548
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D
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Adoption of English Coinage with the introduction of a silver coin say a dollar-
at a fixed ratio to gold. In other words fol- -lowing the system now obtaining in India which, put plainly, is a modified form of
bimetalism.
The arguments brought forward in support of
a "reform" of currency did not fallow the pro- -posed "reform" (or rather as the Chairman pre- ferred to call it "change") to its logical con- -clusion. No attempt was made to explain how the change in all its ramifications was to be carried
out.
The speeches of the advocates of change
were chiefly directed towards showing the many
disabilities and thoroughly well understood which have been, and still are, experienced, due te a continued depreciation in the value of
silver.
It is impossible to deal thoroughly
with such a complex question as a change in our currency, in the space of a short memorandum and I have therefore attempted to reply merely to the chief points brought forward by the advocates of a change & to show where it appears to me their arguments were neither convincing nor final.
Mr. E. Osborne in his opening remarks when proposing the resolution stated that a number of men deeply concerned in the welfare of the Colony and with large interests at stake, are most anxi- -cus for reform, but he did not explain how he considered the proposed refern was to be carried
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