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In regard to this I am to say that, having very carefully considered the arguments adduced in favour of this scheme, My Lords are of opinion that it would be sanguine to anticipate that an issue restricted within the limits which prudence would suggest in this case will be sufficient to make (except in the distant future) any appreciable effect on the redundancy of subsidiary coin, regard being had to the smallness of the sums which are likely to be available for investment after covering the issue with standard dollars to the extent of two-thirds.
In these circumstances and in view of the general objections to a Government note issue at the present time indicated in paragraph 6 of the letter under reply - My Lords are disposed to think that the proposed scheme would introduce a fresh complication and risk into the situation without sufficient compensating advantages, and They would deprecate its introduction accordingly.
I am,
Sir.
Your obedient Servant,
Walhalmer,
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