dollar as determined by an ordinance of the same year, cap. 9, with the value in sterling, according to its weight and fineness.

"The guinea weighing 5 pennyweights 8 grains, was declared current at 23s. 4d. There was thus no difference between the intrinsic par of exchange when computed in silver, by comparing the current value of the silver coin generally in circulation with its value, according to the mint price in England, and the same par when computed in gold, by comparing the current value of the guinea of standard weight with its sterling value as issued from the mint. The monetary and the intrinsic pars also agreed.

"In 1772 the present Spanish dollar was first coined, and its weight and fineness were reduced; the former to 17 pennyweights 8 grains, and the latter to 8 pennyweights worse than British standard; its intrinsic value was thus rendered rather less than 4s. 4d. sterling; but as it took some years for the the old dollar to disappear, and the new to come into general circulation, the inconvenience arising from the consequent difference between the par in gold and the par in silver was not at first greatly felt.

"In 1796, the Provincial Legislature passed a bill for better regulating the currency; and under the mistaken idea that the mere declaration of the Legislature was sufficient to give a sterling value to a coin other than its contents in standard silver entitled it to, it was declared that the depreciated Spanish dollar, worth only 4s. 4d. should pass current at 5s. currency, equal to "4s. 6d. sterling money of Great Britain." For the avowed purpose, also, of preventing gold being exported, the weight of the guinea was diminished to 5 pennyweights 6 grains, while its current value was maintained at 23s. 4d.; the consequence was, that the intrinsic par of exchange in gold was different from the intrinsic par in silver, and both differed from the monetary par; and three different pars being thus established, the rate of exchange was liable to sudden fluctuation, and the silver coins, from the relative value fixed by law, necessarily drove the gold out of circulation.

"In another point of view, the operation of the law also defeated its object, as by reducing the weight of the guineas below the standard, a direct encouragement was given to export it to England, where guineas of standard weight could not be passed for more than 21s. sterling, while light guineas were worth from 23s. to 30s.

"Another law, repealing the ordinance and the act of 1797, was passed in 1808. The same error, in attempting to give

an encreased nominal sterling value to the dollar, and in diminishing the weight of the guinea, was then committed; to which was added an enactment permitting the current gold coins to be paid by weight, as bullion, in sums not less than £20 currency. Thus the monetary par remained at £100 sterling, for £111 1-9th currency. The intrinsic par in dollars was £100 sterling for £115 5-13ths; and in guineas £100 for £113 39-42. I would propose that the sovereign be taken as the standard measure of value in gold, and that it be declared current at 23s. 1d. currency; that the Spanish dollar be a legal tender to any amount, and that it be continued current at 5s. currency; that £100 sterling be declared equal to £115 5-13ths, Quebec currency, and that the current value of all other coins be fixed in proportion to their value at the mint in England, established by the mint regulations; and the assays made by the King's assay master in England, and the Essayeur du Commerce at Paris. The monetary par and the intrinsic par in silver would then be £100 for 115 5-13ths, and the intrinsic par in gold £100 for £115 5-12ths-making a difference in favour of the gold of 5-156ths of a pound sterling. The par of exchange with the United States would be, with reference to the mint regulations of the States, 5s. Quebec currency for the American dollar, 100 cents."

Upon the foregoing slender information, the committee felt themselves authorized to report, on the 9th March, 1830, the draught of a bill, together with the evidence taken before the committee.

The following is an abstract of the bill:

By the first clause it is provided, that from and after the passing of this act, £115 and 5-13ths of a pound of the current money of this province, shall be equal to £100 sterling money of Great Britain.

The 2d clause provides, that the following gold and silver coins, and none other should pass current at the rates following, that is to say—

OF GOLD COINS.

The British sovereign of standard weight, at 23s. 1d. currency.

The British half sovereign, at 11s. 6d. currency

OF SILVER COINS.

The British crown, at 5s. 10d. currency.

The British half crown, at 2s. 11d. currency.

The British shilling, at 1s. 2d. currency.

The British sixpence, at 7d. currency.

The Spanish milled dollar, weighing 17 dwts. 8 grs., and being in fineness 8 pennyweights worse than British standard, at 5s. currency.

The Spanish half dollar, weighing 8 dwts. 16 grs., being of the same fineness, at 2s. 6d. currency.

