It is so as to prevent their falling under any circumstances to a discount it should endeavour to do so by keeping the supply as early as possible in line with the demand to prevent any premium becoming attached to them. The inhabitants of a community will always demand a certain supply of the new coinage on which they legitimately expect to reap a certain profit when it is issued. And when it endeavours to enhance that profit by limiting the supply or any other consideration than that of the demand for it, it runs the risk of causing considerable mischief; and this, it appears, your predecessor has fallen into when he allowed the issue to be dependent on the rate of exchange.
MINUTE.
Mr. Bramston.
Mr. Malcolm.
Mr. Meade.
Mr. Herbert.
Mr. Lowther.
Lord Carnarvon.
108 of the 26th inst. The notification that tenders would be called for appears to have been done on a sound principle. I hope that this principle has been sufficiently appreciated by the Officers of your Department, and I instruct you to ensure that there are clear instructions that no subsidiary coins representing parts of a dollar be issued under any circumstances except in exchange for dollars of the same nominal value, and on condition that the Bank or other party receiving them undertakes not to dispose of them at a profit.
itte so as
to prevent their falling
Under any circumstances to a
discount it should endeavour
to
by keeping the supply an early as possible Ghid to the demand to
Brevent any premium becoming
Eltached to them. The
hants of a community will
ilways demand a certain
Supply of the all coinage on
which you. legitimately
preap
Peeps certain profit
in
int-when it endeavour t Enhance that profit-by limiting the supply or any
ker consideration than that- The demand for it, it mans ...with of causing considerable Mischief: and this enor your, redecessor appears to ha to have fallen into when be allowed the issove to be
dekin lent on the rate of exchange
1
Mor.
MINUTE.
Mor Kramston.
Mor. Malcolm.
Mr. Moeade.
Mor. Herbert.
Mr. Lowther
Lord Carnarvon.
108
of the 26th funct 8. The notification that #hap
teaders would be called
for appears to their
fagdan, untal principle. Comper has
that this per
hot bear hufficiently
appreciated by the Offices of your you!
& instruct you
and there
you will have the foodness
to isme mistractions that
no sabidiary coins reprecation parts of a dollar be isted under any column-
-stances except in
exchange for dollars of the same nominal value,
and on condition that the Bank or other party fat receiving them undertakes. not to dispose of them at
profit. It
A
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