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Thia item ia filmed at the reduction ratio checked below/ Ce document eat film* au taux da rMuciion indiqu* ci-daaaoua. 10X 14X 18X 22X 26X aox ^ 12X 16X 20X a4x 28X 32X TIm copy filmad her* hat b««n r«procluc«cl thanks to tha ganaroaity of: Library of tha Public Archivas of Canada L'axamplaira film* fut raproduit grica A la gAnArosIt* da: La bibliothAqua das Archivas publiquas du Canada Tha imagas appaaring hara ara tha bast quality possibia conaidaring tha condition and laglbillty of tha original copy and in kaaping with tha filming contract spacif icationa. Original copiaa in printad papar covara ara filmad baginning with tha front covar and anding on tha laat paga with a printad or iilustratad impras- sion, or tha back covar whan appropriata. All othar original copiaa ara filmad baginning on tha first paga with a printad or iilustratad impraa- sion, and anding on tha last paga with a printad or iiluatratad imprassion. 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IMaps, platas, charts, ate may ba filmad at diffarant raduction ratios. Thoaa too larga to ba antiraiy includad in ona axpoaura ara filmad baginning in tha uppar iaft hand cornar, laft to right and top to bottom, as many framas as raquirad. Tha following diagrama illustrata tha mathod: Las cartas, planchas, tabiaaux, ate, pauvant Atra filmte it daa taux da reduction diff^rants. Lorsqua la documant ast trop grand pour Atra raproduit an un saul clichA, il ast film* A partir da i'angia aupAriaur gaucha, da gaucha h droita, at da haut an baa, an pranant la nombra d'imagas nAcassaira. Las diagrammas suivants illustrant la mAthoda. 1 2 3 32X 1 2 3 4 5 6 ngmm^^ ! Messrs. PK Laos A DECIMAL CUKRENCY-WEIGIITS AND HRASURKS. THIRD AND EOUllTH REPORTS OF THE STANDFNG COMMITTKE ON PUBLIC ACCOUNTS. pembws at C^wmtnittw: MesBM. William Lyoh Maokinzib, (Chairman,) DbWitt, Hon. J. Younq. Fiekib, Holton. Gamblb, Whitney Mattioi, Da. Masson, MoNOwriai, Patbiok, Db. Ouuikb, Soutbwiok, SOUX&VILLX, AND RaODKg. (^Mr. Mackenzie. J «/ •Amb, bs tfet f egralatitw ^e«wlils, to be |rinltb, 12!^ %y6l, I«5§. .^ i i%^ ^^ fc>'i* ■ QUEBEC: " PamWD BT LOVILL AND LAMOUREUX. AT THEIR STEAM-PRINTINa ESTABLISH- MENT, MOUNTAIN STREET. 1856. A DECIMAL CURRENCY-WEIGHTS AND mSURES. /tv THIRD AND FOURTH REPORTS or THE STANDING COMMITTEE OH PUBLIC ACCOUNTS lleiKlrers %l Connittet: SleMrt. WvLViKU Ltok Muckekzib, (CtuirmaB,) DeWiit, Hok. J. Toumo, FnKBrt, Hoiton, Quaix, Wjutket, Kutticb, Dr. Massov, MoNasif&is, Pxtbick, Dk. Cla&kk, SourawMx, SOHGBVILU, AND RbODXS. I'l f JV/r, Mackenzk^J •rbm^ ig % 3rtS»Ia^fte ^wtmHg, lo be $rintd>, 12lfe gijtil I«5ff. >-i^^> ^^^^^^^^^^^^p^ii^^^^^^w^* I ■ >»&tirrSD BY LOVELL AKD tAMOUREUX. At THEIR Btfiltt-PRtlTri^O fiStABLlBtt-^ MENT, MOUNtAItr STREET. 1866. :.; ' - ■ ■ -K-.- : ■, 1 , ■ ■ .' ,1 * ' ' " • " '• ■ , Circi i 1 1. I 2. J S. 1 r 4. ( ■» 6. I C.I 7. 1 8. 1 9. ' 10. ] 11. 1 1 12. J 13. ] 14. ] 15. » 16. 1 17. ^ 18. ^ 19.' 20. < 21. ] 22. ] 23. ^ 24. ] 26.] 26. '-"' ■ - ■"" >■'', 27.. •f- • 28. 29. 80. 81. 82. ■...,•" ■, •■•;■ -■■■■ S3. 84. 86. CONTENTS Tiiiui) ISri'ORT Ari'i:Ni .X 6 21 Circulnr on a riei'iiiml Curreiiey 21 ANSwrus TO Ciiicui.Aii, viz: — 1. Robei t Ik'H, Is^q., M. P., Liimiik Cnnty. . 22 2. Jnmes M.iii Fcnos, l^q , M. I'., Missisquoi Coiiiily 22 3. Tlii>in:is N'ati.v, Es<}., Accouiitiiut, Iie<5isltt- tive Assonib'y 21 4. Geo. Urowii, Ivi)., M. I'., Lamhtoii County. 24 5. Dr. VVni. Fori], Acooiiutiiut, Grown Luudii, Qiioboft 24 0. Willintii An.h'ow, Hs(]., A. M , Professor of M!itl\cMi!itics, McOill College 26 7. Williiiiii Siu'lio, Ksq., Molsou's IJauk, Moiit- rciil 2.5 8. T. Jloutliiilier, Ksi]., Colleetor of Custimis, Moiitieiil 2fi 9. T. S. lirowii. Ksq , Murcliiuit, Montreal ... 20 10. D. Loni Maeiliii^fiill, Esq., Bioker, Muut- icftl 27 11. William Diekinsun, Esq., Bookkeeper, In- spector (icinMiil's (.)ftioe, Quebec 28 12. John Doiigall Esq., Editor, Montreal Wit- n(^s:^, MiHitreal 28 13. Hon. William Hamilton Jlerritt, M. P., Linoolu County 29 14. Mac'kiiitcjs'h ■uul Walton, Merchants, To- vc-tito 29 15. John (ilass. Es(j, Harbor Commission, Montreal 30 16. Henry S. Seott, Esq., Merchant, Quebec. . 31 17. Wiliam Lyman & Co., Drug;jists, Mont- reiil 31 18. W. H. AVillson, Esq., Collector of Customs, Crt;-e llykert, Esq., Ageut, C(!iii>un'cial Bank, at 8t. Cathc in^s 47 45. John Smart, Esq., Cashier, Ni,^^fMr:l Dis- tiiet Bank, St. Cathciines 47 40. Rev. Joshua Leavitt, Editor, " lii>l<'pt'u- d.nt," New York 48 47. J. A Tidey, Esq , Norwich. Oxford County 49 48. HuL'h 0. Baker, E» tlu; Qattti shiill fi'uni time to time diioet. Sjriioti 'Jii'l is ill these words, viz : " Tlio dcnoininiition.-t of money, in tlio ciinTucy of tlii-i Province, sliall be pounds, dollar!), Bbilliii^'i^, pence, cents iind mills; the pound, sbilliiit; iiiid |)i'Mny Hball have, respoftivi'ly. tin.' siiiiu! proportionate valu''s as fliey now have, the dollar shall bi- onc-foiirili of a pound, tlie ei'iit shall bo one'liiindrcdth of a dollar, iiinl the mill oni'-lenth of a cent ; and in any statement as to money or iii'iney value in iiny iiijreenient, iniietment or lejjal proceediiij,', the fime in.iv be meutioucd and ilo.-ei'il)c(l in p luad-", sliiilirii,'s and pi-noe, or in dollars, cents mid mill.-, or in any or either of such denoiniiiatioiis, as imiy b« considered expedient." \ Disinc, the art of tenths, tcnchini^ bow to perform nil computations wliatsocvcr, by wliolc num- bers without fraetioua, by the four principal rules of common nritliiiietic, additi m. yiibtrai'tioii. muUipli- •atiuu and divisi'iu. The decimal system had no ade(piatc mode id' s iiind tilt the Arabic schciuu of nutation, or the exiM'cssinjj of numbers and ipnintities by (iu^ures, sujiplied the wuiil. J Sec Ajipt'iidix O. to Journal of Legislative Ascciiilily, Session lf-11. A Special Committee of the Assembly on liankiug, of which the Hon. F. llincks wji-" Chairman, ad- dressed eighteen questions to a nuinl)cr of goutlumen, iu July, ISJl, oi which the >.'imal Currency ■nob as Eu;^la'id nd^'lit adopt. John Pattiiu, Esq., Kingston, answered " No," and John (Ihiss, Esq., was " decidedly onposod" to it. Mr. Daviil Thorburn, now Indian Agent, admitted that Congress Cnrreney was "not only convenient, but easily understood." Mr. G. W. Wieksteed, Law Clerk of Assembly, thought " it would bo tiiuo enoufrli for us to odopt n Decimal Currency when England adopts it." Mr J. T. Brondgcest, Chairman, Board of Trade, Montreal, was "quite opijotjod to the currency of the United .Slates, as having two standards, g
. Kidout, Cashier, Bank of Upper Canrida. answered, " I woidl imt mI ]>t the Decimal Currency, nor regulate our circulating medium iu accordance with any law csla'll.-hed by the United States — but, should a Decimal Currency bo hercnftcr established iu England, we may then follow the example of the Mother Country with safety and advantatre." Sir Randcil|>h llouth saw no objection to a Decimal Currency, as an, abstract i/itesftou. Mr. B. Hall, t!ieu Collector of Customs, Montreal, was in favour of Ibitish Sterling as th;; money . (! li, C.istle, City Bank, Montreal, o )iiBi lered the United States Currency to bo ''decidedly prd'orablc to the introduction of British Sterling as the money of account,' Mr. Noali l-'icer, then Cashier Quebec Bank, replied, " Yea, it would be very dejirable to adopt the Decimal Currency in accordance with the United States." Mr. Henry lleMesurier, (Juebec, " saw no cause for changing the m">ney of account," and W. Bristow, Esq., then of Quobec, considered " the Decimal Currency very simple for calculation, but saw no necessity for its introduction into Canada." Mr. Anf account, it woulil cause great confusion, but "that if the ourrenoy of Canada wei'e assi'iilated to that of jihe United States, tlie difficulty of keeping a eirouluting medium would be increased." " Halifax [our- r«ocyJ would, politically, be more proper." I [kEI'ORT.] — COLONIAL, BBITI8II, AND FRLNCH CURRENCIES. tho subdiviMions of tho coin In circulation — that tliere is great diHlcuIty ia aJju»>t- ing ttiu Hiauiler coin:] to tliuir propurtionul rates in reference to tlie larger coins — and that the most obvioua measure for obtaining a currency on a sound and uniforju basis would be the adoption of sterling money and denomination of account; but that the constant Intercourse between the United States and liritish Provinces utfords a reason for retaining the Halifax money of account, with one pound as the unit, and coining at Her Majesty's mint a North American |)ound, containing 1U1.32 grains of standard gold. The Lords of the Treasury, by a minute of the 29th June, 1852, concur in Sir Charles Wood's views, and recommend that the gold unit be called " A Uoyal," " equivalent to four United States gold dollars," and be the standard measure of value ; that British gold coins be a legal tender at the rate of 24s. 4d. per iiovereign, and United States gold coina at 50s. per eagle ; that no foreign (including U. S.) silver coins should pass current, and Britisli silver only till other silver coins should be supplied irom England ; and, meantime, only for sums not exceeding fiOs. This arrangement would not, in their Lordships' opinion, interfere with the project of a decimal system of currency. The Privy Council of England are causing enquiry to be made as lo ihe ex- pediency of applying the decimal principle to their coinage, weights and mea- sures ;* and in August, 1853, a Select Committee of the House of Commons, of which Sir John Bowring was Chairman, reported, after a very full investiga- tion of the matter, that a decimal system possesses great advantages as compared to other modes of computation, which were " shown to entail a vast amouiu of *' unnecessary labourf and great liability to error; to render accounts nced- " lessly complicated; to confuse questions of foreign exchanges; and to be *' otherwise inconvcnient.''J; In the new French system, finally adopted in the beginning of the present century, the franc was made the unit both of coins and moneys of acctmnt : and is divided into dcchnvs^ of one-tenth, centimes of one-hnndredth, and miUinies., of one ihousandih of the unit. The smallest copper coin in use is of five centimes (twenty to the franc,) about equal in value to an American cent or a British half- penny. The silver coins are one quarter, one-half, cme, two, and five francs ; the gold coins twenty and forty francs. |j The standard in France has a decimal foundation — namely, one-tenth, or nine parts of pure gold or pure silver, and one part of aUoy, and the mint is dependant upon the Ministry of Finanre. The pro- positions which appear to find favourin Great Britain are, that the gold sovereign of twenty shillings sterling, (which is the basis whereon all the exchange trans- * See Ap|)c'iiJix, No. 3. f See A[)pei)iJix, No. 4, J Sixty-iiii\o y.virs sinee, Uic ITiiitid Stales Cotn^ress deelnroil that there ehoulil be but one currcccj of iii;cuiiuts, mid that its parts and tuidtiples should be iu n dccituul ratio. Sir J. Hipwiiai,' fstiitca. iu his Dociiiml Syatt'ui, tliat "Tlie narKms, whiclihavo adopted tl'.o doeimat jiystem, are Fram-e, llolinud, Sardinia, Naph'g, Home, Modciia, Grooeo, Belgium, Switzi'rlaud (in part), L inibardy. Tiisc^any, Spain, I'dliiitd, Japan, China, llussia, Zollverein (uietrieal iu weights and measures,) i'.irtU!,';il, Branil, Now Grauada, Chili, Mexico, and Columbiiu" I .Mr. John Qiiiuey Aiianis says of tho Freneh coinajro, tliat "the proportional value of copper fo silver is of ouo to foity, and tliat of billou to silver of one to four; so Uiat the kill '};raninie Bhoiild Tveigh I> francs of enpper eoin, 50 of tlio billou, 200 of the silver, and 3,100 of the gold coinc ; and the dexiiuie of liillou should weigh precisely two g;ran»me8." •' The couvonicnocs of this system are, the establishment of the s.ime proportion of alloy to boih gold and silver eoiui, and that proportion decimal. The established proportions of value between gold and silver, mixed metal, and copper coins. The adaptation of all the coins to the weights, in such manner as to be checks upon, and tests of each other. Thus the deeime of billon should weigh two grammes ; th« f : :i!io of silver, five ; the two franc piece of silver, nud the five centime piece of copper, each ten ; and the Jiiefraoopuioe, fifty." — Report, 1821. 8 [rEPOBT.'] A MONET HEASITRE ADTANTA6ES OF A IXECIMAXi CDRREHCT. actions of England with the whole worid rests,) should be the money unit, divid- ing it into florins or tenths of two shillings each;* and into 1,000 farthings or mills, ten of which would be represented by a silver coin called a cent (or hundredth part of the pound, equal in value to twopence and two-fifths of a penny.) Sir John Bowrin<; is of opinion that to use mixed metals in the coinage of this cent would afford very great facilities to fraud and adulteration. the Spanish piece of eight, which had been the coin most current among called it a dollar,f made it the unit or measure of their money, the When establishing a national currency, the people of the United States took them^ money, the unit both of coins and moneys of account, as the pound sterling has become in England since the coinage of sovereigns. Like the French, the Americans gave Latin names to the decimal divisions of their money unit, reducing the tenth of a dollar to dime^ the hundredth to eeMt, the thousandth to milled The legal adoption of a decimal currency and coinage^ of Kke denominations and value as that of the United States — — Would lead to greater accuracy in, and diminish the labor of calculations, to the extent of one-half, and in some cases four-fifths.^ The Collector of Cus- toms at Montreal, assures the Committee that in that department " the adoption " of the dollar currency would certainly efiect a great saving of time and labour;" and the Hamilton Board of Trade, "consider it most desirable to introduce decimal " notation into our system of accounts, and the general use in all money trans- " actions, as well as weights and measures." Collector Lawson> of Godericb, says that all invoices from the United States are in dollars and cents^ the conversion of which into Canada currency is troublesome ;§ — Would tend to the convenience of travellers, and persons engaged in ex- change operations, by facilitating the comparison between the coinage of Cana- da and that of other countries where the decimal system prevails ;ir * The Florin or Victorine is very nearly of the value of the latest coinage of American kalfdoIlar»- t From Thaler, German ; Daaler, Dutch ; Daler, Danish and Swedish ; Tallaro, Italian ; J)alero or J)uro, Spanish, meaning hard; Taler, Russian. The tJ. S. Dollarbears on its edge, •' One Dollar or Unit — Hundred Cents." Sir John Bowring says (see his Deeimal Systetn, page 224 r) " There are many desci ip- tions of dollars current in the world. The old Spanish pillar dollar, which has a peeulrar value in China, and the gold dollar of Spain ; the dollar of Mexico and the South American States, which vary slightly from each other ; the gold dollar of the United States, and the silver dollar of those States, which differs from the Spanish and Mexican dollars. There are besides, the Maria Theresa dollar, the Sicilian dollar, and at least nine dollars of Qerman States, differing frop each other in weight, and contents of pure ■ilver. None of the coins above numerated are identical in value, and confusion is always created when they come into concurrent circulation at the same place. Not one of them coincides at this time in value ▼itn that of 60 English pence." J "The dollar of Spain, divided into one hnndred cents, now established bylaw, is gradually •uperseding the ancient forms of villon rials and maravedis." — Bowring. I " A glance at the voluminous accounts and returns of the Custoni House Department in Quebec irill show at once the amount of labour that could be saved by thesubstitution of the dollar for our pre- sent currency." See also answers by Collector Bouthillier, page 26 ; CoUcitor Davidsu^i, page tl ; Air. Baker, page 61 ; Mr. Langton, page 60. Mr. Lesslie, Postnuister, Toronto, answers (page 88) that in the Postal Department tie operation* of the U. S. currency would prove very advantageous, as regards rating postage on letters, cheekmg letter bills and the account?, and by simplifying the process of reckoning would secure greater despakcU in th* office. § Mr. Saohe, Cashier Molson's Bank, considers the U. S Currency one ol tbe most convenient in the world ; easier in its operation, and iufinitelv less cumbersome and difiioult than any other known to him. He speaks from 16 years' experience in the finance l>i-anch of a department where the accounts were kept in army sterling. See answers, by M?. Sache, page 26 ; Mr. Merritt, page 29 ; Mr. Ferres. page 23 ; the Board of Trade, Quebec, page 72. ^ The quotation at New York of " exchange on London 8 premium" means that it is at 4b. 3d •terling per dollar. They start from a nominal par of %AAt per £, and then add 8 per «ient., which givea |4.80 per £, Why not call it 4a. 2d at ouoe t Taking standard silTer at 68. sterling per ounce in Nww I (( [report.] — ^UNITED STATES MONET Or ACCOUNT FOR CANADA. 9 — Would cause dollars and cents only to be used in book-keeping or account- ancy, whatever other coins might be in circulation. The Americans have eagles, half-eagles, quarters and dimes, but in accounts only dollars and cents are employed. Were England to adopt a decimal coinage, no other denomination > than the pound and mill would be used in the day-book and ledger. The French have^Napoleons and deniers, but only use francs and centimes in book- keeping. Russia has sundry coins of gold, platinum, and copper, but all ac- counts are recorded in rublss and copecks, a copeck being the hundredth part of a ruble. So, too, in Holland, guilders and cents are the only money designated in the columns of account books, although there are ducats, crowns and stivers in circulation ; — Would facilitate the education of the people, by introducing into the schools arithmetic made easy to the humblest capacity ;* — Has been adhered to in France, Belgium,! the United States, and every other country which has tried the experiment ; — Has taken place already in many parts of Canada ; merchants keep their books, railway boards transact their business, hotel-keepers and tradeis make out their bills, in dollars and cents ; bankers place the dollar on their notes as a regulating unit; the receiprocity treaty will greatly increase our trade with the United States, and our people are daily becoming more familiar with the deci- mal system in use there. The County Council of Lambton has recently ordered that dollars and cents shall be adopted as the system for keeping the county accounts, levying rates, &c.J Mr. Paike, Collector of Customs and Canal Tolls, at the entrance port from Lake Eric on the Welland Canal, is in favour of the currency of the United States, becausa of " the great extent to which business is already conducted in " that currency. He informs the Committee, that there were 508 vessels in the " Welland Canal trade last season, the Captains of three-fourths of which, being " Americans, do not understand our currency ; while Captains of Canadian " vessels understand pretty generally the decimal currency. The number of " vessels increase about twenty per cent, annually, and with American Captains " constantly changing, they cannot compute the Canal Tolls in our currency. "|| York ami Loadon, one dollar — 48. 2d., and therefore $4*80— £1. The par of exchange between two countries means the equivalency of a certain amount of the currency of the one in that of the other ; but if the standard in one country is gold, and in another silver, th^ par will vary with every relative varia- tion in the value of gold and silver. The increase or diminution of bills drawn by one country on another, and many other causes, affect the par. When wo see bullion shipped from New York to England, in large quantities, wo may be sure tlie exchange is against New York whatever the nominal par may be. Sir John Bowring, in his Decimal System, thug offers his views : " Were it only that the relative value of silver and gold is subject to perpetual change, it would b« obviously impossible for any country adopting a gold standard to ^x an invariable rate of exchange with a country having a silver standard ; but there can be no invariable rate even between countries which have the same standard, inasmuch as the demand for money in a particular place, and at a particular time, may increase or diminish its commercial value, without reference to its intrinsic value." * See answers, by Mr. .Tumes Mackenzie, page 68. The decimal system of coins and accounts would enable us to get rid of all the complications of etAnpound addition, subtraction, multiplication and division. Thus far the rules of compound arithmetic, reduction, and practice would be dispensed with, while a brief luultiplioatiou table would supercede tb« Ready Reckoner. f In 1820, the decimal system was introduced in Holland in accounts, and the French system of measures and weights, changing only the names; the pcmef answers to the French kiloqramme, and is the unit of weight — the linear element or unit is the elte, equal to the French metre, the florin»«ls. 8|d. sterling, is the unit of the money of account, and is supposed to be divided into lUO cents. X See Mr. Vidal's answer, page 56. y Our pound, Halifax currency, is the unit in account-keeping, used by the greater part of the peopl* of British America, but there is neither mint fur coining, nor pound, shilling, or penny coin, in thi> our- 10 [kBPORT.] — LEGISLATION FOR A DECIMAL CURRENCY. Should i I bo determined to adopt a decimal currency, it will he necessary when carrying the change into tfl'ect — 1. To re-arrange the terms of those pecuniary obligations which depend either upon iegul enactment, or on private contract, and are expressed in coins which would cease to have a legal circulation. 2. To revisse the laws imposing a tax on immigrants, and on shipping for hospital and water-police dues and Customs duties, converting the tarift' of speci- fic imposts into an equivalent in dollars and cents ; also to declare at what sums in dollars and cents, the coins and money of account of foreign nations, shall be computed at the Custom Houses of Canada.* 3. Till' pound in Halifax currency is divided into 240 pence, sixty of which, or 120 haH-peiice, are nominally equal to one dollar, and are represented in Canada by tlie only Canadian coins known, namely, topper tokens issued by cer- tain Banks. f All obligations expressed in this penny-loken (including its multiples and sub-multiples,) by the receipt of which as money, various portions of the revenue are, in part, raised, such as newspaper and letter postage, niilway, canal, road, bridge or ferry tolls, or freights, would require a re-adjustment. Where eu.sU)ins duties are now charged by the pound weight, the charge might be by the 100 pounds. 4. Another question concerns the compensation to be made to companies or private persons. t)wners of tolls on roads, bridges and ferries, or to railway com- panies eiiijtied lo receive mileage charges. A small increase on such charges might be sanctioned, for a short term, in any case where a decimal currrency would reduce the ajjfgregate receipts; but, generally speaking, a cent would be paid where a half-penny is now payable, and a toll of three pence could be dis- charged with five cents. The consideration of the question of a gold and silver standard, or a gold, or 8 silver sla!Klat\l, more properly belongs to a Committee on Finance than to a Committee on Accounts, but they are intimately connected with the proper organisation ot a Decimal Currency. England has, in turn, tried them alt.J renoy, nor Ijjis tlu'rc ever beoa. Allhi>ugli tlie lU'iuey of nccDiiiit is tlio siiinn in UiiSd n.n-tlioru c iloiiies, tlie stiind.if Is di" vulw ai'o nut idiiutiwil. so tliut tin.' use of coininun (IcnomiiiutiiHH in eiilciiliition liut mid'* to tlie coiii'ii>i.iii. A striiiiLTcr hus to tind out wli:it ooiii, tlu> eliciipost 1 1 \k> 1) iU','l\t in tiio nwi kuts of thti world, each Lt'^'islalure permits taxes to bo received in, or 4lebts to be liquidate i in, before lie enii set :i value iu excliaiij^e on our nominal nioucv. Xot Ions' since, Oatuida current brink notes were at a lieavV .i;«».,.....^ :. \' ... T 1. I .1 . ri 1 1. - . . 1 ' 1 .1 .1. 1 1.. 1 : :.. . 1 i.;..i. .. ,v.i . , i discount ill N'ew York. Ijceause they could bi' re leenied at th;i banks lioro in eoin.s to wliieh a lal.-ie nni delusive v:iliie !i;ul licn alKxedby'tlie Lcfjislature. To stam|)on a wei^'bt "ounce troy," altlio it, contaiuejl but 470 ifraiii.^. wo\ilil persuade no intelii;;ent foreii,'ner who niiifhtbe asked to allow the specie or bullion olFercd liim in payiiieors to be weifjhod by it tli.it it really was an ounce troy I'f 180 grains. See als 1 answers, by Mr. James Mackenzie, page 5S ; Mr. Leuvitt, page 48. * See Collector Duuscomb's answer, page 46 ; also Appendix, No. 2., Iteing a table of currcneles. t Mr. Adam Ainilie, of Gait, complains (see his reply ti> the Oomiiiittoi!'s Oji'cular) Ihatonr progress ia currency niitVers is slow. It is but a few years since, in the British Iv-wciiefruei', tlie i)eri)ie.\inL'and b"- bar Btca( (see Ins answer, I Amerie;>, eiinbo:isl of a Currency of its own. it is at once m;irvellousanl huniiiialing to think thitaeoun- tr^' tillinif s i lar^^e a sjiai-e in the Map of the World as Canada. i)ossessed of a soil so fertile, sncli b undless and valualiii- forests, ^ueh mai^iiKieent inland seas, such noble rivers, such illiniitjilile watcn' jiower. such nn extensive ccrMinieree. .'in 1 eontaininc; such an enterprising raid eiieigetie population, wilh powers of self- governnieii*. shonbl not (witii the except ion of the l^ennytoken of iL'o Upper Canada Hank, and the oit'rlie in South rv.,,.!. I. I I' .. .1 1' :t :i:. .1 ..■..! I'l li :i:..: i. . 4 1.:..1, < l. . pel as (( [report.] — GOLD AND SILVER AS MEASURES OP TALUE. 11 ssary Congress, in 1853, issued half-dollars, which contained only 102 grains of standard silver, being a reduction (or seigniorage) of near e-even per cent., and quarter-dollars in the samr oroportioti. These coins are only a legal tender in the United States for fi\v' iars and under; and the weight of the standard sil- ver dollar, or unit, reniaisi ;is in 1837, at 412| grains ; before 18:37, it contained 416 grains.* Ill India, in 1835, silver was made the legal tender; and on January 1, 1853, Governiiicnt iriivc notice that gold would not be received on account of taxes or any payinoiits due the public ; silver is, therefore, in law and in fact the sole legal tender there, f It has always been the standard of value. " Tiie value of each of the precious metals," says Macculloch, " is liable to " perpetual changes. And hence, how accurately soever their proportional value, " as fixed by the mint regulations, may correspond with the proportion which they " actii.iliy bear to ciieh other in the market, when the regulation is made, the '• chaiici>s are ten to o:ie, that it will speedily cease to express their relation to " each other. But the moment snch a change takes place, it becomes the obvious " interest of every one who has a payment to make, to make it in the over-valued " meta! ; wiiieh eoiiseciuently becomes the sole, or nearly the sole ('urrency of the " country. Hence the reason why the coins of some countries arc almost wholly " of silver and others almost wholly of gold. "J In li ^'isl,ltilla; witli peforoiice to ei)iu(igo aiKfcunpiioy, it ought never to bo foi'jjotton tliiit tlie intrinsie value of a eiiii i)y no tn 'uiis estal)lialio.s its cxchnwi'uible value : habit ofton gives to coins, of a pai'ticular niiutago, uii uni-eal aii'l almost e.iprieious value. — lb. * Howriiig s:iys, tliat. practicallif, the Mint Law of the United States, passed in 1RR4, based ita Curreu'.'v on a gold stan.liird. The gold eagle (§10) is worth now (IHS."!) £2 Is. slerUng, -which is equal to a little over -Js. Id., wiiilo Me^cieati dollars feteh (in London) 48. 