, 1876-08-05

nohoI0Oto momOeF udS entered into details, Me-
the President. would, as be could not now reply
20 the general side of the matter. beg 10 offer
bis remarks In answer to the points specified
by the honorable member. These remarks
will be to the same effect az those expressed
by himself some 0 years ago, when o similar
case was under consideration 10 the Council.
4he question presenting itself 10 this Are
people to receive payments in o coin which
does not possess the value 1t represents: or,
are they TO refuse such coin, at all events at It's
full nominal values The American IS and so
OTIS. pieces, which at The time were worth 90
much. have lost 10 value all over the world.
and you can nowhere get the same articles for
that amount of American money, az you comld
previously. It Is a we'll known fact that Silver
10 diminished 10 value. even as an article OF
merohandlzej this is owing TO several causes :
nfstiy' the abolition in Europe of silver az q
Standard medium Of circulation and the adoo-
ton OF gold IN it's stead; in fact 1t has at pre.
sens only retained It's value less as none.
tary instrument than as raw material for. manu-
tacturing purposes, which 10 below the yalue
OF coin ;-seoondly the mines 10 North and
South America have produced much more than
before and lastly, which 10 chiefly appli-
GABLE TO America, the change introduced
there, whereby green-backs are being redeemed
Wlth gold, and which causes q reaction ON
But, be the causes whatever thew
may we LOOK to the value Of the coin only In
It's quality as q circulating medium. 1t Is we'll
known that the Danish Westindia coins ara Of
interior silver composition than the American.
Wnlon was done on purpose in order to prevent
their being carried out Of the Islands. az was
frequently the case befors the Ordinances Of
1902 ana the result has borne out the fhten-
hon or the Ordinance. Considering now. that
American silver nowhere can find q market. At
us fail nominal value, and that after being
Drought to st. Thomas it is shipped further to
snIS Island for the very purpose OF obtaining
lot IL more than 1t is worth, 1t would not do
FOR us here TO continue receiving 1T at full
value, without a possibility 0 ff61f6G Az optlat
for 1t again. lii St. Thomas, on aooonnt
OF the commercial relations the coins must be-
received, to soma extent, we, who are different.
~ situated, should prevent it's coming here.
10 81. Thomas, American silver stands mostly
5 10 4 per cent. below par, but now 1t has gone
down 70 ., perhaps even to 10 per cent. under
It's nominal value otherwise, 50 that instead OF
one dollar Ia American silver, you only get 90
cents, or less, In Danish silver or bills. It Il oF
course very tempting to parties to sell bills in St.
Thomas for American |siIverat that low rate.
and afterwards bring it here and put It In
circulation at full value, but injurious for others
TO takel 1t at that rate. It appears thatin West end
American silver was till very recently being
received at full nominal value, and as In Chris.
tlansted that coin passes only at a reduced rate.
purchasers resorted to Westend to make pur.
ohases. 1t was easy to be ~f0reseen, however,
that this could not last but meantime the cues
ton arose here and In St. Thomas if 1t would
not be advisable for the Government to make
use OF the power vested In It by Royal Resorips
OF l867-so as either to put a discount on
American silver or refuse taking it alto.
gether IN the Colonial Treasury. The cause
that led to the enactment Ia 81 of the Ordinance
OF 1899 concerning coins here was, that II could
not be known what amount of Danish coin was
required for the Islands, therefore it was pre-.
sorlbed that until further American silver TO a
limited amount could be received In the Trea.
sury, but 1t was not made a legal tender between
man and man. Now the abolition of this CLAUSE
cannot be said to have come suddenly on the
Publlo here; it should have been expected,
after all that has transpired. He GOULD not see
now 1t could be expected that the Government
should continue to receive that coin, at q value
above what it had all over the world else but In
West End and where it was f~oreseen thas
the same must soon ensue as O necessary
consequence. And after merchants here had
held a meeting and the Government also taken
Its stand, 1t could not be otherwise than that the
injunction to limit the receipt of American
silver to the prescribed amount must be the
forerunner of a final refusal to take it at all
Ii the measure were to answer the purpose, viz:
to avoid having the Colonial treasury OVER
II AAA