The Spanish quarter dollar, at 1s. 3d. currency.

The Spanish piece of 8th of a dollar, at 74d currency. The dollar of the United States of America, at 5s. currency. The half dollar of the United States of America, at 2s. 6d. currency.

The French crown, weighing 18 dwts. 18 grs., at 5s. 6d.

currency.

By the 3d clause-The before mentioned gold and silver coins, the Spanish milled dollars, the Spanish half dollars, the dollars of the United States of America, and the French crowns, are made a legal tender at the aforesaid rates, in payment of all debts and demands to any amount whatever.

By the 4th clause-Spanish quarter dollars and Spanish pieces of an 8th of a dollar, are made a legal tender at the aforesaid rates, in payment of all debts and demands to the amount of £10 currency, and no more.

By the 5th clause-British copper coins, it is declared, shall pass current, and be deemed a legal tender in payment of all debts and demands whatsoever in this province, according to the due and proper proportion of such copper money to the British silver coin hereinbefore mentioned; provided always, that no person shall be obliged to receive more than the sum of 1s. currency of this province in copper money, and that, in all payments not exceeding 1s. current money aforesaid, ten pence halfpenny shall be deemed equivalent to one shilling in British copper coin currency, and all lower denominations in the same proportion.

By the 6th clause-A sum of .................... is proposed to be appropriated to defray an expense which may be incurred in and about the importing from England into this province of any quantity of copper coin, of which it may be the pleasure of his Majesty, his heirs or successors, to order the coinage, for the purposes of circulation in this province, as current money of this province.

By the 7th clause it is provided, that the Receiver General of this Province shall, between the ......... day of ......... and the ...... day of ....... next ensuing the passing of this act, receive from all persons whatsoever, all such Spanish pistareens and French half-crowns as may be brought and de

.........

livered to him, and shall pay and deliver to the persons bringing the same, such sum or sums of the lawful currency of the Province, as shall be equal to the present nominal value of the pistareens and French half-crowns respectively so brought to him, that is to say, at the rate of 1s. currency for each pistareen, and 2s. 9d. currency for each French half-crown.

By the 8th clause it is provided, that from and after the said ......... day of ........., it shall be lawful for the Governor, Lieutenant Governor or person administering the Government, to cause all such pistareens and half-crowns to be sold as Bullion, or exchanged at the Bullion price for silver, and any loss incurred by so disposing of such pistareens and French half-crowns, shall be charged against the Provincial Revenue, and allowed to the Receiver General in his accounts of the receipt and application thereof.

The 9th clause enacts, that it shall be lawful for the Governor, Lieutenant Governor, or person administering the Government, to authorize the payment out of any unappropriated monies in the hands of the Receiver General, of such sum not exceeding the sum of £......, as shall be necessary for carrying this act into execution; and that the Receiver General shall lay before the Governor, Lieutenant Governor, or person administering the Government, when, and as often as he shall be thereunto required, a detailed account of all his doings under the authority of this act, and shall lay before the House of Assembly, a detailed statement setting forth all his proceedings thereon.

By the 11th clause-The Provincial Acts regulating the currency, passed in the 48th and 59th years of his late Majesty, George III. are repealed.

112

NO. X.

CURRENCY.

Money is the measure of Commerce, and of the rate of every thing; and, therefore, ought to be kept (as all other measures) as steady and invariable as may be.-Locke's considerations of the lowering of interest and raising the value of money.

THE SUBJECT RESUMED.

THE foregoing abstract is given as containing the ultimate results of the labours of the committee of the Assembly of 1830, on the Currency of the Province.

In point of fact, that bill did not pass into a law. A bill more partial in its extent, and differing in its principle, was subsequently introduced into the Assembly, passed the Legislative Council, and received the Governor's sanction. The heads of this last mentioned bill we will give at the close of this paper.

The subject was about the same time taken up in the Legislative Council, and a bill was introduced to assimilate the monies of account and circulation of this province, to the monies of account and circulation of the United Kingdom of Great Britain and Ireland, and to prevent the falsifying, counterfeiting and impairing the coins thereby made current, and for repealing the acts and ordinances therein mentioned, which was referred to a committee, whereof the late Hon. John Richardson was chairman, and his name affords a sufficient guarantee that the subject would be fully, elabo