2d. each, or .Is. Id. jjor ounce. People will pay in wiiatever legal coin they can get cheapest. Before 31st July, 18^4, the gold eagle contained 246 graias jiiirc gold ; ai'ter that only 2o2 grains. iSlr. .S. I'aylor, Mruia.'ei- of the IJaiik of 15. X. Anie:iea, Kiiig.ston, goes into the question of currency in detail. IIo says, '• The Provincial dollar shituld, in my opinion, be a gold coin; l)\it, whether gold or silver, sli'uld be of the sr.me intrinsic value as the (jold dollar of the United States, that is, the tenth part of an e,iL,'ie.'' IIo wishes all those American coins, which harmonize with those in use in Canada, to be made a K',m1 tenter — lepieciated half-dollars, Ac., it is presumed, only for a small amount — iu order to wvxble th' H.inki of Canada to replenish their vaults with speed and certainty, auJ to facilitate commer- eial trans.iclions. Sec his answci", page 42. \ We do not know that there are any mints for coining metals iu the foreign dominions of Euglaud, oxcept two in India, one of which, located in Calcutta, is (lerhaps the most splendid establishment of tho kind in the woid 1. Walt it Bolton received $l,50l),U()a for the machinery only. Two |ier cent, is charged for coiniiii,' standard silver, while in England, where silver is a legal ti-nder to only £2 iu amount, tho gcigiiioraije is (> t" S per cent. If Canada resort to a decimal .system the expense of u mint mi, 'it be dis- pensed with liy purchasing certain American coins, an 1 bargaining with the Uritish (ioverur icnt, or an mdividnal in Britain, tosupply the Colony with certain silver coins of a given weight, tinciiess iuid valuc,at ft farliwer rate for c. linage than the ruinous prices now paid for British shillings and sixpences, or Ameri- oan dimes, half-iloilars and quai'ters, coined too light, to secure them from being exported as bullion. jj. Dictionary of Commerce, page 322, Edit, 1854. tn IAm.icc, .iwin,' t > an ovv'rvaluition of rilver bv tho mint regulations, the franc superseded tho g lid c li'is. and bee ime the standard of value. In the United States, while they wore yet Cdlonies, the (lollar iia I been ovci'vilue 1 f )i' eirculatioii, and hul superseded all other coins; iheri.'foro the dollar, as the pi'isii'il stin lir I to wliieh all contracts referred, was adoptcil as th ■ unit of account. {Sec remark* th gold and silver should be the standard ; or gold alone if British •terling became the currency. — Collector Hall was for gjld alone, and Cashier Cameron, Toronto, for a gold and silver standard. Mr. Noah Freer recommended silver as the standard, the dollar at 59. currency ; Cashier Simpson, then of Qucbao, thought that both gtld and silver should be the standard ; as did Hon. If: Walker, ▼aluing the sovereign at 24s. 6d , and British silver at au advance of 8 per cent. — Mr. T. B. Anderson, Montreal, replied, " g')ld," as did Mr. T. A. Young, Quebec. — Hon. John Neilson answered, " according to the standard of England or the United States. — Mr. Win. Bristowe would recommend silver, including, however, the English sovereign and American eagle, and their parts. — Mr. H. LeMesurier said, " silver ■bould be the standard." A Single Mbasube of Valor — Mr. Oeorge Tucker, Philadelphia, June, 1852, wrote an essay in Hunt's Merchants' Magazine, recommending silver as the only standard of value, because the silver dollar u the money of account in the United States,— the popular standard by which gold aud property is mea- ■ured — and because silver is less likely than gold to alter in value— because gold is far more likely to ile- preoiate in value than silver, the Russian, Californian, anl Australian mines yielding six or seven times as much as all Europe and America produced thirty years since, aud bidding fair to increase their supplica tenfold. — Because in that large class of contracts in every commtmity which endure for many years it is de- sirable to have as unvarying a measure of value as possible. The discovery of America reduced tlio TOlue of gold to one-third, and silver to one fi>urth — but if gold were to be agaiu reduced to the propor- tionate value it held before America was kuowu. during "2,000 years, namely, about teu to one, then the holders of perpetual ground rents, of public debts, and all fixdl dues in money, would lose a thii-d of what they had contracted to receive. A large addition to the supply affects the price of everything, gold inclusive. • CuRREycr Of Oavada.— The statute, chap. 158 of 1853, which came into force in \8r,i, now re- gulates the currency, thus : Gold. — The pound currency is held to be equal to lOli'jfe'^ grains troy, of British standard gold, the dollar, one-fourth of the above weight, and if the Queen direct other eoi is to be sti-uck at the British mint, they are to be of proportionate weight aud fineness. Tlie pound sterling is to bo £1 4s. 4d., or $4 86|, for_ which sum a sovereign of full weight is made a legal tender ; and other British gold coius in proportion. The gold Eagle of the United States coined before July 1, 1854, weighing 270 grains troy, is a legal tender for $10 66J ; the half Eagle for half. The gold Exgle coined after July 1, I 854, weighing 25C grains, is alegjil tender for $10, and its multiples or halves for proportionate sums. _ The Queen may declare the gold coins of other nations a lawful tender, iu the proportion of 92j^J^ grains of pure gold to the pound currency. No authority is thus giveu as to 'heir silver coins. SiLvca. — Tlie following silver coins are a legal tender to the amount of §10 ; but the holder of the notes of any person or corporation, is not bound to accept more than $10 iu such silver when he pre- •ents, at once, for payment, any amount of such notes, although they should be for %\, $2, $5, $10, or over or under $10 each Gold is made the standard of value. Until otherwise ordered by royal proclamation, the British crown, half-crown, shilling, sixpence, and all other silver coius current in Britain, while lawfully current there, shall pass iu Canada, for sums in currency, equal in the proportion to their nominal value in sterling, at $t 80 J or '24s. 4tl. to the British pound ; that is to say, the crown for 121.333 cents, or 6s. Id ; the hUf crown for 60 606 cents, or 3s. Ojd ; the florin for 48.066 cents, or 2s. Sjd ; the shilling for 24.333 cents, or Is. 2Jd ; the sixpeuee for 12.108 •ents, or I^A. In change the public lose 8d on the £ sterling, besides another \A\i\ levied for stamping; add to which the fact that an immense sum in silver almost worn smooth has been sent into circulation among us, from Britain and the United States. _ The Queen may issue new coins of different weights, but having a proportionate value to the above. United St.ates dollars, half-dollars, and other silver coins, and the silver coinage of all nations other than ^"S'^nd, are not a legal tender for any amount whatever in Canada. The staudard here, as in England, is exolusively gold ; while that of the United States is mixed, or gold and silver; Bowring favjrs a binary standard. England is allowed a commission of 6 to 7 percent, for sup]3lying us with her silver coins ; for, at 6s. 2d. sterling the nunce, the half crown is only worth 28. 4.18d in gold ; and where the mint buys standard silver at £3 pei lb. or 5s per ounce, and tlien •oins every lb. into 66 British shillings, 6s. are levied from us Canadians for stampmg the other 60. Even at 6s. 2d. per ounce, one pound sterling iu silver, which passes in Canada for five dollars in change, u worth but 18s. 9^d sterling, or under 23b. currency. The copper coinage of England is made a legal tender at one half-penny for one cent, in payments of 12 pence, currency, and there is no other. Such coins are issued at 76 per cent, above their value ; copper worth $100 being issued at $178. Surely such an injurious and damaging system cannot be too soon set aside ; we are perfectly safe in Canada with such money standards as twenty-four millions of Americans use in valuing their propertr and labour. Silver is still a standard of value throughout the Union ; here it is no longer so, althougn many payments are made in British shillings, far above the intrinsic value of the coins with which tha payments are made Habit and custom, more than reason, seem to regulate such transactions. See No. 6, Appendix, page tl, relative to the Upper Canada ataudard of value, 1836. See also paga 71, Note, "Opinions on the currency of Upper Oanaoift, 18U0." 1 ' eagle ; silver [report.] — A PROTINCIAL COINAOK AND CURRKNCT. u it for five e same as and six- tlie mixed '■ standard of u if British I'onto, fur a er Simpton, IK Walker, . Andemon, " accordiujf r, including, lid, '* silver in essay iu lilvcr duUar 'City is niea- ikely to de- seven time* icir supplic* irs it is do- •oduced the the prop'ir- i) one, tiien e a third of r-thiug, gold 54, now p«- J gold, the ihe British . 4d., or $4 lid cuius in , is a legal lighiug -JoC der of the eu he pre- 10, or over lence, and jr sums in ;he British r 3s. OJd; for 12.1(56 stamping; cirouliition the above. Dther than mixed, or i)f 6 to 7 ra is only , and tlien other 60. in change, yrmcnts of i ; copper ly safe io property nlthough which th« pences should be valued at 25 and 12^ cents, to prevent their exportation, and made a legal tender to the extent of ten dollars. The efTect of overvaluing cer* tain gold coins would be to make them the sole currency of Canada, and to drive a large share of our paper currency out of circulation in the United States, because it would be no longer redeemable in current money. [The circulation of a light or debased silver coinage will become very extensive in a country where bank notes of one, two, three, four, five and ten dollars pass as money, if such light coins can pay one to ten dollars in any case of debt.] Mr. McCuUoch reckoning standard silver at ds. 2d. sterling the ounce, values British shillings at 11.27d., and sixpences at 5.63d, in standard gold, equal to 18s. 9^d for a pound, or about £93 17s. for £100 in mint silver. Mr. Abbot Lawrence, estimates the depreciation or debasement of British silver at about sixpence per ounce.* Of the gold coins of the United States, the largest number consists of the half eagle ; in Britain, the gold sovereign ; in France, the twenty francpiece. Of large silver coins, the United States coin most half-dollars, and of small silver coins, * See Mr. Buchanan's answer, page 40 ; and Mr. Baker's, page 61 ; also, Appendix, No. 1, page unting freely. The importation of specie from the United Suites has always been a regular matter of business for the Banks, accompanied by an expense greater or less according to tha rate of exchange on London at New Vork, besides the cost of freignt, — and this continual importation ia of no manner of use to the country, for it never circulates among the people, but its use is merely confined to meet the American demand for export; whereas, had we a I'roviucial Coinage, large sums in gold and ailver would be in the hands of the Canadian public, and would freely circulate throughout the country along with the Bank notes, and would form with those notes the daily Bunk deposits, and the trade witn the United States would then be carried on by drafts as it is with England ; for the gold and silver coina of Canada, being of the same fineness as those of the United States, would not be sought after, becauaa they would not l)ear the cost of recoinage at the mint of the United States. The want of a Provincial Ooinage considerably retards the prosperity of Canada, and, besides being the cause of imposing a uselna •xpense upon the Banks, by losses on exchange, for the advantage of Foreigners at New York and \h% amployment of American Express Agents for its freight; we, in some measure, lose our national characte* b^ being obliged to depend upon the mint of another natioa for our metallio oiroulating medium, whiah ve no Booner get, than they vary cooly take away. also page 14)' [rKPOIIT.] A DECIMAL AND DUODECIMAL CURRENCY. most dimein, while England coins most shillings, (21.8 ;) France most of llie franc piece (IS. 6.) The smaller ihe coin the more payments il will make, and the more time it will lalio to make them. The larger the coin the fewer payments it will make, but it will take the less time in counting the pieces.* The llcv. .Joshua Leavitt, of New York, while bearing testimony to the ad- mirable qualities of the decimal currency for records, correctly asserts that for small circulation and payments in marketing, huckstering and the like, a duode- cimal coinage is also wanted, and preferable to the other. These small trans- actions of daily life, far out-number the dealings of commerce. f 'i"he deci- mal currency admits of but one aliquot division — into halves — but the New York shilling, o: eighth of a dollar, can be divided into sixths, quarters, thirds, halves, &c., and although Congress has never coined any shillings, the American people during 60 years have clung to their well worn shillings and sixpences, perceiving them to be a great public convenience. Your Committee are of opinion that coins representing the eighth and sixteenth of a dollar are •Mr. Wiiilfjett, of the Sinithson lustitution, Wasliington, piepnred the follnwing caluulations, iu 1852, by (li'siro of tlio Committee ou Finance in Congi't'ss : The several paymcuta within §luO, which can be made by each of the gold coins §20, $10, $5, and $2 60, are aa follow : $20 piece— 20, JO, 60, 80, «tc 6 $10 " —10, 20, 30, 40, 50, Ac 10 |5 " —n, 10, 16, 20, 25, Ac 20 $2 50 " —2 oit, 5, 7 50, 10, Ac 40 The distinct payn;oiits hv the first and second are identical with those made by the second ulone, aa 10, 20, 30, 40, Ac' 10 ' By the first, second, and third, 5, 10, 15, 20, 25, &c 20 By the first, second, third, nad fourth, 2 50, 5, 1 60, 10, 12, 50, Ac 40 The wh'jle number of payments by all these, in undivided numbers, is but 20 — the ?^2 50 coin, addii)g fractional payments only to those inude by the first three. The proportion paid by those coins is, there- fore, but 20-lOOtlis (if possible payments, either in whole or fractional uumbcrs, A ?3 coin would pay 3, 6, 9, 12, 15, Ac 33 Of which 3, 6, 9, 12, 18, Ac., are new 27 The first four, with the §3 coin added in various combinations, would pay, in new payments, a» follows : 3, 6, 8, 0, 11, 12. 1.1. 14, 16, 17, 18, 19, 21, Ac 76 And with the 20 previously paid 96 ■ Leaving unpaid tlie numbers 1, 2, 4, 7, (4-100th8,) which may be readily paid by exehanj^o. The several payments within $10 which may be made by coins less than f^l, anil including .$1, are nt follows. (In cents, making 1000 payments:) By $1 00.... 10 By 50 20 Adding 50, 1 50, Ac 10 By 25 40 " 25, 75, 125, Ac 20 By 10 100 " 10,20, 30, 40,60, Ac 80 By 05. ...200 " 5, 15, 35, 45, 66, 65. 85, Ao 80 By combinini? the ten cent piece with the higher coins in the same series, all tlie payments made by the five cent piece are readily made, except two, (5, 15,) and the siun of payments in this way by the first four is 1 98 And by the first four, with the five cent piece 200 By the three cent piece alone, there are made 333 payments — of which are new 3, 6, 9, 12, 18, 21, 24, 27, 33, Ac 266 By combination with other coiua, it pays 996, or all possible payments except four, (1, 2, 4, 7,) which may readily be paid by exchange. •j'la the Treasurv Minute of 29th of June, 1852, it is stated, that with a view to the limitation of the amount for which the light silver coins of the U. S., struck under a recent law, and other silver tokens, are a legal tender, and to keep the circulation of such auxiliary coinage within a proper limit, and subor- dinate to that which is to form the standard of value, it is desirable to retain the power of supplying such amount of silver coin as may be required for the retail trade of British North America, in the hands of the British Oovernmcut, acting in communication with the local Governments, " and that uo foreign silver coins, therefore, should be admitted into circulation after the establishment" of their pi-oposed sys- tem, under which their lordships propose to coin a colonial halfcro\?h, equal to on American half-dollar, and no larger silver coin — also shillings (20 cents,) half shillings (10 cents,) and quarter shillings (5 cents) currency, " ijecause, in the event of the proposed decimal system being fully carried out, it will be Dece»^ •ary to divide the shilling into ten instead of twelve pence : the half-penny in that case would be equi- Tolent to the cent" [report.] — MEASURES OF WKIGHT, LENGTH, AND CAPACITT. 15 indipponsable in small transactions in Canada, and that the smooth Biiti.>jh six- pence's will coniiniip to pass extensively as the eighth of a dollar, unlcfH u better coinage is provided.* WEIGHTS AND MEASURES. Although no questions were asked by the Committee relative to weights or as to measures of length and capacity, a number of the replies to its circular, urge the application of the decimal system to weights and measures, a subject within the scope of the general order of reference. Mr. Bell, of l^anark, admits that the French decimal metrical system is the most rational,! but is probably correct in adding that its introduction into Canada at present would be a work of dilliculiy ;f he suggests that the avoirdupois pound in weigliis, and the * See Ml-. Loiivitt's nnswer, page 48 ; iilso, Mr. Lnngton's, page 60. " Uriti.'li sliillinga iiiiil sixpunocs conftitiite lit j)rc8ent nlinost exclusively the silvor currency of Canadii ; iini.l until substitutes are applied,'' Cashier lloss, of Kingston, "cousidcrs they sliuuld be allowed to remain current at their present values." See his answer, page 38. Mr. Davidson, Bank of B:' N. A., Montreal, says, "The onlj- silver coins which ci'.'ouliite in Canada to any extent, arc the British half-crowns and shillings, both very unsuitable and inconvenient coins." t See answers, by Mr. Bell, page 22; Messrs. AV. Lynian & Co., page 31 ; Collector Davidson, page 41. X WEicnrs AND Measures of Lower Canada. — Lower Canada has a French acre and an English ncre, — a Freneh foot and an English foot, — a French (niinot or) bushel (not used in Fi'unco.) mihI an Eng- isb bushel (n to 119-6 square yards : the Decare, ^ to 1 196 square yards : and the Hectare, -> to 1 1960'46 square yarda, or 2 acres, 1 ri, 36 perches. As one is to 1*1363 so is the English square foot to that of Paris. \ The twenty shilling piece, or gold sovereign, eontains 123-274 grains of standard gold, or 8*274 grains more than a quarter of an ounce, troy. lit reduced to 120 grains, every four sovereigns would weigh an ounce ; and it is much to be regretted that coins of the weight* most commonly in use are not adhered to. They found it very difficult at the Bonk of England to calculate the value of bullion by lbs., ouneM^ pennyweights and grams, of so many (Abyssinian) carats and fourths of carats in fineness, and at the rate of so many pouuds, shillings and pence per lb. As a remedy they discarded the lb. Troy altogether, made the ounce their standard unit, and reduced its fractions by tenths, calculating also the value in money by the aid of decimals. Parliament has since legalised this common sense improvement. Who would not rather multiply by £12999 than by £12 19s. 91d. I If we sit down to ealeulato how much in the £ is £43 17s. 4|d. per cent, it takes 43 figures to answer by the English monetaij system ; but written in decimals the figures Uiemselves answer — the sum is £48-869 ; the percentage *488, ^ 8s. 9id. §UNiroBif Stamoabd Wkiobt ro» Obun, Fdubaiid Snns in Lowxb Canada. — Ur. Hoogauuii* •tetaUi paM«d December 18, 1864, declaret, that "out noiform •tudard weight" for grain, puutaDd [rEPOKT.] — FUENCn BECIMAL METRICAL SYSTEM OF WEIGHTS AND MEASURES. 17 cubic iiiclic" , he iinpcrml standard bnslicl 221S'102. Nincty-oiu,-1it Winclic:G Ibi., and the (inartcr-huu.lrcd of 23 ll)s., should be suj^-rsi-dod l)y wcitilits of 2,000, 100, ')0, and 2') 1!)3. If a firiiii-r sell his beef, dres.^e I hogs or other produce by the hundred of 112 lbs. at, say 37s. Gd., it takes a tedious cal- culation to ascertain the rate per lb., l)ut were net \vci;j;Ius and a decimal currency adopted the price for 100 lbs. would at once indicate 7^ cents per lb.* No. 1700 the Constituent National Assembly of France proposed to call for- ward a concert of all civilised nations to cstalilish one uniform system of weights and measures for the world ;t and 13orda, La])lacc. Lajiranfie, Monjfe, and Condor- cct reported, ^larch lO, 1701, (Ol years a^o,) as the natural stimdiU'd of linear measure, a (piarter of the mcridir.n, and that the ten-millionth part ;)f the distance from the e(pi'.itor to the North pole, as ascertained by actual measurement of an arc of the meridian, being 30 ,■,,',,',, Englisli inches and called a metre, should be the standard unit thereof; |' Jis also lhi\t the uei;.!,!it of distilled water at ilie point of free/.inL;, nie;:snred by- a cubical vessel in decimal proj)ortioa to the length, should determine the standard of weight and capacity. || seeds n i!rii"I, in brtli Cinadiis, bfiiif; very ilf.siriiMe, tin' iiiuvlsioiis of M.r Sli:nv's Giniri Act. ff l-Jth of June, 18')"., ;iif to 111' I'xteiiilod tt> Lower Oaiiiidiidti M;iy 1, 185,5. Tlie followiiiij sfmidiii'd of wiidit ii* tlifi'o- fdi'e cstiilili.Hlii'il ill liotli (?iiniidiis, viz : tlio followiiij,' woiifhts are cfuml to a Wiiichi'^ter bu.-7:i; on the other hand, the troy lb. contains but 5,7(')0 troy gi'ains, while the avoirdupois lb. contains 7000. The more the Logi.slalure simplify the plau of weights, measures, coinage, and currency, the easier will it bo for the great majority of the members of society to calculate and comprehend what is now intricate and perplexing. Decimals are the true remedy, aud France has the rare meiit of having been iirst among the nations to place cuireucy, coinage, weights and measures upon a simple basis, easily undei'st pod; the first to give a nomeiiehitnre to chemistry in accoi'danco with nature, and to reduce to a regular system and codify the bidy of the law. Tiie old l''ien;^h foot (/jic(f(/!; ro'') ^vas divide I into 12 iueh.?s, 1-14 lines, or 1728 jioinls ; and equall- ed 3.2481 metres, or 12.7803 English inches. The toise or fathom was French feet. TIk^ mile was lOOOtoises. The league 2,000 toises. The arpcut de Paris, 18 feet to the perch, is equal tu 3 roods, 16 poles, English. J See Mr. Moir Ferrcs's answer, page 23; Mr. Langton's, page 59. H Sir John IJowring copies into his " Decimal Sy.stcm," from John Quincy Adams' Report to Con- gress, 1821, the following description of the metrical eystem of weights and measures in useiu France : "The indiscriminate application of the same generic term to different specifio things, anl the misap- plication of one speci lie term to another specilio thing, universally pervade all the
-tems, and nro th« iuexhiiustable fouutaiua of divcrdity, confusion aud fraud. lu the too .'oulary of the French systeai B1500 18 [rEPOUT.] — RECOMMENDATIONS BY THE COMMITTEE. Tlio decimal systcMii of wpij^Iils and moasurcs has bnrn sin(;c tried in matiy land?', — liiis hccii abandoiii'd on such trial hy nonci. Jl would soon I'ollow a di-- (unial syii'in of coiiiagi- and acconnls in Cariac'a, " antl llicir ccnnbinalion would lead to a rrconstructiou of fdl thu operations of com no roc." Yonr Committee arc of opinion, 1. Tiiat it is inexpedient to rceoj^nize and encourage two distinct currencies, that of Halifax and that of the United States, as legal ; 2. Tlial the American dollar onglit to be the standard of value, and the unit of the currency of account and record ; i]. That tlie United States currency, dollars and cents, should be adopted as the onlv monev of account ; 4. That no coin should be made a legal tender, except for a very small amount, at such a rate as would tend to render the currency of Canada of a less substantial value than that of the neighboring republic ;* 5. That the first day in January, 1850, would be a jM'oper time for establish- ing and enforcing the decimal system in Canada, a measure of vast im|);)rlance to this gf lunation, aiid which may be a means of conferring still greater benefits upon those that are to follow ; and thei'o isoiK' spi'(ilii>. ilcfmite, siuiuifii'imt word, to dotiuto tlio limit of liin'al inoiinui-i' ; one I'o?' superficial mul one for iii'li'l iiit'.'isuie ; one for flic unit of iiu'ii.-iui'i"* of ciipiieity. mid foi' tin.' uiiit^ of \Vfij;lit-i. The word i-» exclusively :ippi'opiiiitod to ilio thiiij^, uud the tliiujj to tlio woi'd. The inctri! is u dclinito mea- t;iii'o <'f lc'ii','tli ; it is ii'iihiiii,' else. " It o:;iiiiiit 1)1' IV iiioiiuiie of olio lon;,'tli in otip country und of nnotlior Icni^tli in another. Thiy r/raintne is a spiH'iili' wii^'lil, and the litre a vi-sscl of 8|)c<'itic cubic contents, containing; a spccilic w. ii;lit of water. The innltiplcs nf tiioc units are denoted hy piciixiiiL,' to llu-ni ayllublcs deiived from tlie (ireek Iaiif,'iiag(', pi^uiiicaiit of Iiuir increase in decimal proportions ; tlui-, ten inotro.s foiin a cleca -metre ; t<'n <;ranimcs, II deea-Ljramme ; ten litres, a decalitre. 'J'he suhdivisions, or decimal fractions of the unit, are cciually si;;nilieaiil in their deiiomiiiations, the prefixed syllables heiii'.; derived fioni the Latin lan^'n•l^,'e. The deei nietn; Is the tenth |iart of a metre ; the deei-i^'ranimc, the tenth ])art of a graninie ; tlic deei litre, the tenth ])ait of a litre. Thus, in eontimied nuilliplieation, the hcetoinetrc is a liundre 1, the kilo im tre n thousand, and ihc inyria metre ten thousand metres; while in cuntiuued ilivi^ioii, the centimetre is the liuudredili, and the milli-metre the thousandth |iartof the iiulie. " The same prelixed syllables apply e(pially to the iiiulliples and divisions of the ■wci:,'ht, and of all the other measures. I'our of the pretixos for multiplication, and three for division aie all that the system requires. These twelve words, with the fraiie, the deeiiiie. and the contiiiio, (ifthe coins, eonlain the whole system of I'"reiieh metrology, and a complete laniciiage of weights, measure.*, and money." " In the Ficiich system, dei'inial divisions were prescribed by law exelu..-ively. The binary divisiou was .lUowed as being compatible with it; but all (ithers were rigorously exeliuled, — nothinls, no fourths, no sixtli.s. no eighths, or twelfths. Jiut this part of the sy..^tem has been abandonod, ami they arc now lillowcd all the ancient varieties of multijilical ions and divisions, wdiieh are still farther comiilicated by tlie decimal proportions of the law. The nomenelatnre of the English system is full of confusion and absur- dity, chielly arising from the use ofthes.ime names to signify ditfercnt things ; the term //oioc to signify two ditfercnt weights, a money of account, and a coin ; the gallon and quart to signify three diliercut mea- sures, and other improper dcnomiuations, constantly o])ening avenues to fraud. '■ The Fieuch nomenclature possesses uniformity in perfection, every word expressing the unit, •weight, or iiicasure which it represents, or the pjarticular multiple or division of it. No tv.'o ■words express the same thing; no two tilings are signified by the same word." " It is to beregi-etlcd that, iu the formation of a system of weights and measures, while such extreme impDrtanee was attached to the discovery and assumption of a national standard of long-measure as tbo link of connection be'weeu them all, so little consideration was g'.vcn to that primitive link of connection between them, which had existed in the identity of weights and of silver coins, and of Avhicli Kranee, as well as every other nation iu Euro])e, could still )K'rccive the ruins in her monetary system then existing." See Appendix No. 7, on a uaiforiii system of weights, measures, and eurrency, lor the Cunuuercial "World. For the standard of weights iu Franco (says Bowring) a cube of pure water, at the temperature of melting ice, measuring in each direction the huudredth part of a iiuirc (called a centi-metre) gave a weight which was called a //rawwif, whose decimal sub-divisions and multiplications are tha standard of all authorised weights. The gramme is equal to 15°43Q troy grains. * Weight of tuk U.nited States SiLVEa CoiN.uiE ok 1863. — The silver coins are made of one pjrity, nine parts of silver and one part alloy ; but the three-cent pieces issued previously contained three parts silver ami one part alloy. Tne silver dollar, the basis of the value of money, being, in the United Stiies hnid tender, iu all paymcats, remains, as by the Act of Jan., 1837, 412^ grains. The other coins, [report.] — RESOLUTIONS ON CURRENCY AND MEASURES Or WEIGHT. 19 many V a (If- woiild 6. Tliat the public departments, the banks, municipal and other corporations, llic courts of law, tlic merchants, manufacturers, farmers, and business men generally, would douhfloss, prcpaie ihcnisclvcs, promptly and readily, for nn ex- pected chan^ic, earnestly desired b\ the country, and which could not iiiil to prove beneficial.* Your Committee herewith submit two Resolutions for the consideration of your Honorable House. Jlcso! red, That after the 31st day of January, 185G, there shall but be one currency of accounts and payment, of wliicli the dollar shall be the unit, and standard of value ; the Public Accounts shall bo kept in dollars, cents, and mills ; and the coinage be equal in intrinsic value to that of the United States. Resolved, That the ton of 2240 lbs.