If the Bankers would agree to take over the whole establish. ment, the Government would consider a pro.. posal to that effect.
That offer, however, d'd not appear to meet the views of those present, aud
Mr. KAYE said it could not be accepted, except in the case of the Hongkong and Shanghai Bank, without reference to their principals in Europe.
We learn further, that when the gentlemen not belonging to the Executive Council had withdrawn, His Excellency, with the advice of the Council, socepted an offer of two Bankers to coin $500,000, and $200,000 in sub- sidiary Coins, an operation which would pro- bably occupy two months, as computed by the Master of the Mint, and thus afford to everyone concerned ample time to express their opinions, ip being the present intention of the Govern. ment to break up the establishment at the end of that period, if no reasonable ground for adopting a contrary course should then appear..
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