, 1876-07-19
D L NJ E R A r A
From the ST, Tzome Tidende.)

tation of Mexican Dollars, amounting to a
quarter of a million, and that it was likely to
affect the market in some degree. In order
that there should not be a REPETITION of this
importation, which is believed to be injurious,
the Government has stepped in and succeeded
in getting a Bill through the Court of Policy
putting a heavy duty on all such importatiOns
The Co7oalst gives the following in relation to
the affair
The Attorney General moved that duty of
30 per cent, be put on all silver coins imported
except the silver coins which are legal tender
in the United Kingdom. The Committee were
aware that there had been considerable
importations of Mexican dollars into the colo
nv recently, somewhere about a quarter Of a
million having been brought. Mexican dollars
we're current under a proclamation which de-
clared them to be legal tender of the
value Of As. 2i. while their value in England
was about Cd. less. The amount at present In
the colony would do no great harm, but it was
desirable to prevent an excessive importation.
$3.50, 900 formed a considerable proportion of
the whole silver currency of the colony, andh
theyoontinued to be BROUGHT and oiroulatedat
their nominal value Of Is. I'd, which was not
their intrinsic value, the result would be that
if any silver was displaced it would be the
British silver, which could be exported with.
out loss. If they permitted this importation to
90 on, which was only profitable 10 consequence
of the depression in the value Of silver, they
would be burdencd with immense quantity of
Mexican dollars, which could only be exported
at a loss, and after all the British silver had
been exported.
Mr.. Smith could not agree with the opinion
that they could exchange tho silver they sent
ont of this colony for its full nominal value.
Silver in the British d0mlnions was only legal
tender to the extent Of 4Os; and how, in case
of their exporting a large quantity of silver,
they were to get its nominal value in s0Ve-
reigus he could not understand. lie was con-
WINGED that The Mint would do no more than
give them new silver coins for old ones. II
the dollars tended to keep som Of the small
coins out of circulation there would so far be
an advantage, for the difficulty Of counting
such a conglomerati0n of coins of different
values frequently led to loss. To substitute
dollars and The aliquot parts of dollars would
very much simplify the business of counting,
and business would go on in a much more
satisfactory way than at present.
The Government Secretary pointed out that
as soon as they sent British coin from this colo
ny the Government would take it at its nOmi-
nal value. Under those circumstances it was
not likely that the local banks would retain in
their hands English silver coin when they could
get it converted into its full nominal value and
invest it elsewhere. He doubted whether the
dollars recently imported we're legal tender,
as the Mexican dollars rendered legal tender
by the Order in Council of 1888 we're those
then in circulation, bat that was a matter for
the law courts. But supposing them to be le'
gal tender here, it was a fact that on being Ia
ken to England they would be worth I'D. each
less. As bullion their market value was 3s. Sd.
each, and the Mint would only accept them as
bullion. As a matter of fact the Imperial
Government lost considerably on their silver
coinage. lie thought it was oonclusively es-
tablished that the holders Of British silver could
not lose but thesa Mexican dollars, although
intrinsicaIly of more value than the same
weight IN English silver, were absolutely not
of 80 much value, because they could always
realize the full nominal or " face " value of the
English coins while of The others they could
only realize The intrinsic value. Considering
the large amount already imported, aud remem-
bering that the door was open for the importa'
ton of more, he thought it would be a wise
thing to put a vote on it.
Alter some further conversation, the resolu-
ton was carried mem. con-, that on silver coin
not coined within the Uuited Kingdom, a duty
of $50 be imposed on every 500 in face value
on every importation above $500.