— the cwt. of 112 lbs.— the half-cwt. of 5G lbs., and the quarter-cwt. of 281bs. be reduced to a ton of 2000 lbs., and its subdivisions. W. L. MACKENZIE, Chairman. ^cinp; a tender only for Hniiill pnyineuta, are reduced as below. The weights of the the silver pieces, clil uud uew, are as follow : Act of Jauunry, 1837. Act of February, 1853. Dollar 412} jfriiius No cliimtfe. lliilf-dolkr '.'UGi do 102grniiis. Qimrtcr-dolhir, lO'.i^ do f 90 do Dime 41i do yS.iO do Iliilfdiiiie, 20^ do ....19.20 do Act of 1860. Thrceceut piece. . . 12 gniiiis 11.52 Jo » See jiiirfwer.s to the Coinniittee's Cireiihir on a Dcciiuiil Currency by the following i^cntlemon ; Mr. Geori^o Brown, ii!ij,'o 2-t ; Mr Ferrer!, p. 2:i; Profc^.-or Andrew, p. 25 ; Sir. f. .S. Brown, "p. 27 ; .Mr'. Piekinson, p. 28 ; Mr. Dou^'iill, p. 29 ; Treasurer Fnrrell, p. 5(i; Hniiiilton Boiird of Trade, p. 57 ; Casliiir lloss, i". 32; Mr. B. Holmes, p. 34; Cashier Davidson, p. 37; Mr W. I'owell, p. 15; Collector Dunsoomb, p. 46; Mr. S. Taylor, p. 42 ; Mr. Lan^'ton, p. 60; Mr. MaoDougall, p. 27 ; Mr. Glass, p. 30 ; Cushi-r Gethings, Quebec, p. 52. llev. Dr. Uyersou, Department of Public Listruotion, only waits the concurrent action of the other Government olliccs to introduce the deoiiual system into the ueeounts. See his answer, page Sd. The inhabitants of this section, says Collector MeCrue, of St. John's, are so familiar with dollars ami «cnts, that in all their business transactions no other currency is allowed. See page 38. See also answerof the Board of Trade, Quebi'P, appeuded to fourth report of this Committee. See Appendix, No. 5 ; which contains a brief but iutereslicig narration of the ell'oits made bv the Government which succeeded that of Messrs. Baldwin and Lafontainc in Canada, to assimilate itseoiu- »ge and currency, on the decimal principal, to that o the United States. f The British shilling, current iu Canada for about a quarter-dollar, coutaius only 87A groins of silver, of same purity, aud is worth aa eleveuth less thau the quarter dollar. •I I il APPENDIX. EXTRACTS FROM THE MINUTES OF I'llOCEEDLXGS OF COMMITTEE. TiiuiisDAY, \st March, 1855. " Mr. DeWilt, seconded by Dr. Massoii moves, That the Clerk of lliis Com- mittee be instructed to address a circular to Members of the Legiflalure, public accountants, bankers, brokers, and to such business men or otherj^ as any mem- ber of this Committee may name, asking their opinion and the grounds on which they place it, concerning the adoption ofone currency of accounts and payment, having its parts and multiples in a decimal ratio, and as to what shall bo the unit if a decimal currency be adopted, and whether it shall be made to assimilate with the English, United Slate3, or any other system now in existence; as also what nraetical measures might be employed for introducing the system, the ques- tion ot i^. decimal currency having been specially referred to this Committee by the House. Wednesday, Wlh April, 1855. The Committee met to consider the draft of a Report on the Decimal Cur- rency. Present r Messrs. Mackenzie, (in the chair), Dr. Masson, Dr. Clarke, Talrlck, Hon. J. Young, Capt. llliodes, Ilolton, Mongenais, Ferric;, Matlice, and DeWitt, (II,) when the Report was agreed to, and two resolutions adopted, which were ordered to be reported this diiy to the House. Circular relalive to a system of Coinage and Currency, based upon the Decimal principle, and the practical measures to be employed for its introduction into Canat/a. Office of the Legislative Assembly, Quebec, March 1st, 1855. Sir : — ^The question of the introduction of a decimal coinage or currency in Canada having been siiccially referred, by the House, to the Standing Com- mittee on Public Accounts, I am directed by the Commi'tee to request your at- tention to the following queries, and that you would favour its members with an early answer: " Do you desire to establish one currency of accounts and payment, hav- " ing its parts and multiples in a decimal ratio? If not, why not? If you ap- " prove of a Decimal Currency, state your reasons for so doing. What regulating *' unit would you prefer to adopt ? and what practical measures can you recom- " mend for introducing that system into general use, so as to produce the least " amount of temporary inconvenience, and the smallest extent of unwillingness " to encounter the change on the part of those classes who are most likely to be " allected by it ?" 1 have, &c., WILLIAM L. MACKENZIE, .Tunr., Clerk of Committee. 00 MR. BELL OF LANARK. — MB. FEHRES OF MISSISQtTOr. To the above circular, answers ■\vcro returned, addressed lo Mr. W. L. Mac- kenzie, Junior, tlie Clerk of lliu Committee, as follow : From Robert 'Jell, Esquire. M. P., L^.nark Coiiiily. Quebec, \Wi 3Iarch, 1855. Sir : — It is, I think, very desirable that the decimal system as regards money and accounts should immediately be introduced into Canada. The great facilities it ofli-rs in accounts, anil in all sort of calculations where money matters are in question, are too obvious lo require any explanation. The American dollar should be the unit. The people of Canada are already so {"amiliarised with the American system that its introduction would meet with but little opposition, and, consequently little inconvenience. I should also like to see the decimal system adojitcd in weights and in measures of both length and capacity. The French system is, un(h)ubt(.'dly, the most rational, but it would be difficult to introduce it here. If, however, the avoirdupois pound in weights, and the foot and the quart in measures, Avere re- tained as the regulating unit, I do not think the diflicv;lty of introtlucing the system would be very great. Your, &c., R. BELL. From James Moir Ferres, Esquire, M. ['., Missisquoi County. (iuEBEC, blh JIanfi, ISoj. Sir : — In compliance with the request of the Conmiitlee on Public Accounts, I beg leave to answer their queries as follows : " Do yon desire to establish one currency of accounts and payment having its parts and multiples in a decimal ratio? and if you approve of it, state your reasons." The decimal system is the ore tauglit in every school in Christendom in all j)rocesses of which figures i'orm an element. I '.ec no reason Avhy violence should be done to this universal system in the case of money orAveights or measures. If education is meant for our benefit and assistance in every day life there surely ought not to exist such an anomaly as training up youth to carry on all abstract calculations by a decimal system, and the moment lie goes into the v^-oild to mak-o him abandon it for calculations on a datum established by mere caprice. If nations ever come to an understanding lo use one universal mode of com- puting money, weight or measurement, it will be a decimal one, the only dilficul- tv will be in fxing the standard. It is the most convenient. This is proved by men of science uniformly re- jecting all fractions except tenths. An engineer never caleuhites by 12ths of a foot (inches,) but by lOths. The handling of sums of money and the fractions of the established unit by lOths would be of equal convenience to the mass of mankind as that of other quantities is by men of science. The a(?dition of money by our present system involves the process of division before the \w\l higher denomina- tions can be carried, and the processes of the subtraction, multiplication and division are even more complicated. This occasions to every man in business, particularly to brokers, bankers and dealers in exchange, great loss of time and the cost of extra hands, which would all be saved by adopting the decimal sys- tem. The divisions and sub-divisions of the unit are also more ea'^ily accomplish- ed, provided the decimal be closely adhered to. The difficulty arises only when it is departed from. The United States in their coinage set out with the decimal, MR. FERRES OF MISSISQUOI. 23 the unit of a dollar rrpvcsonting 100 cents ; but thoy create an inconvenience wlicn they make their division by quarters, eiglitlisand sixteenliis. The quarter .seems to be handy enou^'h, but the division oi" the quarter (25 cents) into two-eighlhs (12 J cents each) involves a fraction (A a cent) which is not represc^nled by any coin, and so also the division of the eighllis into two sixteenths {G\ cents eaeli) in-' volves the same thing. I think therefore if the decimal system is adopted liy the Governirient tiiat it ought to be carried out in purity. If for instance; the nnit be a dollar, tlie sub-divisions in silver ought to be i\, (10 cents; ,-', (20 cents) ^\^ (GO cents) and soon for coins ; and if it were desired to get rid oi tlie use of too much eop|ier in common business there might be |)ieces of 5, 15, 2 j, 3.'), &c., cenis struck for change. But I would avoid havingany coin which cannot on account of a fraction for which there is no representative in the currency be exactly changed into other coins of the country. " W\r,\\ regulating nnit would you prefer to adopt." I would piel'er a dollar, because that coin by name at least has been in use for ages in France, in Spain, and in their Colonies, as also in tlie Uniled States. But the (juestion occurs, what weight of metal or melals in al!t)y sli;i!l compose ihe dollar? This brings us to the bottom oi the whole matter. W'lial is tlirrc in nature to form a .^^tandard of weight, so that in case the exemplar should be lost another could be made to a certainty similar ? The standard of weight as well as that of capacity dep(>nds upon the standard of measurement. The English have adopted th(> length o( the pendulum vibrating seconds as a measure; of so many inches; the French have adopted the length of a meridian on the earth'ssuiface as so many metres. The Canadian Governuienl may adopt either mode for fixing a standard, but that standard, or a fixed quotient of it, ought to be taken as th''ir unit. The length of the pendulum vibrating seconds on the Eepiator, for instance, might be taken as a yard, and that yard might be dividcil into lOtlis, inaking ei'.cli a foot and the fool into lOlhs again making (>ach an inch. This would give a philoso- phical standard in nature, eternal as iIk; earth itself, of which t!ie i.vauijili' might be again got if that first made should by accident be lost. So many of tlirsc in- ches being then taken in cube the quantity of distilled water at certain tempera- lure with the barotneler at a certain height contained in that cube might -e as- sumed to be one pound, ai.d to that pound all other weights ought to be refer- red. 'I'lie dollar, then, being fixed upon as the unit, the weight of silver and of alloy in thedenomination of lOllisoftlu; above cube, or pound, is to i)(; eslaiilished. And. I would reeonunend that a correspondence should be opened with the Govern- jnent of the United States, in order that the same standard and the same amount of pure silver and of metal for alloy should he agreed upon by both Governments, as the dollar for (irculation. There is little use in enlarging upon the necessity of the coins of Canada be- ing identical in value with those of the United Slates. Humanity is superior to nationaliiy, and the aceumidaled result of commercial and financial transactions being by the practical consent of all the comnumities on this side of the Atlantic centred in New York, it is only common sense in Canada to aceomrr.odate itself to what it caimot help. While therefore much inconvenience might result from our having a currency diflering in intrinsic value from that of the United States every advantage is to be obtained by c ur having a currency of which the value of the coins and the names of them shall be identical with those of the United Stales. " What practical measures, &c .'" TIk; only measure necessary in my opinion for introducing the system is for the Government and the chartered banks to agree together that alter a certain period all transactions between them and the public shall be in dollars and cents. This would be suUicieut to introduce the system in public, leaving to 24 MESSRS. TAUX AND FORD, ACCOUNTANTS. — Mn. BROWN OF I.AMBTOV. private indivitlnal?! lo please llicmselves. If banks wonlcl intimate that tliey would discount no iiilancl notes unless expressed in dollars and cents nor would acknow- ledge deposits except in the same denoininatioi)'^, people doing business with them would soon accommodate their private books to those of the banks. And so with the Government. As to obviating "inconvenience" and overcoming "unwillingness" the principal means would be to provide a currency to which the people are accus- tomed ill the mai-kot, a suffieienl f-upply of 20 cent and 25 cent picctes represent- ing the pn'scnt shilling and quarter dollar, with quotients or multiples of the shil- ling in addition. The copper coinage would be the only one that would occasion any misun- derstand iug there being a percentage of ditlbrence, of course, between the copper of Canada and the cent of the United States ; but I should consider that of only u temporary nature and hardly worth consideration. I have, &e. JAMES MOIII FERRES. From Thomas Vaux, Esquire, Accouvtant Legislative Assembly. 1. I would approve of a decimal currency as being the mofst simple and complete for ealeulalion, both elementary and complete, and the best method as a monetary exchange, if carried out in its integrily. 3. The dollar with its lenllis and hundredth.^ as the most convenient for cal- culation and business. 3. A simultaneous action at a particular period, long euougli determined tp ensure a general underslanding and submission lo the new or jiioposi'd system, would, I think, be preferable to any plan but partially adopleil, or tf) l!ie system being introduced by degrees. As habit is so tenacious in matters of every day life, it would no doubt, partially break through i'or a length ol'tiinc, tlie best plan that may lie adopted for introducing the sysiem, as exem|)lili(Hl in tli(! United States, where the decimal currency is established by law, in the local value of the dollar, and in the adherence of the people to pence and shillings. THOMAS VAUX. Accountant's Office, L. A., 7th March, 1855. From George Brown, Esquire, M. P., Lamhton Connly. In reply to the questions which have been submitted to me by the Commit- tee, I beg to say that I am in favor of a decimal currencty, and I think there should be but tliree denominations, mills, cents, and dollars. To bring such a currency as rapidly as possibh; into eonnnon w>v..^ I would suggest that notice be given to the public that on and after the ht of .'anuary, 185(), it would be adopted in all the Provincial departments. If flu; banks, railways, and insurance companies were induced to give a similar notice, I think the new currency would be soon thereafter very g<'nerally accepted. GKollGE lillOWN. House of Assembly, Quebec, 7th March, 1855. From Dsi. William Ford, Accowilanl Crown Lands, Quebec. Grown Lands Dkpart'ment, Quebec, 0//t March^ 1855. 1.1 reply to yonr c'rculnr of the 1st instant, I have the honor to inform you thit 1 approve of a decimal currency, and think that it might be adopted at once PROFESSOR ANDREW. — CASHIER SACHE. 25 without inconvenience, in conformity with the decimal system of the United States. All classes in Canada arc familiar with it, and the change, in my opinion, would be most beneficial. I have, &c. WILLI A JM FORD, Accountant. From William Andrew, Escjuire, A.^T., Profrssor of Mathematics and Natural Philosophy, in. the Univemity of McGitl College. McGiLL College, Moxtreal, Ith March, 1855. Sir : — I have the honor to acknowledge the receipt of a copy of the circular issnoil l)y llic Standing Cmnniittee on l'nl)lie Accounis, relative to a system of coinage ami {Mirroncy based on the decimal principle. In eonnnon with all persons, professional, commercial and official, with whom I have lir.d iho opportunity of conversing and reasoning on the subject, I think it most desirable to establish " one system of acconnts and payment, hav- ing its parts and multiples in a decimal ratio," in this Country (and everywhere else) as soon as conveniently possible. It is needless to reiterate the advantages which snch a system possesses ; nor do I know of any objections worth the trouble of disproving. 'i'lie only (pjestion which apjwars to involve any significnnt diflerence of opinion is, whether this Colony should ado[)t suih a systt ni, before it is estab- lished by the Imperial Government. The consideration of the regulating unit, which it might be preferable to adopt in these Provinci's, slionld dispose of this doubl. For whether the pound sterling or the Victorine (2s. sterling' be adopted by th(! Home authorities as the nnit of a decimal system, — and it is not likely that any oilier would be chosen in preference to the dollar, — the reduction would be ecjuully i-iniple, the Victorine or tentli \y,\x\ of the ponnd stiM'ling being equiva- lent to the half-dollar currency. The slight diU'erence which would continue to exist between sterling and currency, need only be legarded as included in the dillereiue of exchange, which (1 imagine) will always exist more or less among all States. As it vv'^ould be impracticable to attempt any assimilation or eonciliatioa with Eur;)pean incongruities, and as it is so easy (on the other hand) to estab- lish a uniform system over the whole of this Continent by an identification of Colonial currency with the monetary system of the United States, I should un- hesitatingly recommend the dollar as the regulating nnit, and the immediate ado])tion of the whole system followed in the Slates, so far as it is ])ossible with our present coinage. The Reciprocity Treaty may be urged as a new and additional argument in favor of this recommendation. It might be lelt to time and \\\v. effK^ai'v of earnest representation to obtain from the Imperial Government a more conveniiMit (roinagc lor the use of the Colony and its constant intercourse with the nfiglilxnu-in;,' States. By proceeding boldly in this matter Canada ini'j;hl n^i only (mIchI its own purpose, but have the honor of urging forward the adoption of a uniform decimal system throughout the British Empire. I have, &c. WILLIAM ANDREW. From Win. Sacue, Esquire, Cashier BlolsorCs Bank, Moiilrcal. Montreal, %th March, 1855. A decimal currency similar to that existing in the United States, is, I am of opinion, one |)eculiarly adapted to this country ; not only from our numerous transactions with the United States, but because it is more universally known, 26 COLLECTOR BOUTHILLIER. — MR. T. S. BROWN. and is admitted to bo one of the most simple and convenient curreneios in the world ; it is easier in its operation and infinitely less enmbersome and diHicult than any other system of which I am aware. I speak from filleen years expe- rience in the finiince l^ranch of a military department, where aoeoiiiils were kept in army sterling ; in a merchant's counting house ; and as cashier of a bank. I do not anticipate that any inconvenience would arise from its introduction into Canatia after a given time (probably one year after an Act had been passed) as it is so generally understood, and as other coins at present in circulation might be continued, fixing them a standard value, will) reference, of course, to the dollar. WM. SAC HE, Cashier. From T. Bouthillier, Esquire, Colteclor of Customs, MontreaL Custom House, Montreal, S//i March., 1855. Sir: — In reply to your printed circular of the 1st instant, I b(>g Xo slate thai I would see wiih suti>;facti()n tiie eslablishinent of one currency of accounts and payment, having its parts and multiples in a decimal ratio, on account of the great sininlieily it allords in all arithiuelical operations. 1 wonid unhesitatingly adopt tlie dollar as the regulating unit. I cannot anticipate any other objections to ihe introdnction of such a currency than snch as may arise from old predilections in some cases, or prejudiei's in oliiers, and the inconvenience of a clumge of account books. We must leav(! to lime anil experie:;ee io re(H)ncile the lirst-class dissenters to the contiMuplated innovation. With regard to the practical inconvenience of a change of books il might, I imagine, be to a great extent, if not allot;eiher, obvialed by making the new currency optional at first, and making it inoperative (I mean for le;^.;l or judicial purposes.) only after some fixed period; for inslance, from the 1st January of the third year. In the Customs, the adoption of the dollar currency would certainly offer a great saving of time and labt)r. in pounds, shillings and pence, dnec coUinms are required (o represent or express our values, with very frequently two lii>mes in the two last columns. In dollars, one single column would snlliee, i^y following the practice of the American Custom House. In all values with fraclions of dol- lars, if the fraclion is less than 50 cents they strike it off, if more than 50 eenls ihey reckon it as a dollar, so that no column is recpiired for cents, or if ruled it is never usi'd. I speak of values only ; in duties, the cents must be retained. A glance at the voluminous aceounts and returns of the Custom House Depart- ment in Quebec will shew at once the amount of labor that could be saved by the substitution of the dollar for our present currency. I have, &c., T. BOUTHHJdEIl, Collector. \ \ From T. S. Brown, Esquire, Merchant, Montreal. Montreal, 3/rt)c/(, 1855. Dear vSfr : — The following are my answers to the questions propo>ed in your circular of 1st March : — To Question 1. —Yes. To (Juesiion 2. — Because this is according to ordinary arHhmelical progren- *ion, and nothing can be a greater absurdity than derivation from common rule I ! Mn. T. S. BROWN. — MR. I.ORN MACDOUOALL. 87 in llic difficult expe- ls wora ur of a >hier. in accounts or money calculations, where sirnplieily, speed, and accuracy are of all things most necessary. The errors in decimal calculations are visil)le to (he eye, the calculalion is rapidly made, and mistakes are less frequent. The sav- ing in time or menial labor over our present system exceeds one-eighth, that is, a commercial honsi; now employing nine clerks, would, afler the cliange, find its business better kept up with eight.* To any one making his own calculations the saving of time and confusion of head would be still greater. Decimal weights or the net 100 lbs. should also be introduced, that calculations may all go in arithmetical p)ogression. Our present division of cwts., qrs., and lbs., is an old fashioned, clumsy, inconvenient absurdity that should be olf-liand abolished. To Question 3. — Nothing but the American dollar and American cent. The American curieucy is perfect, and ours must inevitably be impi'rfrct, if it diflTers. It is contemptible and ridiculous when we borrow an idea from the I'nited States to seek to evade the charge of imitating, by making paltry variations, which only spoil the inoHel. To (Jiiestioii 1. — Let an order in Coimcil direct that on and .-ifter the first of May, the C^ustom lloust; accounts shall be kept in dollars and cents, and that all entries shall be made in corresponding ciuTcney. Weights should also 1)e stated in deeiiuals, the cwt. being deemed 100 lbs. ]jet new books be opened in dollars and cents for the public accounts, liie same in land olfices, and in all jilaees where public moneys are received or disbursed. Compel all suits in Courts of Law, and all f'es to be slated in dollars and cents. The banks might be induced to come into the same arrangement, and then the merchants would follow rapidly. So great a change cannot be maile without some comprehensive movements such as I have named, though every one may see the advantiige if it can only be made general. This change must be made some day, and there is no reason why that day should bo delayed. It is too bad that we should worry out our lives in a wildenit'ss of confused accounts and calculations, with a bright land of protnise before us, where th(>se inconveniencies shall cease, for the benefit of our children, while we are doomed never to enter. T. S. BROWN. From D. Loiin IMacDougai.l, Esquire, Brohci\ Montreal. MoxTREAL, 9//i Mcf/r/t, 1855. Sir : — I have the honor to acknowledge the receipt of your circular letter of 1st Instant, upon the subject ofadecimal currency, and to state in answer to the queries therein j)ui : 1st. That I da think the establishment of a decimal currency desirable. 2nd. My reasons for approving its introduction arc, Ihat it would much Mimplily the keeping of books and accounts, and conduce to a material saving of time and of mental labor to all engaged in the commerce of the country. 3rJ. 1 cannot imagine any unit preferable tothe dollar, more particularly as our currency has been already to a certain degree assimilated to that of the neigh- ooring Stales. 4ili. I would suggest as the readiest means of introducing the system, Gov- ernment shoidd give notice that on and altera certain day, say the first day of January, 185G, all accounts in the public departments should be kept upon the new plan, and I feel convinced that all the banks in the Province would make ar- rangements at once to enable them to follow the same course. That done, the con- *I uinliM'stiitc tlio siiviiii; ill tinio on tlit^ siinie prinoipli' tliiit Mr. Stfplioiisiui tindi'i'stntcd tlie nntioi- patoil spood of niilrDiKJs, lest no l)oily slioiilil l)t'lii'vt> nie if I stilted tlif liiitli. Tiu' saving of tiiiic nnd iin'uliil liiliiir l)y droiiiial I'aloiiliitioii.s may Iw ono fourtli, or oiio-tliird, or oiu; jiiilf, in iniuiy cases fifteen- Bixteeuth^, whore tlie liand has merely to writo whut the eyo, without thought, directs. 28 MR. DICKINSON, BOOK-KEEPER. MR. JOHN OOITOALL. sent of llic mercantile community generally would be gradually if not at once ob- tained, and this, there is no doubt, is the class most likely to be afl'ected by the change. So fur as the mass of the population are concerned, I think that ihc dollar is already so well niidorstood throughout the colony, that but a short time would elapse ere we should see an almost universal adoption of the proposed new sys- tem. I have, &c., D. LORN MACDOUGALL. From Wii.LiAji Dickinson, Esquire, Principal Book-keeper., Inspcclor GcneraVs Deparlmcnt. Quebec, 10/^. 3Iarch, 1855. Sir: — Referring to your circular of ihe 1st instant, I beg to slate that I do approve of ii decimal currency, as being decidedly preferable to the Provincial currency now in use. As rei-ards ihe regulalini^ unit, I think it desirable lo as:?imilate the Pro- vincial ciiircney precisely in every respect, with that of the United Slates, which is well understood throughout the Province, and oeing exceedingly simple and convenient in its practical operation, it would be iiu rj satistiietory to the coun- try generally, than any other system which could be introducuv! : it is 1 believe better understood and more apj)roved of in England than the Provincial cnricncy, whilst iis adOj)li()n would materially facilitate our commercial intercourse with the United Stales. With respect to the temporary inconvenience which it would ol necessity oc- casion, I would rL'm.'irk, that the Act should come into ctK'cl at the commence- ment of the year, at which period it would be most convenient lo uiaki' conver- sions in all books of account ; and time would be thus allowed for the pul)lic fully to comprehend the nature of the change, and which I do not doubt would be generally acceptable. Provided the contemplated ciiarge be effected, it is presumed tint the Legislature will make it incumbent on the banking and other public institutions to adopt the decimal currency as well. I have, &c. VIM. DICKINSON. From Jt)H.v DouGAivL, Esquire, Editor Montreal Witness, Montreal. MoxTiiKAL, llh March, 1855. Sir : — 1 have the honor to reply to your queries under date 1st instant, as fol- lows : 1st. I strongly desire the establishment of a decimal currency in Canada. 2nd. Ik'cause it is more simple, easy, and accurate. 3rd. The coins, values, and standards of the United States would be far m ";r" convenient and suitable for Canada. 4th. The change should be adopted at the beginning of the next fiscal year in a// the public olliees aiid departments, incluling common schools; and all chartered bc);lies without exception should be required by law to do the same. Owing their existencj to law they cannot complain of any infringement of liberty if law regulates their mode of keeping their accounts. This would include banks, cities, county councils, colleges, religious bodies, associations and institutes, and in a word, all chartered bodies and inslitutions whatsoever. After the sante MR. DOrOALL. MR. MERRITT OP LINCOLN. — MACKINTOSH AND WALTON. 29 date all processes at law should likewise be expressed in the new currency, the Act stating what relative propt)rtioiis the old curieiiey was to beiir to ihe new. With these inducements to make the change, I think it might be left lo time and the good sense of the people without any attempt to coerce them in iheir transac- tions with each other. These answers I think meet your questions, but 1 would add that a system of decimal currency, important as it is in itself, would fail of much of llio benefit to be derived from it unless the principle be introduced also into weiyhiw and mea- sures. The ton for instance should be 2000 lbs. the cwt., 100 lbs. and the lb. divid- ed into 10 ounces ; the avoirdupois pound being t.ic standnrd. The present foot should be the standard of long measure, but divided into 10 inches; 100 feet might be a " chain," 5O0O feet a mile, &e. Thepresf^nt gallon should probably be the standard of liquid measure, but divided and multiplied decimally. Were these changes carried out, the saving of time and pveventiun of mis- takes in transaclirig the business of the country would be very great indeed, and we would have the satisfaction of being even aheadof our neiglihours in a matter of such vast practical utility. The Fren( h system is probably more perfect, scien- tifically considered, than the one 1 have, iiidicaled, but I think its nomenclature almost an insuperable bar to its introduction. I have, &c., JOHN DOUG ALL. From Hon. William Hamilton Merritt, M. P., Lincoln County. Quebec, 12th March, 1855. Sir : — In reply to your enquiry of the 1st instant, I beg to state that my opinions on the sobject are embodied in the Report on the Monetary System of Upper Canada, in 1837, to which I still adhere. New York is the commercial and monied mart of the Continent of America, and governs the price of ex- changes with the rest of the world. The value of the metalic currency of Ca- nada must be of equal value to that oi the United Stales; and, for the conve- nience of the public, the currency should in every respect be the same. I have, &c., WILLIAM HAMILTON MERRITT. From Messrs. Mackintosh & Walton, Merchants, Toronto. Toronto, 8th March, 1855. We received your circular relative to the introduction of the new coinage into Canada, and are happy to have this method and opportunity lo give our entire approbation for the passing of a measure we have long thought absolutely necessary for the more congenial working of our commercial intercourse with our American neighbors, and more particularly when that intercourse is daily becoming greater, inasmuch as many of them have large shares in our railroads and other public works. We still further think it necessary, because it is a more accurate and easier method of keeping accounts, and a better currency than the present for general use. We would strongly recommend the adoption of a currency precisely the same as is used by the people of the United States, inasmuch as we conceive it would give mure general satisfaction in its general operation. 90 MACKINTOSH AND WALTON. — MR. JOHN GLASS. In order to create as little public inconvenience as possible, we would sug- gest the pro|)ri(My of" appoiiiling a day, three inonlhs from tlie passing of the Bill, for it lo come into general use; and lurlliermore, we would urgently suggest the propriety of introducing lite Bill in such a simple manner that all classes of the cornnumily may have easy access lo llie true intent and meaning intended lo be conveyed, and not in such a complex state of "formal" enactments as some of tlie Jiills formerly passed by our Legislature, recjuiring even Muni- cipalities to go to the ex|)ense of employing a lawyer to sift out what was in- tended lo be conveyed, as was the case with our j)resent assessment law. It is our opinion, the reason why we have not had more genuine />/'og/Tsstrc reforms is simply because that which was intended to be a "reform" was intro- duced in such an intricate style, that it would have been belter lo bear with the inconveniences of llie old, than undergo the almost insurmountable degree of penance to ferret out the complicated machinery of the new. We remain, Sic, MACKINTOSH & WALTON. From John Glass, Esquire, Secretary^ Harbor Commission, Montreal. Montreal, 12th May, 1855. Sir: — I am extremely desirous of seeing established "one currency of accounts and payments, having its parts and multiples in a decimal ratio." I have many reasons for this desire, but it strikes me that the following are all that need be adduced here, viz: 1st, the great simplicity of calculations made on the decimal ])rineiple over those made on the duodecimal or any other principle practised among nations that I am ac(|uainted with ; 2ndly, the great and increas- ing intercourse both as to travelling and trade between Canada and the United States, ai\ intercourfec which cannot fail to increase as population and wealth in- crease in both of these countries. As to the regulating unit, I would approve of nothing but the dollar and cent of the United States: and as to the practical measures which I would re- commend for introducing the system into Canada so as to produce little or no inconvenience and the least possible amount of unwillingness on the part of the public to encounter it, it appears to me that the following are all that are neces- sary : 1st. Let Government order all the departments over which it exercises control to keep their accounts in dollars and cents, from and after any given day. 2nd. Let Government use its influence with the banks to induce them to make the same change in their system of account-keeping, on the same day. 3rd. Let Government and the banks agree to import a certain quantity of cents by the aforesaid day, and to hold them in certain ])roportions wherever the banks have agencies, or the Government has post oflices, by which means a sufiiciant supply of small coin for change would be secured. Lastly. Jf the banks should decline co-operating with the Government in the way pointed out, let the Government alone carry it out everywhere within the sphere of its control, and public opinion would very soon thereafter, I be- lieve, force the banks to follow its example. I have, &c. JOHN GLASS. MR. H. S. SCOTT. — WM. LYMAN & COMPANY. 31 SiK reply ; 1st. From Henry S. Scott, Esquire, Merc/iaiit, Quebec. QuEKEc, 13lli March, 1855. -Ill reply lo your circular on ilic subject of a decimal coinatr"! I beg to riiat I (I(\'-iire to see a deoitnal currency oslablislicd in tliis Province. 2n(l. 'I'liiil my reiison ibr dcisiriiig it is; its <^ieater simplicity, and because it would i?i('iitiy laeiiitatc commercial transactions Avilli the United States. 3rd. 1 lliinlv the system in operation in liiat country, viz: dollars and cents, excluding the ineonveiiieiit and useless practice partial!} adopted there of reck- oning by shillings in minor transactions, would produce but little incouvenience, from the circrmiislatice that the peo|)le of this Province are generally conversant with it , while any system, based upon that now under discussion in England, would probably, Irom the delay that is likely to ensue there, post |)oiie for a length of Unu) any change; and because the system there proposed is inferior in point of simplicity lo that in use in the United Slates. 1 am, &;c. HENRY S. SCOTT. From Messrs. William Lyman & Co., Druggists, Montreal. Montreal, 12th March, 1855. Sir :— In answer to your circular of the 1st, we have to say that we arc of opinion, that a decimal currency would prove infinitely superior to the present one in use in this country- Such a currency, we think, would conduce to simplicity and correctness ol accounts, and w'ould consequen'ly facilitate all business tiaiisactions. In answerjlo ihe question, "What regulating unit would you prefer to adopt ?" we reply, the dollar. Us parts might for conveiiiencc be cents, half-dimes, dimes franks, quarters, and halves, reduced to cents, thus : Dollar 100 cents. Half Dollar 50 " (hiartcr -^ Frank 20 " Dime 10 " Half Dime 5 " The cent, by a small alloy of silver, might be reduced to the size and weight of the farthing piece. _ , . -r .i r, i r n In answer to the last question, we are of opinion, that it the I'ublic Uc- partinents. Custom House and Post Office, were required to open their Accounts simultaneously in dollars and cents, the banks and merchants would speedily WeiL'hls should also be assimilated as near as possible to the decimal ^^''''''''''^' WILLIAM LYMAN & CO. From W. II. Wilson, Esquire, Collector of Customs, Colour g. Custom House, Cobourg, 9lh March, 1855. Sir •— I have the honor to acknowledge the receipt of your circular of the 1st instant, and in reply beg leave to state for your information, that I am deci- 32 Mn. T. iM. TAYLOR. — CASHIER ROSS. dedlv in fiivor of a " purimcy of accounts and payment, liaving its parts and mult'ljilcs in a decimal ratio," tin- (American) dollar l)eiii«j; the iiiiil ()f value. 1 approve of this currency, because I consich-r it tlie most convenient, uoth for money and :iecount that could possibly be adopted by the Legislature for the use of our country at the jjresent juncture. I camu)t perceive that any very serious inconvenicncp could possibly be ex- perienced by any part of the population of the Western Section ol this Province in the adoption of this currency. I llCLVC &C ' ' \V. II. WILSON, Collector. Fn.m Thomas ISI. Taylor, Esquire, Broker^ Montreal. Montreal, 13lh MarvJi^ 1855. Sir; I do desire to see establish.cd a decimal currency of accounts and payments, because of its .simpiici/i;, sjircd, and aciiiraci/. 1 \vould prefer the cent and dollar in assimilation to the American curi-ency, which is already to some extent known in Canada. The convenience of this sy^-tem would p.robaljly at once commend it to mercantile men; but as aiding its general introduction, ( would recommend its adoption in the Tost Oilice, the Customs, and generally ;dl the departments of Government. * THOMAS M. TAYLOR. From C. S. Ross, Esquire, Cashier, Commercial Bank, Kiiigdon. Commercial Bank, M. D., Kingston, Canada, 12/.'} March, 1S55. Sir: — I have tlie honor to acknowledge receipt of your circular of date 1st instant, in which you request replies to certain queries on the subject of a deci- mal currency and (coinage. For the information of the Committee I beg to state th;.t I consider it very desirable to establish in Canada one uniform currency for accounts and pay- ments, such currency having its parts and multiples in a decimal ratio. The principal reasons for this opinion are ; Isi. That it Avould secure uniformity in accounts, avoiding the present different modes of stating sums of money. 2nd. The decimal system is confessedly the simplest, is therefore least liable to error, and it secur<,'s the greatest despatch in ascertaing results in money cal- culations. 3rd. It would assimilate our currency to that of the United States in its most important points, and thus facilitate the daily increasing transactions with that country. I am of opinion the currency should be based upon the dollar, and be con- stituted of multiples and decimal parts thereof only. And as to coins, that gold coins of tlie respective values of $2^, ;^5, i^lO, and perhaps ^50, with silver coins of the value of 50, 25, 10, and 6 cents, and with copper cents, would answer aU ordinary requirements of trade. Regarding the introduction of the decimal system, I think the temporary inconvenience but triding. The Legislature might jiass an Act requiring, that after a given date, say 1st January, 1857 (a dale which would enable Govern- ment to prepare or procure a suitable coinage,) all accounts or instruments wherein a sum of money was stated, should have the amount expressed in dol- h n CASHICR ROSS. — MR. HOLMES, GRAND TRUNK RAILWAT • MrA S9 IK- J — M-u-m rts Jiml )()tli for for iliu f bo ex- 'rovince cclor. 1855. ints and rtlic rent to some hnbly at lU'lioil, I t Jir ne per cent., such |)er centage being, I think, reciuired lo p>cvent the Canada coins being re-coined at the United Stales' minis. Were the Canada coins of the same value as those of tl;e United Slates, I fear they could not be retained in the country in sudicient (luantity to meet the wauls of the community. INIi'antime, I am of opinion that until a full supply of such coins is got, the present cmreney Act should be continued in force in its more important points, viz., making the gold coins of the United Slates a legal lender; llie sovereign a legid tender a! 1 he rale of four dollars eighty-seven cents; also that the silver coins of iIk! United States continue a legal Under lo the amount of ten dollars, llritish shillings and sixpences coiislitule at present almost exclusively the silver currency of C:inada, and until substitutes are supplied I consider they should be allowed to rem:iin current at ti.eir present values It is a qucslirm whether it might not be advisalile to place a value of 25 cents upon the J3rilish shilling, limiling the amount lo which it would be a legal tender to ten dollars. Such a plan would facditate the general system very much, while limiting iho amount as respected a legal tender, would prevent any barl consequences as regards the intrinsic value of the coin deteriorating the circulating medium of the country. I have, ilic, C. S. IIOSS. 1S55. dale 1st )f a deci- er it very and pay- tio. The le present asl liable loncy cal- ates in its ions with id be con- oins, that vith silver ts, w'ould temporary iring, that e Govern- islruments 3ed in dol- From Benjamin Holmes, Esquire, Secretary Grand Trunk Railway Companrjf Montreal. Montreal, 10th 3Iarch, 1855. Sir : — I have the honor to acknowledge the receipt from the office of the Le- gislative Assembly of a circular lelating to a system of ci inage and currency, based upon the decimal principle, requesting my reply to questions therein pro- pounded. To the first question, I beg to say that in my judgment the establishment of o ccurrency of accounts and payments, having its parts and multiples in a de- cimal ratio, is beyond question not only desirable, but must prove practically ad- vantageous, not only as facilitating commercial transactions generally, but as a means by which education itself may be advanced and arithmetical information more easily communicated to the youthful mind or lo theuninstructed adult. To the second question, I reply a decimal coinage or currency is in my hum- ble opinion obviously the most simple in accounts and far less complicaled in all its attendant calculations aflecling exchanges and inteiests, and indeed generally in mercantile transactions. The evidences accumulated on this subject, and irrefragably set forth in a report on the subject of a decimal coinage and currency by a Select Committee of the House of Commons, of which Mr. liowring was the Chairman, in, 1 believe, August, 1853, which doubtless will be found in the Li- brary of the Honorable the Legislative Assembly, answers conclusively every ar gument adverse to the advantages attendant upon its introduction even in Eng- land, where the antiquity of the system and the universality of the practice of count- ing in pounds, shillings and pence has naturally strengthened prejudice against a C162S 84 MR. BENJAMIN HOLMES. — CASHIER HARRIS. cliango, wlioroiis in C;m:i(I i the people are already fainilai to a certain extent ■willi a deciinil eurrenciy, es|K'ciully in the VVcslerii.Htrclion ol tli^; Province and the Eastern Townships. VVilh a view, however, to rnakinu' the change more facile ami the system more perfect, I wonid hninbly snggesta revisal of the law <}f weights and measnres ; the gross ton lor instance; ol twenty hnndr(>(l weight of 112 lbs. each, should be set aside or done away with, as well as theewl. or quintal of t \2 lbs., with its attendant (piarters, and the Ion be fixed by law, as now it is in practiei; by Rail- way Companies, at 200() pounds, and the cwt., (piintal, or hundredweight, made to convey its proper signification lOO pounds. By this change,a farmer for in.slance, bringing to market a load of produce usually sold by weight, would at once (the decimal system being established) know the rate |M'r|K)und at which he sold his goods, for'tlu! dollar and parts of the dollar for which he sold would at once de- signate and determine the number of cents per pound obtained for that produce ; whereas under our present system, to arrive at the exact value |x»r pound obtained by the farmer for his produce, a calculation based upon a sale, say 37s. 6d. per cwt. is a matter generally beyond his comprehension, while if the same article is disposed of at the same price, in dollars and cents ($7^) he at once understands thai he has realized 7 J cents per pound, say for his load of dressed hogs, beef or other farm produce ; and in like manner would the facility of calculation be in- creased in all calculations for the sale or transport of goods, inteiesi and ex- change. To the third question, F reply : The dollar is, in my opinion, the Ix'st regulating imit. A law recently passed, IG Vic, cap. 15"?, legalizes and provides for keeping accounts in dollars and cents. Our banks have in the issue of their notes adopted the dollar as the money of account, and it and its multiples, in the ordinary oj)era- tionsof buying and selling, are the coins referred to almo.«t universally by our population. I conceive therefore no inconvenience can arise in efiecting the change from Halifax currency to dollars and cents; and I also believe that an ex- ample set by the public departments, followed, as I have no hesitation in saying it would be, by the Banks of the Province, all unwillingness on the part of private parties, (the mercantile body) to encounter the odium attached through prejudice lo the abandonment of our old English mode of reckoning and keepmg accounts by pounds, shillings and pence, and the introducing of what may be considered a foreign system, would be overcome ; for however good, or however habituated we are or may have been to the old, there can be no question that the decimal systeni is preferable, and is the best for all practical purposes. I have, &c. BENJAMIN HOLMES. From Ph. P. Harris, Esquire, Agent Bank of Montreal, Ottawa. Bank of Montreal, Ottawa, \3lh March, 1855. Sir: — With reference to the questions as to the introduction of a decimal coinage in Canada, which you were directed to put to me by the Standing Committee on Public Accounts, I beg to state as my opinion that it would be highly advantageous to establish one currency of accounts and payment on the decimal principle, as it would tend very much lo simplify all commercial trans- actions, an J save a great deal of lime and labor which the present currency system n:Uarally creates. It would, moreover, cause much greater correctness in keeping accounts. With regard to the regulating unit, I am of opinion that it would be more coavenieat to assimilate it to that of the neighbouring States, as we are daily in- CASHIER HARRIS. — COLLECTOR MACRAE. 35 JCO 5 currency. 2 6 „ 1 „ 6 „ u 3 „ creasing our commercial transactions with tbcm. I would, however, propose that in»l«*atl of the donnmination of dollars nnd cents, we nhould adopt that of marks and reals, so ns to keep up some distinction between the two countries. IJef(»re, however, adopting the dccimul syj-ii-m 1 would recommend that a Provincial coinage ^:ilould be ^*truek and put into circulation, the coins to consist of marks, 50, ii)^ 10 and 5 real pieces. The Mark would thus represent 60 RealH 20 10 5 Copper pieces of 1 and 2 reals should also be coined, and after all these coins had l)een in circulation tor six moiith."), a proclamation declaring the change in the system might be issued. The value of the EngliAh shilling and sixpenny piely complicated, to confuse ([ues- " tions of foreign exchanges, and to be otherwise inconvenient. On the other *' hand, Ihe concurrent testimony of various witnesses is to the effect that the *' adoption of a decimal system would lead lo greater accuracy, would simplify "accounts, would greatly diminish the labor of calculation, (to the extent of " one-half, and in some cases four-fifths, according to Professor De Morgan, who " has made this question his especial study,) and by facilitating the comparison " between the coinage of this country and other countries which have adopted " the decimal system, would tend to the convenience of all those who are en- " gaged in exchange operations, of travellers and others. An important benefit " would be derived in several departments of the public service, and in every " branch o( industry, from the economy of skilled labour, which would result " from the proposed change. At the same time the education of the people ge- " nerally would be much facilitated by the introduction into our schools of a " system so directly calculattd to render easy the acquirement of arithmetic." With regard to the unit to be employed as the basis upon Which a decimal system of accounts and coinage should proceed, I have to remark that while pounds, shillings, and pence are used in books of account, &c., the dollar has been conventionally adopted, and is as much associated with our ideas of money value as is the pound. We have then a unit pr;ainst which no objections of much weight can be urged, and the adoption of which would create no confusion in our notions of monetary value, and would tend rather to facilitate than complicate commercial transactions. The value of all the notes issued by the Banks is expressed in dollars, and the basis of our paper currency has been assimilated to that of the United Slates, giving us the advantage of both the sovereign and the eagle as our standard of value. These coins circulate in the Province as they do in the United States, the standard value of each being the same. CASHIBB MACCCLLOCH. — COLLECTOR WHITEHEAD. 87 This system has been attended with beneficial results, and I shouM regret to see any altcratior which would interfere with it. It gives our monied insti- tutions the command of the specie, which is most readily obtained and most conveniently transported. The only silver coins which circulate in Canada to any extent are the British half-crowns and shillings, both very unsuitable and in- convenient coins, and should the Legislature determine upon the adoption of a decimal .system, it would be very important for the convenience of trade that there should be an issue of quarter-dollars, dimes, and half-dimes, depreciated to such an extent as would afford no inducement to send them out of the country. The only coins which could not be well adapted to a decimal system are those of copper, but, being already much depreciated, there would be only a trilling loss in converting the coins into the lowest steps in the decimal scale which it is necessary to represent. As to the best method to be pursued for the introduelion of a system of decimal numeration, 1 believe that all that is necessary is, that the Legislature determine, that from a certain date (giving, perhaps, a notice of one year), all the departments under the control of the Government shall adopt that system. The monied institutions would, I believe, gladly avail themselves of the change, and the whole community would gradually follow the example. D. DAVIDSON. Bank of British North America, Montreal, 15th March, 1855. From F. Macccjlloch, Esquire, Cashier, City Bank, Montreal. City Bank, Montreal, 16/^ March, 1855. Sir: — In reply tollie several questions contained in the circular which you have addressed to ine, by direction of the Standing Committee on Public Accounts, having special reference to the question of the introduction of a decimal coinage or currency in Canada : 1st. I desire to see established one currency of accounts and payment, hav- ing its parts and multiples ina decimal ratio. 2nd. Approvingof a decimal currency, I know of none better than the cur- rency of the United States, dollars and centr,, as being simple and convenient, in th(! working of its parts and multiples, besides the advantage of being similar to a country with which we have so large a commercial relationship, 3rd, J would recommend, as perhaps the most practical measure for introduc- ing the system into general use, the enactment of a law requiring all accounts with every department of the Government at least to be kept in the currency which may be adopted by the Legislature, ample lime being allowed for the in- troduction of die change so as to produce as little meonvenience as possible to those who would most likely be affected by it ; and if passed during the present session, I .should lliink the 1st of January, 185G, as favourable a time as any other for any bill so passed coming into operation. I have, &c , F. MACCULLOCH. From M, F. Whitehead, Esquire, Collector of Custotns, Port Hope. Custom House, I'obt Hope, 12lh March, 1855. Sir: — I beg (o reply to your circular. To your first query, I reply decidedly yes — and the best reason I can offer for approving a decimal currency is its great simplicity. I would prefer adopting g- S8 MR. LESSLIE, P. M., TORONTO. — MR. GIBBONS. a regulating unit, the "dollars and cents." The undeniable simplicity of this mode certainly recommends itself. I could not advise any other "vvhich would be attended with so little incon- venience ; which would be so easily understood, or which would so well meet the wishes of all classes most likely to be affected by it. I am, &c., M. F. WHITEHEAD, Collector. From Joseph Lesslie, Esquire, Postmaster^ Toronto. Post Office, Toronto, 12/A March^ 1855. Sir: — In reply to your circular of the 1st instant, I beg to state that I earnest- ly desire to see a decimal currency established in Canada. I know of no branch of business which would not be greatly benefitted by its operation. Itwoulil materially facilitate all calculations involving transactions in money, secure greater accuracy in accounts, and give a general impetus to trade in all its branches. In this department its operation would he particularly advantageous, both as it regards rating postageon letters, checking letters, bills and the whole of the department accounts, and by simplifying the whole process of reckoning, would .secure greater despatch in the delivering of letters to the public at the wickets. Tiie regulating unit would in my opinion be one dollar, similar to that adopted in the United States ; where a mill represents the tenih of a cent and a cent the hun- dredth of a dollar; such conformity to the currency in use in the United States may be considered as deserving of consideration by the growing importance of our inter- national trade under the measure of reciprocity recently consummated between the British and American Governments. The only inconvenience which it appears to me would arise from the gene- ral adoption of a decimal currency in Canada, it the want of a coinage to repre- sent it. The change from the currency now in use and that undi-r consideration might occasion some inconvenience as it may affect money valuts, such as the half penny and penny now in circulation. These, however, I presume, might be called in, and a copper coinage introduced to represent the cent as in the United States. The subject is a very important and interesting one, and I regret that I have not had time sufficient to give to it that consideration which it demands. I have, &c., JOSEPH LESSLIE, Pottriasler. From William Gibbons, Esquire, Accountant^ St. Catherines West. St. Catherines, 13/ft March, 1855. Dear Sir : — I have the honor to acknowledge the receipt of the circular J^ou sent me, relative to a system of " Coinage a.id Currency." In reply, I beg cave to say, that I think a currency having its pa'ts and multiples in a decima! ratio, is best adapted to the purposes of accounts and payment. The daily commercial intercourse between the United Slates and CanadS;, the ease with which the masses, especially the uneducated, can reckon the federal or national currency of the United States, and the general use of it, when calculating interest, are arguments why it should be the currency of Canada. And here I would suggest that a twenty cent coin would be of great advantage. REV. DR. RYER80N. — MAJOR LACHLAV. 39 The cent, I presume, according to this view, would be the unit. It appears to me that the most practical and eli ctual means to bring that currency into use here, would be to pass an Act to come in force six months from the date of its passage, that all books and accounts, in order to render them legal and collectable, must be kept in dollars and cents. Wholesale merchants, I presume, would ex- perience the most inconvenience from the change, but the retail merchants and a large majority of the trading men as well as the working classes would prefer it. I have, &c., WILLIAM GIBBONS. From Rev. Dr. Egerton Ryerson, Superintendent of Public Instruction, Toronto. DEPARTMENT OP PUBLIC INSTRUCTION FOR UPPER CANADA. Education Office, Toronto, loth March, 1855. Sir : — I have the honor to acknowledge the receipt of your loiter of the Ist instant, (circular,) and 1o state, in reply, that, it would in my opinion contri- bute much to convenience and simplicity, in keeping the accounts of this department, to adopt a decimal system — the unit being the American dollar. I only now wait the concurrent action of the other departments of the Govern- ment in order to introduce the decimal system into the accounts kept in this office. I have, &c., E. RYERSON. From Major R. Lachlan, B. A., Montreal. Montreal, bth March, 1855. Sir: — I have the honor to acknowledge the receipt of your circular letter of the 1st instant, and, although little qualified to give an opinion on financial mat- ters, I consider myself bound, in respectful compliance with the request therein made, to state, in reply, that, in my humble apprehension, there can be no doubt that the adoption of one standard currency, having its parts and multiples in a decimal ratio, would, as far as the British American Provinces are concerned, be a great public convenience, though there might still be some difficulty in in the way of reconciling such u measure with the Sterling standard, as, even should the deci- mal arrangement be introduced in the Mother Country, the same discrepancy would still exist between Halifax and British currency. I may be permitted to add that, if it be desirable to have a decimal change in the gold and silver coinage, it appears to my unenlightened judgment, that, consi- dering the very general use of bank bills, the simplest and most convenient, though perhaps not the best way, would be, for the provincial value of British coins to remain as at present, as regards sovereigns, shillings and six penccs ; but that half- dollars and 3|d. silver pieces should be struck for British American circulation, as thereby ensuring the niension, at all times, of a sufficient silver circulating medium, altogether independent of the United States ; and that there should be a new issue of copper coins on the decimal principle, of the value of one and two cents each. In fact, it appears most desirable that a fixed decimal copper standard should be adopted, as sure of proving not only a great market convenience, but even of sub- stantial benefit to the humbler classes. It is scarcely necessary to say, that I allude to the every day occurrence here, of a poor man going to market, and after expend- ing, in these hard times, say, for lib of beef 6d. or 12 halfpence, sous or cents, or cop- pers, — Jib butter 7d. or 14 coppers, — a small brown loat 8d. — flour 6d. — vegetables 2d., and sundries 2d. or 4 coppers, to find that though the whole amounts in half. 40 MR. ISAAC BUCHANAN. — COLLECTOR DAVIDSON. pence or coppers to 2s. 6! or a half-dollar, he has actually expended 60 coppers, oi* 10 cents more than J a dollar, — equivalent to 20 per cent, on a dollar's worth of purchases, a loss, which, though '* all right" with the vendor, is, more or less, sure to fall upon the purchaser. I have, &c., &c. R. LACIILAN. From Isaac Buchanan, Escjuire, Merchant^ Hamilton. That it is most desirable to establish one currency of accounts and payments having its parts and multiples in a decimal ratio, as this would be a savinj^ of lime and labour, and be a great means of securing increased accuracy in calcu- lations. That the American dollar should be adopted as our regulating unit, for the following reasons, in addition to the fact (which of itself is a strong reason) that, whatever currency we adopt, a large part of the business of this Province (which is carried on with the United States) will be conducted in the admirable currency of our neighbours : 1st. The American dollar should be adopted because the division into either 100 parts or into 1000 parts is required for simplicity, and the former is much the least troublesome and much the least confusing, as being easily worked by only two terms one to represent the unit of account and the other to represent all the parts thereof, while these parts never take more thiin two figures to do- note them. 2nd. The American dollar should be adopted because it is (as emphatically the money of the Continent of America) unquestionably the best nominal standard or legal tender for the use of the internal or home trade of the Province, for which a mere counter is wanted the least likely to change in price 3rd. The American dollar should be adopted, beeause by getting (in this coin) a permanent nominal standard for the trade within the Province, we are not only saved the necessity of a provincial coinage, but arc left free without any nominal change or confusion to the minds of the masses of the people to alter, as the Americans do, fro l lime to time, the price of the funiign coins which we make a legal tender, thus approximating them nearer to their value in the for- eign trade of which with us they are properly speaking, as in the United States, the instrument, (little or no specie being practically requireil in the home trade, especially, when as at present we have a well secured small note circulation.) 4th. The American dollar should be adopted as the name of our currency as well as the legal tender, in order to confine to our foreign or external trade the more direct and the whole of the nominal effect of our making sovereigns and half eagles, a legal tender at the five dollars, and of our making English shil- lings and sixpences to the extent of ten dollars, legal tenders for 25 cents and 12| cents respcelivcly; a course which sooner or later will be seen to be absolutely neoessary to save the home or internal trade of currency of the Province from remaining the mere football of the foreign trade, as at present, when we see that which was created by the Legislature a legal tender or moncy^ for the purpose of circulating in (he Province^ drafted away to the Uniletl States as a commodity. ISAAC BUCHANAN. Hamilton, C. W., 15th March, 1855. From John Davidson, Esquire, Collector of Customs, Hamilton. Custom House, Hamilton, Ih March, 1855. Sir: — In reply to your circular of the first instant, v a reference to a deci- mal principle, I beg leave to say that I should be most 1. .ppy to see a decimal ' MR. JOSEPH WVNN. — MR. THOMAS LEE. 41 I: currency established, based as nearly as possible upon that of the United Slates. My reason of approval is partly olficial, and one which I consider would save a great deal of detail in the Customs Department. The regulating unit 1 should prefer, would be the dollar, under w^hat ever name the Legislature might please to give it. And I should at the same time be happy to see it (the decimal prin- ciple) applied to weights as well as coins. I ara not sufficiently master of the subject to give any satisfactory reply to the latter part of your question. I have, &c. JOHN DAVIDSON, Collector. From Joseph VVynn, Esquire, Postmaster, Queenston. QuEENSTON, 13^/t March, 1855. Sir : — In answering your circular of 1st March, I beg to say I desire to see established one currency of accounts and payments, having its parts and mul- tiples in a decimal rritio. I would recommend the federal currency of the United States, believing that it would suit this country well, and 1 consider that in a few years our chief trade will be with that nation. It is an easy currency in trade, and can be understood and used by the more simple. The dollar is the unit of that currency, the decimals are cents, dimes and mills. This reduces the decimals as low asatjcountants could desire. Tlie cur- rency in Canada, when I was a boy, was the New York currency, which was afterwards changed to Halifax currency, which never suited the inhabitants, and was never fully adopted. Our ooiKilry is now opening up by railroads; four-fifths of the travel is American, and ninotenths of the trafFic will be American. Their accounts will necessarily have to be kept in dollars and cents, as their accompanying Bills are in that currency, and passengers would be troubled by a change of the currency. The federal currency money would suit tlu" emigrant best. When emigrants land in N«'w York they meet the change of their currency to dollars and cents, and they readily adopt it, understand it by the time they reach Canada, and would be able to pass through comfortably ; but when they arrive in Canada they find a change of currency which causes them much trouble. By means of these conllicting currencies the emigrants may be imposed upon. I have frequently known emigrants in llis way imposed upon, and the bustle of railway cars would make tlitMn more liable to sufl'er wrong. It may be said the emigrant could be sent from New York through Canada, and the fare taken at that post. This would not remove the evil ; and as we are so closely connected in the Railroad travel and traffic, I say let us have the same or one currency. I have, &e., JOSEPH WYNN. From ThoiMas Lee, Esquire, Agent Bank of Montreal, Hamilton. Hamilton, \Ath March, 1855. Sir : — Your circular of 1st March instant, was duly received, and I beg to state in reply to 1st. query. I do. 3rd. I would prefer the decimal currency as being more simple than that in present use, both for ordinary calculations, and for commercial bookkeeping. 4tli. The cent as in the United States. I have, &c.. THOMAS LEE. 48 MR. S. TAYLOR, BANK OF B. N. A., KINGSTON. From S. Taylok, Esquire, Manager^ Bank of B. N. A., Kingston. Bank of British North America, Kingston, 13th March, 1855. Sir : — I ha/e the honour to state, in reply to the queries contained in your "circular relative to a system of coinage and currency," that 1st. 1 do " desire to establish one currency of accounts and payments, hav- ing its parts and multiples in a decimal ratio." 2nd. I " approve of a decimal currency," because 1. It is the most simple system known to me. 2. It is a system generally understood in Canada, and to a certain extent acted upon. 3. It harmonizes with the system of the United States. 4. All bank transactions with the public are calculated on this principle, but involve at present the additional labour of being rendered afterwards into provincial currency. 3rd. I am of opinion that our currency system should be precisely similar to that of the United States, and therefore that the " regulating unit" should be the one hundredth part of a dollar. 4th. Thi' practical measures I would suggest are : 1. That all accounts should be kept in dollars and cents. 2. Tliiit a system of coinage entirely decimal in its nature and parts shoi'ld be introduccci, the nomenclature of which should be in strict correspondency with the two terms used in the accounts. Thus (here would be only two funda- mental coins— t/ie cent and the dollar, o{ which a\\ ihe ()t'.(!r coins issued should be regarded simply as multiples, and they should be designated accordingly, the number of cents or dollars which they respectively contain being stamped dis- tinctly upon tliem; the same rule in this respect being hereafter applied to coins as heretofore has been observ(ul with reference to bank notes. 3. In order to get rid of the absurd and inconvenient "York" currency, I would suggest that no coins should be issued of the value of a half, quarter, or eighth of a dollar, but that 5, 10, 20, 40, and 80 cent pieces should be substituted. For the same reason, it would in my opinion be expedient to reduce the legal value of British shillings and sixpences, 25 and 12 J cent pieces, and similar coins, with the view to their entire removal from circulation in this Province. 4. No gold coin should be issued, like the quarter eagle of the United Slates, containing a fractional part of a dollar. 5. The Provincial dollar should in my opinion be a gold coin, but whether gold or silver, should be of the same intrinsic value as the gold dollar of the United States, that is the tenth part of an eagle. 6. All those coins of the United Stales which harmonize with ours, should be declared a le^al tender in order to facilitate commercial transactions between the inhabitants of the two countries, and also that the banks in Canada might be able to replenish their vaults at all times with the greatest possible certainty and expedition, which might not always be ittainable if the only source of supply were the Provincial Mint. I believe that a change in the currency of the nature here pointed out, would occasion very little "inconvenience" to the public, and therefore would not be received with " unwillingness." I have, &c. S. TAYLOR, Manager. ch, 1855. ed in your neuts, hav- [ain extent principle, wards into similar to )uld be the irts shoi'ld (spondency wo funda- led shouKl dingly, the imped dis- d to coins !nrrency, I quarter, or ubstitult'd. the legal lilar coins, ted Slates, It whether lar of the should be 5 between might be aiiity and of supply iiited out, )re would ager. MR. STEVENSON. — COLLECTOR CLEMENT. — MR. MAYNARD. 4S From J. Stevenson, Esquire, Manager^ Branch of Bank of Montreal^ Toronto. Branch Bank of Montreal, Toronto, 14/A March^ 1855. Sir :— In reply of your circular letter of the 1st instant, I beg to say that I ap- prove of establishing one currency of accounts and payment, having its parts and multiples in a decimal ratio : the introduction of this currency would simplify accounts and facilitate all exchange and interest calculations. I should prefer the dollar of the United States as a regulating unit. That dollar, its parts and mnltiples in the decimal ratio, beingquite as well understood by the people of this Province as the present currency of Canada, I think no inconvenience would be felt from its introduction ; and its adoption by all the public departments of the rrovin.'H!, hy town and county municipalities, would, I think, induce the people generally to conform with the system ; but I do not believe that it would be possible to introdnce any new currency deviating from that of the United States, without entailing great and lasting inconvenience upon the people of Canada. I have, &c. J. STEVENSON. From Peter B. ClexMent, Esquire, Collector of Customs, Qiicenston. Queenston, 14M March, 1855. Sir: — In answer to your circular relative to the currency, I would state, should a change be conteiriplaled, I for my part would wish to see a decimal cur- rency established. The best form in my opinion is the dollars and cents, being the most simple and the very best adapted to all kinds of business. I have, &c. PETER B. CLEMENT. From Rev. George Maynard, M. A., Mathematical Master, U. C. College, Toronto. Upper Canada College, Toronto, March 15, 1855. Sir : — I am disposed to consider the adoption of a decimal currency highly judicious, because from its coincidence with our received scheme of remunera- tion, the mode of calculation would thereby be vastly facilitated, and familiar at once to all who are acquainted with the fundamental rules of arithmetic. That the unit generally employed be a multiple of any current subdivision, that is to introduce fractional terms for such subdivision, presents no advantage whatever, but would only necessitate useless and inconvenient symbols of de- marcation, I should therefore recommend that the smallest circulating subdivision (say the present halfpenny) be the unit selected. The adoption of brief terms for the several denominations, intimately asso- ciated with those of our received numerical scheme, is almost as essenlial as the modification itself, because, by such a selection great circumlocution is at once obviated — prices and amounts of all kinds would then be v.^ritten and really ex- pressed as mere abstract numbers, and computations of every description involve nothing more than the rudiments of arithmetic. The terms guinea, pound, crown, florin, dollar, shilling, franc, &e., may ap- pear more appropriate at present, from the force of association ; bnt such associa- tion might, in six months, be made to give place to others, by the use of terms incomparably more convenient and useful. 44 MR. MAYNARD. — MR. BURK. Every voflecling person knows that whatever may happen to be the passing and acoiilenial compulsion associated with any sound, name, termor denomina- tion lor liie lime being, a few weeks or tiionths of modified acceptation will pro- duce a complete annihilation of pre-existing associations, and that convenient terms, however grotesque, would soon become as euphonious as they are ac- ceptable. I should propose then that the haUpem^y^ the measure of all others, he the unit, and that it be termed "a une,''^ which should not be generally expressed, but uiv derstood — so that for one, two, three, &e. unes, we sim|)ly write 1, 2. 3, &c., expressing such amounts as one, two, three, &c., the word une being generally understood. That 10 unes, be termed simply " a ten''' and that such a coin be in circu- lation. Two tens and five unes, would thus become timin Icn five, briefly twenfy- five, anu written 25, so four tens, five tens, six tens, seven tens, eight tens, nine tens, would be expressed briefly as forty, fifty, sixty, seventy, eighty, ninety, and written without any sort of additional indication, 40, 50, 60, 70, 80, 90. That 100 unes, ten tens, be termed "a cent,'''' which is already universally understood as synonymous with the word hundred. Thus 5 cents, 7 tens, and 5 unes would be written 575 — and expressed thus " /?rc cent sci'inti/-/ivc,^' or more hr\el\y nlWl ^'' five seveutij'five, ihe word cent being undeislooJ, us in the expres sion " three-and-sixpcnce.^'' Those three denominations would be generally sulFicient, but if necessary 1000 unes, 100 tens or ten cents might be termed a ••' millc,'" pronounced as in French, being the highest circulating gold mvltiptc. A few extra pieces of 2, 3 and 5 uii s, and denominated by extra terms, say '•'■doable ;'' "//•oi,*;" pronounced '■'• Irny''' and '■'• ciaq'" pronounced '■'■ s/'nlc,^^ migiit be necessary. The quarter dollar would thus be '■'• a fourth cod'"' or n five ^'- cinq''' piece — the half dollar a "■semi cent.'''' All existing prices and liabilities to he expressed in unes, which could ofll-r no difficulty. Existing notes to retain their respective values in terms of tlie same unit, a matter of perfect facility, as they are already expressed in cents or 100 unes Running accounts would then present themselves after tiiis sort, s:iy — John R . Dr. to Wm. B In re I To qi that now itiinc four- nien (part To qi a sort of will be bi dcr more the neighl To: through a general eil throng needs a oreverytli century. To 3 pairs of stockings, at 25 15 yards calico, at 15 10| yards print, • ••••• i O 225 at 12 129 Expressed seventy-five " two-lwenly-five " one-twenly-nine " four-twenty -nine. Total 429 If on the other hand for cent we write ^'' Jtorin,'''' — for " ^e«" shilling — and for " ui/e«," pence, the preceeding total ("four twenty nine") reads as follows: •' Four florins, two shillings and ninepence, an unnecessary circumlocution, no longer associated with our earliest numerical impressions, and involving no term indicative of the relative value of the respective denominations. I remain, &c. GEO. M.WNARD. Sir I currency eidculatic I change ci Sir payment it would habitants recognizi large ma many ye Ish silver ar the Cans coin on be equal the Unit From John Burk, Esquire, Darlington. BowMANViLLE, 16//i MuTch, 1855. Sir : — I am in receipt of your circular dated 1st instant, relative to the in- troduction of a decimal coinage or currency in Canada, and requesting my reply to on s therein proposed. MR. BURK. — MB. HESPELEH. — MR. POWELL. 45 )e the passing or donomina- ition will pro- hat convenient i they are ac rs, be the nnit, •essed, but uii- 1, 2. 3, &c., ?ing generally n be in circu- iriefly twenfy- ght tens, ninn ly, ninety, and ), 90. ly universally ts, 7 ten?, anil /tyr," or more n the exprcs- if necessary lounced as in itra terms, s;iy 'Am/t'," migli't ir ixfuc'-'-cinq''' ch could offer lie same unit, )r lOOiHK's. rt, s:iy — ve five ine inne. lling — and for J as follows : miocution, no )lving no term fNARD. A, 1855. live to the in- iig my reply to In reply to ([uery No. 1. — I am decidedly in favour of a decimal currency. To query No. 2. — Because it is more sii'iple, tiiric-s;iviiig, aud accurate than that now in use, as a jmiol' of which I ihink 1 can safely say, that at the j)resent time four-fifths of the calculations made in fiirures by the merchants and business ' men (particularly in Canada West) are made in dollars and cents. To query No. 3. — Nothing is better than dollars and cents. I look upon it as a sort of mock loyally to adopt any other name, or to fear to copy (what it is plain will be beneficial tons) from an enemy, let ' ' .ie a friendly state, it will alsoren- lier more easy anfi tend to facilitate our already largo atid growing trade with tlie neighboring Stales. To No. 4, — I would say, let the Government after a stated time introduce through all the various olFices under their control the new currency, and witli the general disposition in favour of it among business men, it will quickly be adopt- ed throughout the Province. I would also suggest that the 112 lbs. to the cwt , needs a like remedy ; the decimal principle should be introduced into the weights of everything ; it is m-)re applicable to these railway times and to the nineteenth century. I have, &c. JOHN BURK. From Jacob IIespeler, Esquire, Preston. Preston, 13^/t i»/arc//, 1855. Sir : — In answer to your question regarding the introduction of a decimal currency in Canada, I am of the opinion that it is preferable to any other mode of enleulation, being the most simple for all practical purposes, and the proposed change can in no manner be inconvenient to unprejudiced business men. Your, &c. JACOB HESPELER. From W. Powell, Esquire, Merchant, Port Dover. Port Dover, 15th March, 1855. Sir : — I am decidedly in favor of establishing one currency of accounts and payment, having its part and multiples in a decimal ratio. My reasons are, that it would be more simple, more convenient, and give better satisfaction to the in- habitants of this section than the present system of having two lawful currencies recognized in the Province. The system of counting by decimals amongst a large majority of the inhabitants of thi's county has been in practical operation for many years. I should be in favor of increasing by tens, and having coins struck off both of silver and gold increasing in that ratio, the silver to have either in whole or part the Canadian coat of arms on one side, and words describing the value of the coin on the other, to be called 5, 10 and 25 cent pieces, and half-dollars, and to be equal in value to coins of the different denominations respectively issued by the United States Government. I have, &c. W. POWELL. 46 MR. CAMPBELL. — COLLECTOR DUNSCOMB. From Duncan Campbell, Esquire, Gore Bank As^ency^ Simroe. SiMcoE, \bth March, 1855. Sir : — To llie qnories respecting a decimal currency contained in your circu- lar of the 1st instant, I beg to answer as follows : 1st. I do desire the introduction of a decimal currency. 2nd I do so because ii is more convenient than any other system with which I am acciuainted, and because it will facilitate our business intercourse with the United States, which is now great and is daily increasing. 3rd. The dollar of the United Stales would be the most desirable to adopt as the unit. 4th. The system could \ think be easily introduced into general use, if the Govcrnrnenl would appoint some day sufficiently distant (say 1st July next) to give all persons time to procure new books, and make other necessary arrange- ments for the commencement of its operation, and issue a proclamation to the eflect and have it copied or noticed by all the papers in the Province. I am, &c. DUNCAN CAMPBELL. From J. \V. Dunscomb, Esquire, Collector of Customs, Quebec, Quebec, 'ZXst March, 1855. Sir : — I have the honor to acknowledge the receipt of your circular of the 1st instant, and in reply to your queries, to acqunint you — 1st That I earnestly desire to establish one currency of accounts and pay- ments, having its parts and multiples in a decimal ratio. 2nd. The answer to the first query answers this. 3rd. I approve of a decimal currency, first for the great facility and simplici- ty it oilers for compulation ; secondly, for the great accuracy and security with which calculations can be made, the proof or verification of all calculations ap- pearing at each step of the progress of the operation. Thirdly, because the most intricate and most troublesome rules of common arithmetic, but seldom mastered by boys at school, fitting for any practical pur- pose in after life, at once become unnecessary, a knowledge of the three cardinal rules, multiplication, addition and division being sufficient to fit any person for the transactions of every day life. I should prefer the adoption of the dollar as the regulating unit, and multiples thereof into lOOlhs for moneys of account. The country being familiar with this unit from inthnate and constant intercourse with the United States, and this unit being in fact already introduced by the several bankingestablishments, the Legis- lative action necessary would be only confirmatory of the general practice which now obtains. The practical measures which I should recommend for introducing the sys- tem into general use, so as to produce the least amount of temporary inconveni- ence, and ihe smallest extent of unwillingness to encounter the change on the part of those classes who are most likely to be affected by it, would be to revise by Act of Parliament the laws imposing taxes on emigrants, on ships for hospital and water police dues, and duties of Customs, and toconverl the sums charged on im- ports in the shape of specific duties, into their equivalents in dollars and cents; to make provision for the sums in dollars and cents which foreign coins and money of account of different countries should be computed at, at the Custom House, and finally to provide that the public accounts of the Province should be kept in dol- lars and cents. I am, &c. J. W. DUNSCOMB. ^ 1. MR. RYKERT. — CASHIRR SMART. 47 I roe. , 1855. II your circu- witli which rse with the to adopt as '. use, if the ily next) to iry arrange- lation to the BELL. lebec, , 1855. cular of the ts and pay- nd simplici- jcurity with ulations ap- of common radical pur- ree cardinal y person for 9 id multiples ar with this nd this unit 5, the Legis- ctice which ling the sys- inconveni- e on the part to revise by hospital and rged on i ra- id cents ; to and money House, and kept in dol- !OMB. From Georob Rykeut, Esq., Agent, Commercial Bank, St. Catherines. St. Catueuines, \^th March, 1855. SlU : — To the several queries of the Committee of Public Accounts which I hiid the honor to receive regarding the introduction of decimal coinage or currency for Canada, I I e to reply : 1. Yes ; I liiivc long been an advocate for establishing one currency of ac- counts and puynionts, having it parts and multiples in a decimal ratio. 2. Because 1 consider it the most simple and easy mode of computation and keeping accounts, and a great saving of labour ; besides, in decimal calculations errors are, in my opinion, more readily detected, from the fact of its being simple an 1 in accorilance with ordinary arithmetical progression. 3. I ])rcfer the dollar and cent as the regulating unit, more especially on ac- count «)fonr extensive intercourse and trade with the United States, and which will probably continue to increase, when the dollar and cent is the established currency, and seems best adapted to every branch of trade. 4. I apjnx'bend no serious inconvenience to this Province from the contemplated change, particularly in Western Canada, indeed along our entire frontier, where even now nuich of the ordinary business is transacted in dollars and cents, hence the people of the Province are already quite familiar with the currency. To bring the system, however, into general use, with the least inconvenience to the country, I would suggest that after a certain day to be named and published, the Govern- ment should direct and require the Custom House and all other PublicAccounts what- soever, to be kept in dollars and cents or in decimal currency. Tiiat all accounts rendered, and suits brought in the Courts be in that currency. The change, in my opinion, would thus be readily effected without much trouble or annoyance. I take it for granted, however, that with the j)roposed change, a coin will be introduced into the Province suited to the currency, otherwise a good deal of in- convenience would still be felt, as we have at present no coin adapted to the deci- mal principle. I have, &c. GEORGE RYKERT. iVom John Smabt, Esquire, Cashier, Niagara District Bank, St. Catherines. Niagara District Bank, St. Catherines, llth March, 1855. Sir, — I have your favour of the 1st instant, on the subject of coinage and currency. 1 am convinced no greater boon could be conferred on the community at large than the introduction of a decrmal currency and coinage, and that none corld be introduced which would be so readily understood and adopted than that now in use in the United States, viz : dollars, and dollars into hundredth parts or cents. The present and daily increasing intercourse with the United States has already caused that currency to be used in a large portion of the Western Pro- vinct i^he gold coin ought to be in dollars ; and the silver in, say, yooj t And I am !--atisfied that nothing further is required to bring it into general use than the Government to give notice that on and after a certain date, all accounts and transactions in die Government offices will be kept in that way ; that the ease of calculation and want of liability to error would at once induce all merehanis to keep their books in dollars and cents. I can only add, that such a measure has my hearty support, and that this Bank will at once conform. Yours, &c. JOHN SMART, Cashiei. 48 BEV. JOSHUA LKAVITT. From Ur.v. Joshua Leavitt, Editor of the Tndcprndrnt, Xcu' Vork. Yonr llrsl ([uostion is : " Do you dfsiro to (>si;il)liMh one cinniicy of iut'ouiils and p.iyiiifnis, liuviug tlic parts ami multiples in a cli-i.im!il rntio?" I liuvi- no doubt of the superiority ol tlio deciuiul syslfu) for thu purposes of account-', and am astonished that other countries have so long (hdayed iis adoplidii. Our expe- rience of llie houefil of our foiierul currency in this respect i.-i all one way. 'I'lie savin:; of time and laoor is prodiij;ious ; ami tlie advantage in point of correctness and ol tii(! facilily of tletectin;^ errors unciuestionaitle. lint lor t!ie purposes of small eireulation, in luarketiui^, huckstering and the like, I am persuaded that a duod((;imal currency, like that of England, or like that wliich formerly prevailed in the city of New Vork, is far preferable. These small transactions of daily life, outnvunber the transactions of commerce almost inliuitely. And it seems impos- sible to make a decimal currency as convenient in these as the old currency. One reason is, that the decimal currency admits of only one ali(piot division, that is, into halves. The shilling can be divided into halves, (piarters, thirds, sixths, and twelf'hs ; and, if it were needed, a coin of the value of two-thirds of a shilling would be found manageable. In all those countless small purehasi's which I have referred to, and in which every man is employed many limes every day, this cajiability of subdivision is of great convenience. We are constantly buying a half of a thing, or a quarter, the eighth, the one-third, and so on. If the price is a dollar, we can make the change for one-half, for one quarter, and if one, two or more pence, with our decimal currencv; but wo cannot pay the exact price of one-third, one-sixth, one-eighth, one-twidfth. or any other of the fractional parts. If the price is hall a dollar, we can only pay for one-half, one-fifth, and onc-teuth. If the price is a (juarter of a dollar, we can pay for no aliquot division whatever. This is a constant inconvenience, and can be got along with iu no other way than by disregarding small dillerences. Our Congress has attempted ;i partial remedy of the evil by coining three cent pieces, of which the most remarkable quality is, that it is impossible to make change with them for any other American coin ; and another is, that they do not conform to any known currency. I think it is possible to combine the benefits of both systems, and that we in New Yoik have accidentally stumbled upon the very plan which will do it. You are aware that in our marketing, and other small transactions, our business is still done in shillings and pence; the shilling being one-eighth of a dollar, and therefore corresponding exactly in its value to the old Spanish coin, of one-eighth. The provincial currency of New York, before the revolution, was framed upon the reckoning of eight shillings to a dollar; and when the federal currency was in- troduced in matters of coin, the common people still clung to the old shilling, aa a matter of necessary convenience in their pocket payments; and the experience of sixty years has not in the least dimitiished their attachment to this method of reckoning, in small payments. Athough all commercial accounts are kep' in de- cimal currency, and all large payments are made in the same way, and although we have no coin that represents a shilling, and caunnot inake it by any combi- nation of federal coinage, and are obliged still to use the old worn out Spanish pieces that circulate above their value, this matter of convenience enables those smooth faced coins to hold their groand, and to govern our methods of reckoning in our small transactions. And not only this, but we find that the people in all parts of the country are learning more and more to use the vernacular currency of New York in their daily chaflfering. From one end of the United States to the other, you will frequently hear people giving you the price of things in York shillings and York six pences. I think this experiment is conclusive, and ought to be satisfactory to prove that the duodecimal currency in small transactions, is a great public convenience. I am sure it is only this actual and felt convenience which has enabled it to maintain its ground for sixty years. There is another consideration of some weight that I have never seen men- and Una two and though REV. JOSHUA LEAVITT. — MR. TIDBY. 49 tioncd liy any writer. Tlin dccirml currency is donominatod by words expros- sivr of till! relative value of the deral etUTcncy of dollars, cents ruid mills as the money of account, and the New York shilling and its parts for their petty cash. The other is, to adopt the pound sterling as their regulating unit, wiili the (lorin as the tenth, and tlic farthing as tin; one-thousandlh j)art. Let this be the money of account, and then for a small currency, adopt the English shilling with its subdivisions, down to the farthing. The result in either case will be a small difTerence between the actual value of the coin and the corres|)onding value of the muney of atrconnt. T/ic dilference is, in fact, fonr per cent, and if it were not counterbMlanced and averaged in practice, would bo a matter of very considerable importance. But we find, in fact, that the prices of things which we buy in small quantities, are regulated just in such a way as to allord a living profit ; and if any profit is made by the dealers in consetpicnce of this method of reckoning, competition will soon bring it about that the profits in prices will be reduced in proportion, and the petty losses which some jK-ople grumble about would be very much reduced also, ii" we were properly supplied with a duodecimal coinage. This loss of four per cent takes place only when we have to employ the federal coins to j)ay or make change for duodecimal prices. As all dealers receive as well as pay twelve cents for a shilling, the loss and gain must be about equal in most cases. At any rate, there is no sucli inequality as ought to counterbalance the benefits of the shilling currency. Although your Canadian currency is dillerent from that which prevailed in colonial times, and therefore it would not be (juite so easy for your people to fall into the use of the New York shilling, yet the proximity of your position, and the constantly increasing intercourse between the two countries will greatly faci- litate it. For myself, I have no idea that we shall ever abandon the shilling cur- rency. The lapse of generations has only fixed it more firmly upon us; and I fully believe, that in a few years we shall have a Congress so governed by com- mon sense, and so alive ^o the convenience and welfare of the people, that they will legalize the York shillmgand six-pence as the eighth andsixteenthof a dollar, and will give us from their own mint a corresponding coinage. The fact that we continue to use the worn out, light and depreciated Spanish coinage, ought to be considered a satisfactory proof of what public convenience actually requires. I have, &c. JOSHUA LEAVITT. New York, March 20, 1855. From J. A. Tidey, Esq., Norwich, Oxford County. Norwich viLLE, 15/A March 1855. Dear Sir : — I desire that there should be established one currency of ac- counts and payment having its parts and multiples in a decimal ratio; and my reasons are such as must be obvious, I think, to every one that has a predilection for numbers or calculation. All reckonings and computations would in that case be materially facilitated, and brought within simple rules. The compound babel of money weights and measures of diverse denornina- tions, and every thing else similarly divided, that come within the range of our D1600 50 MR. TIDEV. — MH. HUGH C. BAKER. calculations, arc iticonsislcnt willi the ])rogrrss of the times. It were indeed ex- ceedingly desirable tliere should be a uniroiinily, the world over, in these things. What labour and time would it not save to aeeonntanls. and to scholars ! but ( suppose Me miglit as well desire an universal language as such a revolution. A change could never be made at a better time. There is nut, 1 believe, any Canadian Coinage at all to be interfered with, excepting some copper. The fitf/rre, by extending population and by confirming old habits, will only increase the difficulty. Therefore I would say: go on with the work at once. And I cannot conceive of any better money unit than the dollar just a:? lliey have it in the United Slates. Our close ncijihbourhood with that connivy ; tlie numerous Americans in this country, all used to that peculiar currency; the familiarity wilh it in the dealings, and in the books of British merchants and our own merchants trading w-ith those oflheUnitrd States, would, I think, present very few elements of even temporary inconvenience. A new coinage of 100, 90, 80, 75, 50, 25, 20 and 10 cent silver prieees, and 2 and 1 cent copper pieces wonld, I think, be found very convenient, and have a tendency to provide against the redundancy of copper, and make less of it as an exchanging medium necessary. The American coins would then, of ceurse, float in a congenial elemenl. The British and diher coins would very currently and very accommodatingly float among the rest at as many cents each as the law should direct, 'i'he pound, consisling of an cwn number of dollars, would remain, as now, to whomsoever should choose to give it that designation. The 20 cent 10 cent and 5 cent pieces might still be called shillings, six-penees and three-penccs, but the penny would become (and is it not so even now.') an ima- ginary coin ; and even accounts might be kept in pounds, shillings and pence, without any more dilliculty than now oists, if any should choose to persist in doing so. By some such arnmgement as the above, I think that the temporary incoiT- venience of the introduction of the Decimal Currency, would be small indeed ; and I cannot conceive how any person (allected by it and understanding the matter) could be unwilling to encounter the easy and trilling change which should take place in the new arrangement of his books of account ; for in no other way can this change produce any practical inconvenience. The exchanges, the trade, and the business being all done in money with which all in^^Canada must be perfectly familiar. I am, &c. JOHN A. TIDEY. From Hugh C. Baker, Esq., President, Canada Life Insurance Company. Hamilton, 19th March, 1855. Sir : — I have the honor to reply as under, to the queries submitted on behalf of the Standing Committee on Public Accounts, in your circular of the 1st inst. 1st. I certainly desire the introduction of decimal notation into our system of Accounts, and its general use in all money transactions, as well as in weights and measures. 2nd. My reasons for this desire are, generally speaking, the same as those of the mass of writers on the subject ; the evident facility which it offers for all the varied calculations required in the daily transactions of a commercial communi- ty, its material saving of time and greater freedom from liability to error, being well known to all who have had any occasion to compare decimal notation with OUT existing system. Individually, I can speak of its merits from a long experi- MR. HUGH C. BAKER, HAMILTOX. 61 c things. ot expen- cnce, the s for itrt The banks of the Province have adopted the dollar for their standard, and in almost every bargain the dollar is the standard by which the transaction is governed. All that is wanted to bring the system into general use is the introduction of it into all public accounts, the public having already adopted it in all mercantile transactions. I have, &c. DAVID LAWSON, Collector. , 1-S55. ice of iti* : llie least 111 plicated rd system bstituted. and I do iiy of the hi er. 1, 1855. f accounts 3 simple, J Id prefer, Province ; Joubtedly fee ted. lRR. , 1855. instant, to nent hav- 'or saying i decimal ?s are in es many es a good From E. Webster, Esquire, Collector of Customs, Port Dover. Port Dover, 11 th March, 1855. Sir: — I am of the opinion that the decimal currency is preferable to the present, and its adoption is much desired in Canada West, especially from Hamilton westward, where the inhabitants in their ordinary business transac- tions use the currency of the United States exclusively. The mills, cents, dimes and dollars are convenient and familiar to most of the people in Canada West, and little inconvenience would, in my opinion, be experienced in its adoption ; nevertheless, it appears to me that something more British or national is desirable, and v^rould be consonant to the wishes and feel- ings of a majority of the people of Canada, and the adoption of which would, no doubt, bo eiinully convenient. In place of mills I would recommend the sub- stitution of units, in place of cents the substitution o[ pieces, in place of dimes the substiifi,! a cf tales, and in place of dollars the substitution of croions; in place of c ;5ie, Esquire, Councillor at Law, Chairman Committee of Finance and Currency, House of Representatives, Ohio. Kalida, Ohio, 20th March, 1855. Dear Sir :— I received on last Tuesday your circular letter relative to the introduction of a decimal currency or coinage in Canada, and not being a resident of the Province, I can only present in reply such views and deductions as my on- servation of the practical operation of a decimal currency in the United btates, ana particularly in the State of Ohio, suggest : , 1 should prefer a decimal currency for use in any country, as be mg more easy of addition, multiplication and division than any other. The object ot Gov- ernment in selecting a standard measure of value is that it shall be as nearly o uniform intrinsic value as possible, and its division in coins should be such as to 58 MR. J, MACKENZIE, HOUSE OF REPRESENTATIVES, OHIO. bo as easily nnderstood by all as is altainablo, the whole object of a currency be- ing to secure public convenience in the exchange of those objects of necessity or desire which are ihe subject of home and foreign trade. The system of a currency of pounds, shillings, pence, and farthings, whclbor sterling or " Halifax," is by far less conveniciU than thai of decimals. The divi- sions ol the present English and Canadian currency refer to original weights of metals never of easy access to the people to determine, and which have in pro- cess of time grown arbitrary; and it is no slight objection to the system, that for the complicated work of addition, multiplication ordivision of numbers it requires a knowledge of the compound rules of arithmetic, to carry farthings to pence, pence to shillings, and shillings to pounds, and the reverse — a learning which many never accurately attain, and which all must find inconvenient in practice. The decimal system requires only a rudimcnlal knowledgi? of arithmetic, and the faculty of carrying the tens forward fo the higher number by the simplest process known to arithmetic. Thus children in Ohio, and generally in these States, at a comparatively early age, by the easy divisions of the currency in the coinage, learn to make small necessary purchases with an accuracy which could not, and from my recollection, is not as soon attaitied with the more complicated system of cur- rency employed in Canada. And keeping in view that convenience is the de- sign of a currency, its adaptation to the humblest capacity, is the very object which a legislative botly should seek to accomplish in making choice of a system. In many of the States of this union the system of pounds, shillings and pence exist- ed for a time after the adoption of a di'cimal currency, and ilie convenience of the latter has almost universally superseded the old system, and it may not be impro- per to add that the decimal in some forni is generally adopted in the currency of European Slates, a fact which gives an inference in favor of its couvenienci.'. The United Stales Government adopted the S|>anish dollar !is iIk; money unit, and it has been adopted generally in ihe South American Stales, and may be said to be the money unit of all the Slates of ihis conlinent, excepting British America. Its adaptation to ordinary business, its familiarity to the popular use, and its convenience in the common and daily transactions of life, no doubt re- commended its adoption in these States, and would furnish reason for its adoption in Canada. In elfecting a change in the currency that change should be one which would as little as possible — consistent with the benefit sought to be gained — dis- turb existing habits in business dealings. The selection of the Spanish, Ameri- can or Mexican dollar as the money unit would mon; than any other secure this object, and would have ihe additional argument in its favor that it would facili- tate business intercourse with the United States, an intercourse favored and sought to be increased by both countries, as is evidenced by Ihe recent treaty of recipro- city between the British and the United States Governments relative to ihe Ame- rican colonies with the assent of the legislatures of the several liritish American colonies. Canada with a long line of frontier on the United Stales, bringing her people into daily business contact with thep»'ople of these United Slates, would find in a similarity of currency, business convenience and advantage ; and this uni- formity of currency between the Province and the border Slates is more neces- sary in their frontier trade than between Canada and the Home Government in the trade with llie mother country, because remittances to England are conunonly either made in Provincial articles of export or in bills of exchange for largo amovints, and this forms a business controlled and managed by a few individuals, on account of the capital invested in the transit business and the distance that in- tervenes between the two countries. Between Canada and the United Stales the distance is often less than between ordinary farm dwellings, and on either side of the line large numbers of individuals of both countries make numerons small, but in the aggregate, important purchases to the common and general advantage ; and these cannot Jail to be largely facilitated by a common standard of exchange. MR. MACKENZIK. — MR. LANOTON OF PETKRBOROUOH. 51 I am not aware that Canada lias any provincial coinage at present, except a copper one, vvliicli is not of suflieient value to be in the way of any change that may be prDposed. Her banks in effect use the dollar as the money unit, their bills issued being 5s. 10s. 20s. and 50s. or l^l, $2,$'l and |10, and by this means the eonse(iuence of its already appreciated convenience, it is as much already the practical money unit of Canada as if made so exclusively by statute regula- tion. Jn the event of the adoption by Canada of the dollar as the money unit the whole change will be found to be really in the multiples of the money unit adopt- ed. The hiilves, quarters, and the Spanish "pieces of eight," 8tiis of a dollar or " York shillings," as they are sometimes called, are already familiar,nnd have a known and fixed value in the Canadian public mind, and ihe 8th is found con- venient ill iii?e and is retained in the United States, js^enerally in defiance of the fact thai il forms no part of the national coinage. This doubtless results from coinnion experience of its convenience, and might be worthy of consideration in detenniniiig the multiples of the dollar to be adopted. It will be found fully as convenient for purposes of change as the dime and half-dime, which time has proved need the three cent ';oin to effect convenience in making change. There are doubtless many more and better reasons in favorof a decimal cur- rency or coinage than occur to me, but in the choice of a currency that which is the (simplest of use and comprehension, has the reasons in its favor which deter- mine that which is best. It may be tiiat an objection may be raised that in fol- lowing the system in use in the United Slates a departure is made from ancient Briti.-h customs ; but trade and commerce and what pertain.^ to them are cosmo- polilaii, if I may use use the word, in their nature and operation, and what relates to them can only be safely and permanently regulated on ihe inlrinsic merit of the system to bo determined, and not upon foreign issues that can only divert from those ichults to which the financial thinker and legislator ought and must ever seek to attain. I remain, &c. JAMES MACKENZIE. large From John Langton, Esquire, M. P., Peterborough County House of Assembly, April 2. Sin : — In reply to your circular of March 1, propounding certain (juestions with respect to the expediency of adopting a Decimal Currency, I submit to the Committee my opinion upon the questions proposed : I think there can be but one opinion upon the convenience of having the same denomination for accounts .and |)ayments. It, however, often happens that other circumstances of convenience dictate a contrary course. In many parts of the old continent, where a national currency, varying in every small State, has been firmly established by long custom, the limited area over which it prevails, has made it necessary to adopt for the accounts of large transactions, at any rate the currency of some other nation in more extended use, and in some cases an obsolete, or theoretical unit of account, no where in actual circulation. In other cases, as in Canada and to some extent in the United Stales, a national money of account may prevail, but other circumslances may have introduced foreign coinage into general circulation. These are in my opinion the only cases, in which a nation would be justified in adopting a currency of accounts, difTerent from that in daily use, and it would be very desirable to reconcile them when- ever practicable. The decimal system possesses such obvious advantages in the keeping of accounts, and especially in complicated calculations, involving much multiplica- 60 MR. LAMUTOIf OF PETKRBOROUOH. tion and division, or tlie use of tables, that it seems unnecessary to onier npon the subject m lari,'r. Tlie example of practical men is snthcieiit proof. Most business men in Canada perform their calculations of interest, &c., in dollars and cents, although ihey enler the results in £. s. d., and in England ijrofessional ac- countanls and actuaries invariably state their sums in decimals o{' a fionnd, into which the ordinary <, however, very questionable, whether the disadvantages of the decimal system arc as great in this respect, as is generally supposed. If the prices of arlielcs were always represented by some exact coin, it would undoubtedly be convenient lo adopt a coin more easily divisible, one, for instance, wiiicli was e(]uivalent to 48 instead of 50 coins of a smaller denomination. If a pound of tea were sold for such a coin, in the one case, not only the half and (piarter lb., but any number of ounces, would be still accurately represented by coins in circulation, whilst in the other, the snbdivi-ion • ould not be carried below the half poimd. The price however is generally rei^^dated by other considerations, and at another price tiie deeimal division might become the more convenient. It is also to be remarked, that the practieal convenience very mueh depends on tj^e directions adopUnl in other weights and (neasures. The duodecimal >ystem, for instance, Inrtuonizes very well with the chief recognized divisions of time, and of the yard inio feet and inches, and with the popular mode of reckon- ing by dozens ; the binary system, and partially the duodecimal also, adapts itself to our usual measures of capacity, and to the divisions of the pound into ounces ; but neither are more convenient than the decimal, when we come to deal with such divisions as the stone of l-Hbs., the rod of 16.J feel, and tlu; month of 20 working dsiys. There are also other modes of reckoning, as the hundred weight of 100 lbs., and the chain of 100 links, tln^ custom of counting some articles by the score, the hundred or the thousand, and the universal manner of comput- ing interest, commissions, &e., at so much per cent, which accord mueh better with the decimal system than any other. Great inconvenience results from the various bases adopted for subdivision in dilferent trades and differenl'countries, and no arrangetnent of the coinage will harmonize with them all ; but a decided tendenc}' is observable in all countries to get rid of those anomalies, and lo ap- proximate to a decimal division, and even if custom retains many, the facility of calculating bv decimals renders that system more easily adaptetl to those excep- tional cases than any other. These reasons lead nie to the opinion, that it is very desirable to introduce, as soon as po.=sil)le, a decimal currency, both of accounts and of circulation. The question remains as to the unit, on which it should be based, and here three differ- ent units present themselves for our selection, the pound currency, the pound ster- ling and the dollar. The considerations which should guide us in our selection, seem to me to be these — which would most readily adapt itself to the decimal scale? which would harmonize best with the currency of other natif)ns, with which we have the greatest commercial intercourse ? which could be introduced with the least violence to our habits and the customs of trade ? which would assimilate best with the coinage which forms, and is likely to continue to form, our circulating medinm ? If we trj' each of the proposed units by these tests, we find that the pound, either currency or sterling, can, without nmch difficulty, be added to the decimal scale, the number of farthings in a pound (.960) being so near a thousand, that the MR. LANOTON OF PETKRBOROVOn. ei The highest and lowest terms of tl.c scries may he eonsidered already estahiishcd in eoiiiinoii lis- ; and the second, e(iu;il to two 8liillitio;s, would accord well with the present Hvstcin ; whilst the third, only c.jual to about two p^'iice halfpenny, would have to oi' a new coin. The dollar, however, requires nothin}! ncu ; it is the unit of a decimal scalo, already well established, and under this head, therefore, tho dol- lar oilers llic fjreatcst facilities. When bi()Ui;ht into comparison with the currency of other nations, the pound currency is peii'cetly isolated, ha only ecnvcnience btinjj; its connection with the (lollar, and in so far as it differs from that standard, it heeonics less advantageous in foroijiu cxchaiii>es. Much may be said in favor of the pound sterling, from the extent of the eonnncree of Great Britain, and our own intimate connection with it ; but our commercial transactions w ith the United States arc almost as extensive, and the number of jjcrsons haviiifj such relations is certainly very much greater, whilst no coin has such universal circulation in the world as the dollar. Under this head, consequently, it also claims a preference. If we consult our present customs, undoubtedly the pound currency may seem to have the advantage; hut we must net forget, that, even in Canada, the dollar is almost co-ordinate with the pound. In some parts it is even in more familiar use, and in some branchi s of trade the dollar and its parts is everywhere the denomina- tion of price. Even where the pound is employed, its connection with the dollar is never lost sight of; and it is doubtful whether, when 3s. 9d. is talked of or written, the idea of three quarter dolhirs is ever absent. It must also be borne in mind, that if the pound currency were maile the unit of a decimal scale, though the name mi j;ht be preserved, the subordinate divisions would have much novelty, whilst with those of tho dollar we are already familiar. Here, therefore, also, the dollar is at least eciiiall^' convenient with the pound currency, whilst the pound sterling would be entirely foreign to our present arrangement. Lastly, the circulating medium existing in Canada forms, perhaps, the most important question connected with this enquiry. With the exception of our paper, wc have no real provincial currency, and that is exclusively based on the dollar. As to the metallic currency, wc have none now, and it is doubtful whether for many years we shall have one, or could keep it in the country if we had. What we im- port from the States is based on the dollar, and the British coinage harmonizes as well with it, as with our present system. The silver coinage on the decimal scale, proposed to be introduced in Great Britain, woidd continue to accord with the dollar, for the new coins would bear exactly the same relation to 50 cents and 5 cents, as the present shilling docs to 2o cents. For the same reason, the American silver would not, for ordinary purposes, he discordant with the decimals of the pound sterling, if that unit were acloptcd ; but, besides other reasons above given, the change from the pound currency to the pound sterling, to a currency with the same denomination but a very different value, and the incompatibility of the unit with the dollar, though the difference in the smaller coins might be neglected, would both be so inconvenient that I should very much prefer the dollar. As to the pound currency, its decimal parts would not coincide, even approximately, with any existing coin, cither British or American, and its adoption would necessitate an entirely new provincial coinage, which I think a fatal objection. In every point of view, therefore, I would give the preference to the dollar, as the miit of a decimal currency. The change which would result seems to me to be so small, and liable to so few inconveniences, that I do not anticipate any serious obstacle to the substitution of another system of keeping accounts. If the example was set by the public offices and the Bunks, I believe ihe whole population would fall into it in few months, without difficulty. It would only be a change in book-keeping, for all the circula- tion of the country, both paper and metallic, would remain unaltered either in name 62 MR. LESSMR. — UNITED STATES AND nRITISH COIVAOK. or value, tlio British small silver coins hoarinjx, in jjaytnont to alimilcd iiinoiiuf, the same nominal relation to the dollar, which thev do now, and the crown and sovereign having, as now, a fractional value. I remain, itc., &c. JOHN LANCjI TON. no' vid th;i on Ian From James Lksslik, Esquire, Toronto. Sib : — In re|)ly to the cirenlar yon sent mc relative to a decimal coinage or currency lor the Province, I am of opinion that a coinage or currency analogous to that of the I'nited States would be universally acer|)tal)le, because it simplifies all calculations. To secure the application of the principle to business generally a looiWo staiulurd of value now oxiMiin^ in llu; I'liitocI States ; and ndoi ' , ami that of ^old. The valiK.' of gold at our Mint, coniparfd with si' i Mi'.iiil tlnre per ccmI. liif,di('r tliau that i)f FriUK'iv. For cxampli', it stand Fr.incc at 1 ")J to 1, wliiTras, at our Mint it stands ut IGto I. It follows, tliciT •.Hrf, thitt during an jid verse ba- lanee of trade, silver will be at a |)reiniuiii mI will he tin- first to be shipped. It do(!s not appear to uii' to be possible lo i nnl un perniancnily a doiil>l»! stand- ard, without oIkmi having one or the (ilii of the two niofals at a premium, as the supply of or.e or other will fall short of the proportions established at the ft] int. From the same to the same, Fibruarrj 10///, 1851. '* If it should bo thought wiso to aliolish the double standard, (and nptn this point I have little doubt,) I should suggest the coinago of silver tokens, with ten or twelve per cent, alloy, whieh shall bo made a legal ton ler for any sum not exceeding $5, ami which the (tovernment sliall he alwai/s houml to redee.n in '^old on flemaml. The issue of such tokens would save the country from inconve- nience for the want of silver change. They would furnish a sulFieii nt circu- lation for the necessities of the community; they would be prevent d from u:- preciation at home by being redeemable in gold ; and they would not be si i- ped, because their value in Europe would bo less than iii our own country. These tokens should not contain less than ten per cent, alloy. In this country, when silver was 4s. Il^d. per ounce, the dillerenee was nearly elev.-;, per cent., whereas, now, in consequence of the recent changes, the diderencc s oi:!y a little above seven per cent. Unless a wide margin were adopted, further changes perhaps would have to be made from lime to time, as a continued influx of gold from California might produce a rapid depression." " The gold coins of England are ll-12ths line, and those of France 9-lOlhs. When gold is taken to tlie French mint lo l)e coined, the mint retains 9 francs per kilogramme; and when silver is so taken, 3 francs per kilogramme is re- tained — whieh alters the relative proportions from 3,100:200 (or 15.J : 1) to 3,091 : 197, (or 16 69-100 to 1.) The standard of silver coin in England consists of 37 parts of pure silver and 3 parts alloy." Erom a Report to the United States House of Representatives^ Washington, March, 1831, by the Committee of Finance. " The committee have also adopted the recommendation of the Secretary of the Treasury in relation to a seigniorage. The mints of this country are likely to become so expensive, and the quantities of the precious metals manufactured in them are already so large, that it would seem to be proper to impose some legal charge upon the manufacture for the purpose of sustaining the mints. The amount of seigniorage is a question of some practical difficulty, but the charge now proposed is somewhat less than that exacted in England or France. In France the charge is one-half per cent, on gold, and one and a half per cent, on silver. In England one and a half per cent, is paid upon gold, and two and one-eighth per cent, upon silver. We propose lo charge to depositors one-half of one per cent, for both gold and silver, denying them, however, the right of having the new- silver coin struck on their own accounts." 64 U. S. COIlTAfiB. — INTOICES TO V. S. IN FCK£IGN CVSKI NCIEF. Extracts from a letter from the Director of the United Slates Mint, dated March 3, 1852, to Mr. William L. Hodge, Assistant Secretary of the Treasury. " Tlu; expense? of coinage at, this mint during tiie past year, exclusive of the cost of reiiiiing or parting (which is paid by the depositors under tlie present laws,) was about 42-100 of one per cent, on a coinage of $52,089,878, of which nearly all was in gold. A\ New Orleans, on acoinage of about $10,000,000, the percentage I estimate, on data not entirely reliable, at 1 7-100." ***** " In England the gold is coined at J per cent., the silver at 2J, these charges being, however, paid by Government and not by depositors. At the mints in Britisli India, the seigniorage is 2 per cent on both gold and silver." No. 2. Assessment of Duties on Mkrchandize Invoiced in other than United States Cuhrency. On the 19th of September, 185!, the Treasury Department of the United States, issued an instruction to officers of the Customs, to the effect that ihe law requires invoices of imported goods subject to an ad valorem duty to be made out in the currency of the country from whence such goods are sent, and to ex- hibit the true market value in such country — that on such value, converted into dollars a. id cents, duties are assessed — that when the currency is depreciated [as, for instance, when the banks and government of any nation are paying in paper promises only, and not in gold or silver at the nominal rates,] the real value of the goods invoiced is to be ascertained by Consular certificates or otherwise, and that Con;j:;ress had fixed the value of certain foreign currencies, for the purpose of calculating duties at the rates marked in the following table : — From the Annual Report of tloe Secretary of the United States, to Congress, December, 1853. List of Foreign Currencies, the value of which has been fixed by the LAWS of the United States. Franc of France and Belgium Florin of Netherlands Florin of Southern States of Germany Guilder of Netherlands Livre Tournois of France .... Lira of the Lombardo Venitian kingdom Lira of Tuscany Lira of Sardinia Milrea of Portugal Milrea of Azores. Marc Banco of Hamburg .... Pound sterling of Great Britain Pound of British Provinces of Nova Scot ia, Ne wBrunswick Newfoundland and Canada Dollars of Mexico, Chili, and Central America ISA 40 40 40 18| 16 16 12 m 35 84 4 00 1 GO Pagoda or India Real Vellon of Spain Real Plate of Spain Rupee Company Rupee of British India Specie dollar of Denmark .... Rix dollar or thaler of Prussia and the Northern States of Germany Rix dollar of Bremen Ruble, Silver, of Russia Specie dollar of Sweden and Norway Florin of Austria Ducat of Naples Ounce of Sicily Tael of China Leghorn livrc 1 84 5 10 44i 44 1 03 69 78| 75 1 06 48^ 80 2 40 1 48 16 IMPORTANCC OP DECIMAT. ARrtHMEmC. 69 No. 3. Copy of a letter addressed to the Inspector of Training Schools, by order of the President of the Prirg Council, London, England, DECIMALS. Committee of CoukcH an Education, Council Office, Whitehall, Zlsl January, 1854. II. M. Inspector ov Tbai3«ing Schools. Rev. Sir: — I am directed by the Lord President, to bring under your notice ihc fact, that there is a very strong feeling iu the country tJiat we should adopt a system of decimals in our coinage, and in our weif^hts and measures. The strongest objection urged against this change is that it would create misappreheHsiim and mistrust in the minds of tho people. The Lord President thinks you might with advantage, call the attention of the principals of training schools, to the importance of thoroughly imbuing the students under their charge with such a practical knowledge of decimals as will enable llieut to disseminate the information needed to accompany such a change. The Lord President thinks that this may bedonj by a special notice in your Report, for the year 1853-4 ; by personal communicalion in the course of your next circuit of inspection, and by introducing a few questions that bear upon the subject, in the examination papers to be proposed in 1851. I have, &c., R, R. W. LINGEN. No. 4. SAVING OP LABOUR BY DECIMAL ACCOUNTS, FfonVi, The Britannia, a London Weekly Ncicxpaper, February 2-ilh, iSio, That " the saving of labour is a saving of capital," is a self-evident axiom ; and bjMhe decimal system of accounts an immense reduction of labour, and consequently increase of capital, may at once be safely calculated upon. Al- though the exact quantity of time that will be thus rescued from the present tedious course of keeping accounts has been variously estimated, every calcu- lation agrees that the quantity is great ; and in respect to the cheeking of accounts, where a nearer approximation can be got at the amount of time carried to the decimal art of computation, reaches at least ninety-five per cent. Here there is at once a mental labour-saving system, to enhance the wealth of our country to an inapi)reciable extent, and upon which no doubt whatever can for a moment cloud the accepted impres>siou of its extraordinary powers and elFieiency. Like all grand facts " its simplicity is its truth," and its benefits are as ready of access to the merest tyro as to the erudite. Like all great gifts it will moreover take eftlsct at the period when most needed. The increased and increasing circle of our general commercial usefulness, and the mcreased and increasing rwlii of the operations of individual banking, mercantile, and other extensive establivshinents, call at once for the practical adoption of this system, and to such it will prove as a new life, removing from the brain of its members an incubus of mental mechan- ism, which ere long will be looked back upon as barbarous and absurd. At a period too, when the greatest solicitude is being evinced by the far-seer into the mercantile future, with the drain caused by emigration, and mayhap that arising from long protracted war, this labour-saving system will amply compensate for the scarcity of hands, while saving the increased capital which would be neces- sary for its payment. K1626. ■3 No. 5. EFFOUTS, 17i 1850, TO ASSIJtlLATE THE COINAGE AND CURRENCY OF CANADA TO THAT OF THE Unfi'ed States. ()n Marcli 80, 1850, Sir Edniuml Head wrote to Earl Grey from Now Bruns- wick that the introduction ol' a common system of po:ractically." The Committee of Council, also recommended that facilities be ask<.'d for, in order that suitable coins miglit be struck at the Mint, London, but the liritish Treasury objected to the [proposition to coin gold and] silver as involving a ''most objectionable interference with the prerogative of the Crown." Mr. Inspector General Ilincks ably replied, that for many ycara nearly two millions of peo))le had been been allowed to dc|)end on the coinage of the United States, ami on de))reciated British silver tokens ; that the ciurency of Canada ought to be assimilated to that of the United State--, because of the great inter- cour.-c between tliese countries, and the circulation of bank notes of each on the other's frontier ; that a imiform currency for all the Provinces, like that of the lie- public, was far better than to continue a depreciated coinage. Lord Grey wrote Lord Elgin, 9lh Ai)ril, 1851, that, in his opinion, all the Colo- nics wouKl do well to adopt British sterling uioney as their standard, with a proviso that payments might be made in foreign coins at their actual value ; and enclosed a very elaborate British Treasury Minute, dated 20th February of that year, [see App. y. Y. to Journals of 1851,] urging the disallowance of the Canada Currency Act of 1850, disallowod July, 1851. in that Minute, Sir C. E. Trcvelyan urged a disallowance, owing to the assump- tion by the Legislature of the right of coinage ; yet India has two Mints, ahhough Congress had none till 1700, and California has already a Mint. Yattel was quoted to show that the public faith being surety for the money, the Sovereign alone has the inalienable right to have it coined, and it was contended that the Currency Act should have been reserved. In 1850, a dollar was rated at 5s. Id. in Canada and New Brunswick (but changed to 5s.) ; 5s. 2J(l. in Nova Scotia; and <>s. 3d. in Prince Edward's Island. Sir C. E. T. like Lord Grey, advised a change to British sterling money, while even England herself seems on the eve of adopting the d?n- mal system. The Lords of the Treasury ccmsidercd that, as a large shore of the currency here consists of five shilling or dollar notes, the American or Spanish silver dollar should have been continued at 5s. Id. as an inducement for the banks to retain the silver dollar for the redemption of these small notes, and because its intrinsic value, {IS compared with g(dd, as rated, was about 5s, Id. lleference was also made to the fact that there are times when the adjustment of transactions with foreign coun- tries, drains a Province of its specie, in which case a Provincial coinage, undervalued, and held f()r local circulation only, would, in the absence of more current coin, dis- appear as bullion not to return. A mixed circulation, gold and silver, was held to \ TO THAT w Bnins- )cct of an lulcicd it in tlicso ic Earl uf iiilbntaine crtain no itorcoiuijc V I lion, if :'(1 States. >ut owing cv Dollar, ■nicr may 'd for, in e British a ''most ?arly two e United f Canada oat iiiter- h on the f the llc- tllO ColO" i proviso iiclosed a SCO Aj)p, y Aet of assnmp- allhongh quoted one has urrcncy Canada 1. 3d. in u British he d?''!- is nrrcncy r dollar Main the vahic, made to • II eonn- rvaliied, )in, dis- held to MR. HINCKS'S MEMORANDUM ON THE DECIMAL SYSTEM. 67 be the best for Canada, and a special coinage objectionable, more especially as when worn it would iiave to be called in and sent to the Mint of a distant land for rc-coinagc. [L.vcn the United Stales had no Mint till 1790.] Mr. Iliueks re[)lied to the Treasury Minute, in what is called a Memnranditm, dated at Toronto, May 14, 1851, that if the British Legislature can regulate the coinage of the United Kingdom with the royal approbation, surely the Canada Pi;r- liamcnt can do [\v.i same here with same consent ; that the dollar had been rated aC 5s. ever since Canada was settled till 1841, when Lord Sydenham intimated that the Royal assent to the Currency Bill of that year would be withheld unless its value wore raised to 5s, Id., and the Assembl}'^ reluetantly gave way; that there are eight Mints in Mexico, wljcncc silver dollars issne dill'ering in weight and purity, their average value, when sold by weight, being 5s. ; that with dollars at 5s. Id., gold had been iit a preiuium of 1 to 2, Canada Bank notes at a discount of 2 to 3 in the United States, and the exchanges on New York at 2 to 3 premium, but since the dollar had ceased to be a legal lender at more than 5s. these difficulties had been removed ; that it was important to Canada that her currency shonld not be depre- ciated as compared with that of the United States, and very surprising that Sir E. Trcvelyan shonld be so alive to the necessity of a uniform currency throughout British America, yet think it of little consequence that there should be uniformity between the United States and Canada, to attain which had been the object of the Act of 1850 ; that i'ov the British Treasury to sanction a New Brunswick Act rating the dollar at 5s., yet refuse it to Canada, was not very consistent ; that, as at the time he wrote, the silver dollar was worth more than 5s. Id., no debtor could be injured by calling it 5s. ; that dollar bank notes could be readily paid in gold ; that perhaps Canada had but little to gain l)y a Provincial coinage, but that the British Treasury had thrown very luniecessarj- obstacles in its way, while the Canadians had oiforcd to pay for a coin.igc- with Iler Majesty's image on it, in place of the eagle ; that the transactions of Canada with the other Colonies arc of small importance nhen com- pared to her trade with the United States, with whose people Canadians are in daily interceursc ; thai Canada had demanded a decimal currency like the Ameri- cans, and that any attempt to force the sterling monoy of account and coinage would cause that demand to become universal ; that the royal instructions had been repeatedly deviated from in far more important matters, without resort being had to the disallowance of an Act already in force, or even to complaint; that if the Canadian (Jovernor and rarliamcnt cannot be permitted to pass such an Act as that of 1850, just disallowed, it was questionable how far Canada was fit to enjoy repre- sentative iii^lituti ons ; and that the Legislature will not abandon the attempt to place their eurrtney on a better basis than imperial interference had left it in in 1841. This able paper will richly repay a careful perusal. No. 6. Upper Canada Standard of Value, 1836. The Legislalure had very imperfect ideas of a measure of value, nineteen years since. When the Upi>er Canada coinage and currency bill of 1 830, was passing through the Assembly, Mr. W. L. Mackenzie moved, April 7th, to recommit it, for the purpose of expunging the clause which gave the British Crown and iialf Crown, weighing 403. G and 201.8 grains troy of pure silver, a value in accounts of 6s. and 3s., not merely in payments of $\0, as is the rule now, but in payments to any exlout. Only 12 other members supported the proposition, M(.'ssrs. D. Gibson, Parke [now of Port Colborne,] Waters, Shaver, Col. Macdonell [now Deputy Adjutant General,] Mackintosh, Morrison, Capl. Lewis, Hopkins, Mac- micking, Moore, and Alway. The banks paid their creditors in a depreciated 68 STANDARD OF VALUE, CANADA WEST, 1836, silver currency, merchants had to buy drafts on England and the United States, at a lieavier premium, and Upper Canada Bank notes did not circulate freely beyond the lines. A wiser policy having been more recently pursued the currency of Canada has been rendered equally valuable wiih that ol' the neigh- bouring republic, and properly is no longer estimated by a delusive standard. Mr. Mackenzie's reasons [see journals, 1836, page 395,] were thus stated in his motion : " Because that clause [6s. per crown in all payments] introduces the de- " predated, unsound, and unsafe currency from which this jmiviiice was in a " great measure relieved by the statute of 1830 ; because this bill gives a legal " value to the British crown and half crown far higher than those coins are worth '• in Lower Canada, and far higher than their intrinsic value in pure silver as " compared with the legal current value of tiie Spanish [fine silver 370.9 troy " grains] and United Slates dollar; because the British crown and half-crown " are seldom worth in the United Slates, as bullion, the nominal price thus al- " tached to them ; because the operation of this clause will be to impair the " obligation of contracts, and enable merchants and others iiulebled beyond the " limits of this province, lo discharge their debts in a currency which, as it will " not pass current in olher countries, and was not the law when these debts were " contracted here, will be equivalent to an act of provincial bankruptcy; because " all sound money whose real worth corresponds with its nominal value will " disappear from circulation under this debased standard ; because this clause " if adopted will throw uncertainly and disorder into all transactions between " man and man, and oblige ihe colonists to value every commodity in market, " houses and lands, imports and exports, by a delusive and debased standard ; " because it will throw the notes of the Upper Canada Bank out of circulation in " Lower Canada and the United Slates, as they will cease to be convertible " into current money here ; because many thousand pounds of onr revenue are " collected in Quebec in silver at the legal value of 5s. 6d. to the British crown ;* " because it is inexpedient to have a silver currency of less intrinsic value than " that of the United Slates and Lower Canada, in the former of which British " crowns and half-crowns are not current money; because if the province give " any one coin a nominal value of more than it is worth in the United States " and Lower Canada, the Banks will import that debased coin and pay their " notes and debts with it to the farmers and merchants who will not be enabled " to purchase therewith, in any other country, the same amount of goods as they " would under the present standard ; and because the said clause will deeply " injure the commercial character and prosperity of the country.'' No. 7. A Uniform System of Weights, Measures and Currency, for the Commercial World. Napoleon L proposed to have throughout Europe money of the same value ; but with diflerent coins or devices ; but in South America, Spain, and Mexico the coinage of doubloons was made without copper alloy, by adding silver in de- finite proportion. The standards of France and the United States are the same but they differ in their alloys. The legal amount of fine gold in English stand- ard coin is 916 parts pure gold, 84 parts copper — no silver — the copper alloy gives a dark rich color to the British sovereign. * If 370.9 grains pure silver in the Spanish dollar are worth 6 shiUiDgs, 403.6 grains in the British new orcrwD, are worth about 6 shillings and 6 j pence. UNIFORMITY IN WEIGHTS, MEASORES AND CURRENCY. 60 legal Dr. J. H. Gibbon, U. S. Branch Mint, Soulh Carolina, reported to the Com- mercial Convention, Charleston, S. C, in 1854, on the utility of a uniform system in measures, weights, fineness, and decimal accounts for the standard coinage of Commercial Nations. " TJie selection of silver alone or copper alone as alloy, with the same allow- ance of fine gold in the coins of each, would render equal weights of the stand- ards of France and the United States, of the same intrinsic value." " Ail foreign coins, notwithstanding the special care of each nation in pro ducing them, are now degraded as bullion abroad, recklessly melted and then issued under anew standard — a kind of civilized piracy, which should be abat- ed for the benefit of all with the general consent of all.'' " By concerted action between England, France, the United States, and other nations, consenting to the employment of similar units of admeasurement for weights, fineness, and alloys connected with a uniform basis for all decimal computations, a French Napoleon, a Ducat of Denmark, an English Sovereign, a Spanish Pistole, a Moidore of Brazil, a Doubloon of Mexico or Peru, and a Russian Imperial, could as conveniently and more economically, be formed of the exact value of a gold coin of the United States, as it is easy for the several mints in the United States, to oblige all eagle coins to correspond precisely with each other ; to contain exactly the same quantity of fine gold and alloys, and to he of the same general weight and value among us. Any sum can be mutually assumed, with equal facility, by concert at all mints, and decision in the bases." give DECIMAL CURRENCY— WEIGHTS AND MEASURES. FOURTH REPORT OF THE STANDING COMMITTEE ON PUBLIC ACCOUNTS. Committee Room, Thursday^ 12/A April, 1835. To THE Honorable the Legislative Assembly. The Stantliiifj; Committee on Public Act^oiints respectfully report, that the an- nexed letter from the Secretary to the Board of Trade, Quebec, stating, in reply to the Coniiiiittee's Circular, that the Council of the Board " strongly' advocate a sys- *' teiii of Decimals, not only in currcnc}' for account-, but for weights and measures ** c'dso," and are in favor of " the introduction of dollars and cents as in use in the " United States;"* and the letter from James Bell Forsyth, Esq., merchant, Quebec, * Manciiksteb [England] Commeucial Association. la 18,")3, this body potitionod the Chancellor of the Hi'itish ExchoqiiLM-, iu favor of a deciinnl coiii.age. In tlieir (ipiriioii, " the adoiition of a dc'cimul coiiiiiKe would, wh'n iiiti'oduoiMl, form tiio first mid iimst '• iioeossaiy htcp in ii scrits of lawd for the r<>(,'uliitioii and simplificiition of our incisures of eapaeity, " weight and lenjjth ; the former of which especially require early atteiitiou ou accouut of the abuses uow " uotorioubly jirevaleiit, which call loudly for the iuterpositiou of the Lcf^islature," See also Appendix No. 7, to third Report, ou a uniform system of weights, measures and currency for the commercial world, page (58. Sir John Ilersehell, Miuiterof the British Mint, was examined before the House of Commons Committee laid before the Council at iheiv meeting this day, and I am desired to say that the answers to tlie queries of the Coramitiee of Public Accounts,, regarding the intro- duction into Canada of a decimal system for accounts, v;ill be transmitted to the Clerk of Committee as requested. ALEXR. BORROWMAN. Secretary. W. L. Mackenzie, Esq., M. P. P. Board of Trade Room, Quebec, iOth AprS, 1855. Sir : — In answer to the circular, signed by you as Clerk of the Committee of Public Acconnts, submitting queries in reference to the introduction of a deci- mal system, which was laid today before the Council of the Quebec Boat> e.xte»t now jwe- vails, and its adaptation as far as regaids the paper currency would be attended with no inconvenience whatever. I have, &c. ALEXR. BORROWMAN, Secretary. W. L. Mackenzie, Junr., Esq., Clerk ol Committee. "their debtors will pay in gold, nnd. if goM rfee, debtors -will pay in silver; and tlie dcStor who may "have purehosed goods on credit, in England, or the United States, will, if prosecuted by his creditor, pay " the debt in a depreciated coinage, which will not pass carreut in these couutries, except at a looa to UHU " who trusted hia property out of his hand&" MR. BEI^L FORSYTH. — MR. BOWES, M. P., TORONTO. 78 From J. Bell Forsyth, Esquire, Quebec. Quebec, 5lh March^ 1855. Sir : — In answer to your circular of the 1st instant, I am of opinion that the change from the present mode of keeping accounts into one having 'ts parts in decimals is not desirt'd by the great l)ulk of the mercantile community of I^ower Canada, no inconvenience whatever having ever arisen from the present system, which harmonizes so well with that of the mother country. Tiie dirtercnce between sterling and currency would be the same in one as the other, and until achange is made in England to a decimal coinage, I think it would be ill judged to introduce it here, for I am one of those wlio tiiink the less we needlessly assimilate to the usages and customs of the Americans the bet- ter. I have, &c. J. BELL FORSYTH. W. L. Mackenzie, Junr., Esq., Clerk of Committee. in cur- opinion in the From .loHN George Bowes, Esquire, M. P., Toronto. Quebec, \2lh Aprils 1855. To the Chairman of the Standing Committee on Public Accounts. SiR : — I this moment received your circular requesting my opinion on the ex- pediency of adopting a decimal currency for Canada : as 1 understand your Com- mittee meet in half an hour 1 hasten to forward you a very brief reply. I have no doubt any attempt to change the currency in which accounts are kept in this country will meet with strong opposition, from the prejudice acquired by long formed habit both in England and Canada. The great reluctance felt by merchants to the introduction of any change in the manner of keeping their ac- counts, however useful such change may be, will also stand in your way. Exception will also be taken in some quarters to the introduction of any im- provement copied from the United States, but I trust such prejudices will not weigh with the Committee in making their report. 1 fearlessly assert that no good reason can be urged against the decimal sys- tem. It is true that in England the emporium of the commercial world accounts are kept in pounds, shillings and pence, and so far as the transactions of Canada with that country are concerned it would be more convenient for Canada mer- chants to keep their accounts in the currency of their English correspondents, but in the present state of the exchanges with Great Britain this is impossible, it would consequently be as convenient forthe Canada merchant to keep his accounts with his European correspondents in dollars and cents as in Halifax currency, and his accounts with the United States would be greatly simplified thereby. The increasing magnitudeof the commercial transactions between the United States and Canada as well as their close proximity, render it in my opinion very desirable to have the currency of these countries assimilated. The banking institutiortsof this country have recognized the decimal princi- ple in the issue of their paper money, adopting the dollar as the unit ; so far no change would be required. The application of the decimal principle to weights and measures would in my opinion be a marked improvement. ami I have, &c. J. G. BOWES. 74 Mn. m'gie. — WM. M. GonniE and co. — mu. warhev. From Daniel McGie, Esquire, Broker, Quebec. QuEiJEC, 11th A//ril, 18r).5. Siu : — I have before nic your printed cireular of 1st ultimo, liaviiig reference to a decimal coinage or eurrenc}'. I tliiiilv that a decimal currency should be adoj)ted on the principle of dollars and cents. The coinage should be, in copper, cents ; in sil*. er, T) cents, 10, 25, 50 and 1 tloilar ))iee( s. The gold should be !^1, ^2^, !J^5, ifJlO, %20. Care should be taken to have dollars and cents only, and not the shaving humbug of shillings and ?ence, as they have in the State of New York, where 12 pence in copper is one ork shilling. The 100 lbs. ghonld take the place of 112 lbs., it would tend to simiilify calcu- lation of ill! kinds. If the House would make this great reform it would cause the rising generation to get through their Arithmetic in half the time, and uiiderstand- ingly, thereby doing a great public good. I am, &c. DANIEL McGIE. From William jNI. Gorrie ix, Co., Wharfingers, Toronlo. Toronto, C/A April, 1855, Sm, — As a measure of commercial policy we would ])reri r a decimal currency. First. — llecause it is the currency of the United Stales, !)eiv.i:;t whieli and the Colony an txiensive, intimate, prompt and mutually bein llcial intercourse ob- tains. Second. — Because a similarity of currency wovdd facilitate business operations in our r( (tiproeal dealings with them. Third. — Because our monetary affairs are greatly, imrne'lialely influenced, but always in a maimer dependant, by those of the States, and while the objects referred would be gained, our dollar, of ecjual value with that of the Statis, would phice the Colony on the same footing with these States in exchanges with Great Britain. We think a limited period during which a choice of modvs might be legal, antecedent to obligation, would be die easiest way of iutrodneing a clianice. We are of opinion, f(jr like reasons, that an assimilation of weights and measu- res to those of the States would also prove beneficial. W. M. GORKIE & Co. From E. E. Warren, Esquire, Agent, Bank of Montreal, Port Sfanlej/. Bank of Montreal Aoency, Port Stanley, 10 th April, 1855, Sir : — Having conferred with the principal business iun\ leading men of the place on the subject of your Circular eoncerning the introduction of a decimal coin- age and currency, referred by the Honorable the Legislative Assembly to your Committee, I find the opinion unanimously prevailing in favor of a decimal cur- renev. The unit may be either a {)ound, or a dollar of five shillings, with its multiples, a shilling o- 20 cents, — six pence or 10 cents, — and three pence or 5 ceiUs. With such a cur! ney accounts could be kept in either Halifax currency or in dollars and cents, as the law provides, and would, in my opinion, best answer the wants of the country. I have, etc., E. E. WARREN, Agent. MR. U^EVERARDO. — MR. MISENER. TREASURY MINUTE, 1852. 76 From D. D'Everardo, Esquire, Registrar, County of Wefland. I am of opinion lliiit the decimal entitled, " An Act to provi o lor the iiitro(luetion of the decimal system into the c .ifcncy of tliis Provincci and otlu'rwitie to aiuond tlio laws relative to the eurreney," which was transmitted to iliis Board in the let- ter from the Hoard of Trade of the second April, last. My Lo8a1ii whicli Imvr hi-cii nmile for reincdyincf partial inconvenience* arising fnmi this state nf tliinrrs wc 'jM only liavc mldcd I'liitlii'i' schiicck iif (ii(H!it>|niiiov. J5_v tile I'xistinj,' i'.'i,'iiliitii)ii,* in Ciiiiadu, tiic h'lifjlc (if the United Stuti'H, ooiiiod since ls;!|, ennttr-in^ nbout •.';(•.' 1,'riiin.i nf pure gold, wliicli coin at present forms tlu- basis of the eiiiTency <>f llie Uolony, .•• rated iit rxM. cuiieney. Ill .N'.w Hniii^wiok the old Raijlo eniiied |)reviipiinly ti> tlie alteration i«f tlie Mint T-mw i«f the United Stale, in 1H:!I, and I'linliihiini,' iihniit 'J I" j,'raiiiH u( piir>! tfold, is rateil at OOs. ; hut it m proliahle that tlw uuw K.i;,'lc', ihiMii,'li a coin of inferior value, jiasHcs at the same rate. In Canada the silver dollar is rated at Ss Id, anil in this ralini; are included Spanish and South Anieiican, as well as United JSIutes coins of this deiinniination, th(mi,'h dilferini; slii,'htly in intrinsic value. \Vilh this exeentinn, which is only trillin?;, the rate of .Is. Id., was a lect adjiisMncnt (takiiifitlw f rice of standard silver at .'js. ]) luucc) of tlie dollar to the pouiul sterlintj aftei- 'the ciinency of tlu> roviiicc had liecoine d.'preciat ■(! from the oM rate of 5s. for the silver dollar, hy the adnii^.'^ioii of tlio new Ka;,'le into eirculation as eipiivalent to fifty 8hillint;s Canadian currciiey, which sum had heeu former- ly payable only hy ten silver dollars. In XcT llrunswick the rat.- assi^rned to the United States dollar is fis. In .Vova Se itia the clolhir is rated at 5s. 2}d., and other coins are adjusted to that rate, oaleulating •liver relatively to p.ld at the average of 5s. jier ounce for standard silver. In Newlouuilland there is no le^jal ratiufj for any coins, hut a dollar is considered to hi. woith .'is. In I'rincc Kdwaid's Island, where the greatest'depreciatiDn has taken place, a dollar is rated at 69. id., and the half dollar at 3». The discrepancies in the currencies of tlio diflfercnt Colonies are not tlio only, or indeed the most pressing' inconveniences \vhicli have arisen from the iiresent state of thi igs. As the deiiouiination of ftC- oount employed does not in any ease correspond with the suhdivisions of the coin in eirculation, there ia great (lilficulty in adjustiuL,' the smaller coins to their propoitional rates in refen'iice to the larf,'er coins, and, iij order to avoid inennv.nient fractions, the former fi'ciiueiitly pass in retail ti'a isactions at a value dilrerinif from that which they bear bv the law. "he ratiti;; of all iheric coins in different colonies is derived with more or less discrepancy from the conventional rate of 5s., ki- one fourth of a pounil, assiLjned in old times to the Spanish dollar, 'which wan tlieu the usual mediinn of exchan!,'e in the Uritish Colonies. 'I'liis rate which was oriijinally an over valuation of the coin, was noniinally adhered to after the dollar beca'iie depreciated in v.ilue, an. I as is usually the ease when coins are rated to a new denomination upon no ti.ted principle, other coins cameint*) circulation without duo n'ljard to their relative intrinsie value, and that coin which was most over- valued m any colony became for the time the measure of its currency. In Prince K ivcr valuixl 10 deprccia- ird to their nr was pro- |)i>i'tion of iiiniKh dul- iiniiiiished silver and i'9, has been punish dol- >iiid by nn I tou silver •8 has been metal from Mint Law 111 the -want >iis metals, ■s the difB- lo to know urrenoy, as II States, if lates. :ial and un- len;i.slation tie (if any) ditKculties line course ou a 8ouud iifia;ested, of of accouut ! objections I place bo- iot unnecea- TREASURY MINUTE, 1852. — COLONIAL STANDARD OF VALUE. n inrily disturbing,' a nvntom which, thoiiifh dcfcctirc In itself, has the ndvontnijc of easy adaptation to the etirrmcy of the neii,'lit)iiiiiii,' cmintry with which no much iiitercouivse tiikcs jiliiei' even in miiiall retail triius- actioiiH, and thii:4 fal'ilitutc^> this desci ijiliou of traflic aenms the iHirder. It would appear, therefore, to be the iiio»t expedient course to introdiiee aiiirndiiieiitit on the Imais of the sv:diun curiciicy, iit ill 4s. id., imd therefore lookint,' to the intlill^ie value of the Kii^jle iis eoinpiired with t)ie Soverei;,'ii, or pound r-lcrliiij,', tliis latter coin is ciirreclly rnti'il at fills, currency. The le>,'iil eurrcney of New lii'iiiMwick. thoiiijh pie!«cntin" somo ■nonialics luiil (iilfeiiiif,' to a slii,'lit deforce in itn reliitinii to IJi'iti.-ih sterliiii,', probably in [iructieu assiniilatet) to that of (.'imiida, iiini iiii;;ht be ailjusted withoiil much ditlieulty to like rates. In Nova Scot ill it does not appear lliiit the I'liiled States Kntjle is rated for circulation, but gold and silver coins of Spain, Mexico, A-e, are correctly iicljii»te(l (iieoordiiig to the recent valuatious) to the local currency at the rate of .t'l fig. Od. eurreiii'V to the pound sterling,'. in I'linee Kilwur(r.> Island the Uiiiteil .States Kiltie is sli;,'litly undervalued lelatively to the sovereign, and the currency has liecn depreciated to the proportion of t'l Ids. currency to the |ioiind sterliiii:. in these two colonies any ehainje for the purpose of introducing' a sound and iiiiiforiii system must leail to suiiie alleration of the value iissi;,'ned to the p iiind currency, and in this ease it will be necessary to make i)iovi.'ii>ly adopted as the |)oiiiiil of all the currencies of tlie North Aiiieriean Colonies ; and that with tlic oljjcci of giving ii clean and Hxed value to this denomination of " |)ouiid North American currency," a coin iiiiglil lie stiiiek lit Her Majesty's mini eontaiiiing lUl.il'i grains of standard gold, or 'J2.877 grains of tine gold, wliicli is tlu- pro- portiou in (pianlity to the sovereign, which the pound in Cauadiau eurrcney bcais in value to the jiouad sterling, and that such a coin, to be termed the North American pound, iiii;,dit be taken as the unit, to which the various currencies of the British Colonies in North America should be adjusted. If the principle of tixiiig a gold standard with a coin representing an unit peculiar to those provinces is adoptcil. It will be necessary to consider what urruugoiueuts shoukl be made for u subordiuute silrer and copper currency. If the attempt is made to adjust silver coins to a gold standard according to their intrlosic value, a double measure of value is in clfect coasiitutcd, and a slight overvaluation of the coins of either metal will cause a prd'erenee to be given to such coins in eirculatiou. It is iiiiiio.JMible lo iiirive at any settle- nieiit of the relative valui; of the two descriptions of coins on this pi'inciiiii,' which will not be iiable to disturbunee as the supply of one or other of the precious metals prevails, and it has been found in prac- tice that whenever this system has been attempted, the arraguemeut has ended in one metal alone becum* ing practically the measure of value. In such cases a slight undervaluation of the gold coins is attended with less practical inconvenience th.an results fi-oin an undervaluation of silver coins, because the facilities for transport which gold coins afford will always give them a preference for some purpos's over silver coins, and they iiiav pass in cx- diange at u small premium (as was the case iu France until lately) without disturbiug the silver circula- tion. An undervaluation of the silver coins, on the other hand, is attended with obvious inconvenience, be- cause as a premium cannot be exacted iu the small transactious iu which such coins pass iu payment, there must, when tliebC coins are undervalued, be a constant tendency to their exportation; aud an extraordin- ary rise on the price of silver, or (which as regards this matter produces the same result) fall iu the price of gold, must render it impossible that any such coins, unless they are worn aud debased, should loug Continue to circulate with the gold coins of the country. The present conlition of the currency of the United States where they have been reduced to coining a dolhir in gold, (a piece apparently too small iu so valuable a metal for the (lurposi^s of circulation,) affords a pregnant example of this etfect. It shews the inexpediency of adopting their valuatiou of the silver dollar as was proposed iu Canada at a time when, in consequence of the uudervaluation of that coin, it had mainly disappeared from the eircuhition of the United States, and even from Canada, where a higher rating was assigned to it. These considerations lead to the conclusion that there is no other plan on which the subordinate sil- ver currency can be so convenicufly adjusted to a gold standird as that which has been adopted in this country of coining silver tokens of iutriusic value less than that which they represent for the fractional parts of the gold uuit, aud imposing a limitation ou the sum for the payment of which they shall be a legal tender It would, however, be essential to the efficient working of such a system that the auxiliary coinage be kept altogether subordinate to that which forms the standard of value, and, if the proposed course be adopted, it will be necessary to devise some means for restricting the quantity of tlie silver token coins to ue put into eirculatiou within such a limit as is indispensable for the minor transactions of the retail trade of the Provinces. It is true that a limitation of the tender, as it restricts the uses of the coins, will, if strictly observed, contribute to produce this effect; but it may be difficult in the first instauce to ensure the observance of ■ueh a regulation in Colonies in which the circulating medium has been subjeC to frequent changes upon no fixed principle ; and depreciation, or, at any rate, inconvenience would ensue if, iu consequeuce of too 78 TREASURY MINUTE, 1852. — A GOLD AND SILVER COINAGE FOR CANADA. grcdt a facility for uLtiiiiiiiig siipiiliiM of token coin?, their oirciilatiou sboiild be cxtondcil beyond tbe proper retiiiininiMits of eiieli a description of euri'oney. 'liio extensive u'-e of O-*. eiirjciiey notes in Canada renders it the more necessary tliat this ji.irt of the Bubjeet sliculd leceive earcfid eoii-ideration. For thu reasons ah'eady nientioiicl in iifi'riMi'e to the Uniti'd rt'.iites !,'old tioilar, it would not be desirabUi tliat a gidd coin slionhl be uti'iiek lor eircidation in the Xorlh American Cob:nie3 of a sinalb-r vahie than half a |)ound Canadian ouneney, ami in sncii cnae the 5a. nole would represent no coin of the same intriuaie value. In the United States, tlu' dollar notca have hiihiTto been payable in coins, <'iilicr silver or gdd, of intrinsic value coM'espiindinLf witli that espressi li in the note, and Ihei'e have also hitherto existed in the United States coiin c.f smaller denomi- uution, but still of intrinsic value. e(|ual to their denomination, in wiiieh the dollar notes may be ])aid. If, however, in the North American rruviuces, no linutation is plac('d on the issue of tlie projin^cd token Coins, and il notes for so small a sum as Os curreiioy are allowed to circulate to an uidimited e.\te:it, each of whicli can only be paid in a coin of less intrinsic value than the sum represented by llic note, and for several of which luA^s the holder co\ild only demanl such tok' u coins U]i to the amount for wl]i<'h they are made Icijal tender, die elVeet of (he currency npon the Cidony cannot but be nio.^t prejudicial. If a sub >rdiuate silver coinage of this description were established, it would probably lie the most conveiiiiiit course that il should rejiresent decimal fracti.)ns of the projiosed ])oiind. 'I'iie advantage of a tleeimal subdivision is obvious, and though the designation of shillings aiiil jience is used in all the Jforth Ameiicaii Colonies, the forms do iioi agree with the value of any coin in circulation tlierc, ami the change, theiefoie, would not be attended with many of th.^se dilVieulties which ordinarily attend an allei'ation of tlie deiiominalion of aeconut. The cstabli^lmient of a currency on the ,ibnve prin'iplo would necessarily lead to the exclusion of foreign silver coins f''om beiii;^ legal tendei', except, ])erha]is, to a limited amount ; but the goldcoinsof the United States might eonijiiue to be legal tender at theirrelative value to the Cinadian ]>oiiud, subject to an alteration of the lales at which they are admitted as a leiral tender in the event of any all C'anada, Nov;i Scotia an 1 New Ih'iuiswick ; b\it tlie'ie is a ditliculty in obtaining the eoncnrieut action of indepen- dent Lei^isiatmcs on the subject : and My Lords are inelined to hope that when the ])roposed plan is eg- taoUshed ill Canada and Ni'W lirunswiek, the other Colonies will follow in the s;inic course, and that the im])oilant object if an nuiforni systeui will thus be sooner attained. than it vould be if legislation on the subject was suspende 1 until the whole of the Colonics nniti>d in the nietisure. The Canadian Act was pas.>cd bef )re the the (Jovernnicnt of that rrovince i-eeeived an intimation of the view of the late Cliancell or of the K.xchequer, but. with the exce)ition of the nth Section, so far us it applies 1 > .-ilver coin, anil especially to the silver dollars mid half dolliirs of the United Slates, the pro- visions of the Act are not inconsistent with the scheme proijosed in the memiuandum. It is not now necessary to enter further into the ipiestion of the rating proposed by the Canadian Lcislatuie for the silver i! illar, which firmed a subject for discussion in the |)revioiis letters from thia Board on the subject of the Canadian currency, because the United States Congress has by an Act jiassed this vear, r'cviscd their silver cui-rency. and adoptcil the measure wdiieli was anticipated, of reducing the intrimic vidue of theii' silver coins, an I making tlioin a subonlinate token currency, with a limitation of the ten h'r, on a ]irin(Mplo anabi^'ous to that adopted in this country ii. ISIO. 'J'lie silver dollar, therefore, no longer constitutes an integral ])art of the currency of the United .States, and it will be essential not only to the scheme jiroiiosi'd by Iler Majesty's (lovernmont, but also to the object wdiich the Caniidian Government has had in view of assimilating their currency to that of the United State's, either that the silver dollar sliould be excluded ahoijc'ther from the circulation of Canada, or, if the United States silver dollar be r.'ited at all, that a limitation on the tendei'be estab.ished similar to that imposed by the reei'ut law of the United State?. In this rcsjiect, therefm'c, it will be necessary to revise the provisions of tin! Canada Act now lulore this Biiard , and my Lonls think that it may b(! left to the Canadian (J ivevtiniiMit either to anieir' that .\ct in order to bring it into conformity with the proposed arr.ingcment, ov to introdneo a new Act repealing all the existing currency Acta of the I'roviuce, and establishing new regulations in ac- cordance with the proposed scheme. The bitter course Would ail'ord the advantage of bringing the laws relating to the currency under one view, and ot simplifyin.; the regulations on the subject. It appeals to M\ Lords that, in this case, the cnactnieut to be adopted may be of a very simple char- acter, au'l ihcy would suggest it sh at Her Majesty k .Mint of that value, or divisions and multiples thereof, and shall declare, by Proclamation, to be cm rent coins in the Jbitish Coloiiii's of North America, shall be the legal standard measiiii of value within the I'roviiieo. 2nd 'I h.'it the gold coins of the United Kingdom shall continue to pass cnrront and be legal tender at the rati < n iw assigned to them, viz., the sovereign ut £1 48. 4d. currency, and other coins at equivalent pioporiious. TREASCRV MINUTE, 1S53. — CANADIAX CURRENCy ACT AND COINAGE. 79 Ll the J)f th« to the ton in 111 ense • ncitca tliiit liiiomi- 1(1. If, token \, ciich liiiJ fur li they Srd. Tliiit th'> ';.i1.1 cnins .,f the Unito.l St;\tM. issuod from t]\p Mint of tlmt fotintrv laws uow ill force tlifiiin, sIimII juh-'s oiiriciit mid In; li'f,'iil tondci' at oxistini' iDi ti. cunciicv. •Itli. Tl.iit. it lid tlio cllii'i- foios at (HjiiiViiloiit pi-npoi tioiiK. lilies, VI? t\v '•(•oivliiu^ to tlic ?-e at £2 i.itl liiwfiii for tlic Go voriiiir-CieiuTa il. ill C il, declare, liv Prodaiiiiilii other i'.iU coins sli dl jiins ciineiit and be le,i,'id tender williiu tiio Province at rates p^opoitinimtc; to ti 11. that contents lit |) 5th 'i'l ai. lii> (' Cth. That 1 ii'ilisii jilvcr coins pared with the (piantity id' piiio tjold assiicned to tlie pound eurreney. "lis ^llail p:is» current within the I'l'ovinee. ?lmll ci'iitinue to p;iys ciirirnt id tin; niti's now assigned to tlic in iin til "ther silver coin,* sliall he issu'd frMiii Fler Miijesty's Mint for circiihition in the l'r ilio pnund storlini,'. sliall pa^'s current within the Province for llie value ii-siLcned thereto by Proel.iniation .'i tier 31;ije=ty in dinneil, but sh:dl not be legal tender for sums exeeeding .jUs. shillinc's Claes.P to the f ,regning efl'eet wnuld oinbraee tlio ](iinci]i!d obji'cts for which it is necesparv to VKie, with r(yarii to til Ih. le pi'epiised ooiiiiigc, an: th a ioiition of a dcliiie I standard of va! 'O- ue, woulil render pr Mint, ily !hc-ieto of I'liy gnlil cuius which may be hereat'ter issued from the United States if liny --old ciiiis ef oilier eoiin'.ries whii.'h it may be dosiriible to biing into eirculati .n. My Lords, in c msidering the jireposed cuts, have adverted ti> the question, whether or not, it would be ex]irdient to lulinit flie silvcM' coins of the United Stat'.-s struck niid-r the new law of that country, into cire'iiatinn in the Itritish Colonies with a liniiialiou on the amount lor which tliev iiiav bo a leg.d teuuer. Their Lovd.-liips observe, with reference to this point, that the kite Ch;iiicel!er of the Exchoipier has, in the iner.irran.liini above referr d to, justly adverted to the imporfiince of restricting the (lUijntity of silver toi^ceii coins te be put in eireuhifion within a proper limit In order to kei-p .su 'h luixiliiirv ceinage iilbigether subordinate to tin l. which is to foriii the stanihird of value. ]\[y Lirds, with a \iew to this iinportiint nbjeet, are of o|)inion that it will be desirable to retiiin the powei" of su|iplvin:j, tVom time to time, such anieunt of sil'.-ir coin as may be I'eipiired fir the retail triide of the Provinces in the hands of llerilajcsty's (jloveninient, acting in eonimnnieation with the local CTi)\ernnients, aud tliiit no foreign silver coins, therelore, should be adinitied into cireuhition after the ebtablishincnt of the proposed svsteiu of cur- reiicy in the eorth Americiiii Colonies. The Miriinge-.nen'^ pioposcd by Jly Lords would not iutorfero with the jiroject contemplated in the Canada .Vet now before th.'in for est:ibli diing a decimal system of currency in the Provini^e, ainl provi- eions for that iinr[i ise may be easily incorporated with those above sugLjcstcd, if the Ciin:idiiin Legislii- ture ghall deeni" upon iidop'.iiig a new Aet iis proposed for consolidating and aniemling the laws reluliu"' to tlio currency of tlie Pidvince. My Lords oosei've in tlie dinadii Act ?fo, OO'J a olausc which direetsthat the gold e 'ins to bij struck Rt the .Mint " sliidl be legiil tender by tide s,) long as they shiill not want more than two gr:iins of stiuidard weiglit to bit iis:-ieiu'd to thciii by Her Jhijesty, subject to tlie same dedueiiou for Wiinl of weight as is now jirovide.l with regiirii to ISiilish gold Coins, and shidl :ilso be a legal teniler to any iniioniit by weight in bums Hot le?:s tliiin 'JiiO d olliirs or £.")i) of the present eurreney, at the same rate and on the same conditions lis are iiov.' provided with rega d to Ih'itish gold coins.'' 'J'his clause is an extension of i: similiu' piovision Contained in the i '.iiiaila Act 1 and 5 Vie, cap. !•;!, sec, 5, My Lords iire n it awii.'e th it auv jiiiietical in- conveniiiice has iiiisen therefrom ; but as gold coins have been litr.le in use in Cannil i until nceiillv, those in eireiiliitioii ea'.uot as yeo have been subjected to m;ich dctci'ioration by wciir, .lud the co'ect of the ]iro- vision cannot thcrel'ore have been fully tested, My Lords are of opinion th;it this piovision is verv objec- tiouatile on )irineiple, as its obvious leiidcney is to kci'p light coins in eirculatioii to the injurv of the ignorant and unwiiry, and tliev ,ire led to apprehend tliiit whiii it comes into pi'iiciic.al oper;ilioii, it mav occasion grciit ir.coiivenionce and discontent. 'J'liey would therct'oi'e strongly rei'ommen 1 as the picferabfe course that power should be given by hiw (iis is the Ciisc in this country) to persons to whom light gold uiiiy be tendcieil to cut, break and deface the same. Ineoiivcnieiiee to the public from the adoption of this course would bo obviatoil by an arrangement Bimihir to to that iido])ted in this country, for receiving dcfijctive coins by the Collectors of the Uevenuo at 11 fixed rale, and the great advantage of iiiaintaining the currency in its integiity would thus be at- kuiucd. The piovision is also defective in regard to the allowance for wear, as it gives the same amount for all coins of wliatcver weight and value, instead of a proportional allowance for each. With re;,'iii'il to this poinl. My 1. rds are inclined to think that instead of [iroviding for it by cniiclmeut, it would I'c better that the Proelamiition which will give eurreney to tlie new coins, should assign the wci:,'ht til which they ebiiU continue to be leg il tender, and with rcsjiect to the gold coins of the United Kingdom the allowaneo for loss by wear sliouid be the same as lliat tixcd in the United Ivingdoni by Royal Proeliimation. My Lords hiLviiiii' thus expressed tlicir opinion with regiird to the Ciuiiidii Aet, Xo, 0',i|i, would suggest that their olMi'i'viitioiis thereon should be eoinniuiiicatcd to the Oovernor (rcneral thron.,-h the S.erelar .' of iStiite, iind lliat llr; Act slioid'! not be submitted to ilcr Miijesty in Council iinlil llcr M.ijesly's (iovciri- meut shidl li.ive iiseertiiined the further measures which theCanadiiui Legislature niiiy adopt on the subject. My Lords will be pri']).ired so soon as the neee-siiry arrangements are completed tot.ike niciisures for providing for the is u" of the coins reipiired from Her Miijesty 's Mint. 'J'h ■ deseripiioii of gold coins to bo wtruck are suHiciently indicated in the memoriuidum of the late Chaueoil ir of the lO.Keheipier. The names to be assigned to the coins will be fixed by Iter .Majesty in Council, an.! ii, up ic;irs to Mv Lords that the denomination of "a Royal'' will be a suitable term to apply to the superior go'd coin, wliich will bo of the value of a pound, Cauadinu currency, eriuivalent to four United jjtates gold doilnri. 80 TREASURY MINUTE, 1852.— CANADA CURRENCY.— GOLD AND SILVER COINAGE. 4- I >i 1^- With regard to the silver coins, Mj^ Lords apjjrehend that it will not be necessary to provide any larger coin than a half crown (currency) which will be equivalent in circulation to the United States half dollar, and that the smaller silver coins should consist of suiUings, half shillings, and quarter shillings currency. My Lords pi-oposc the latter terms instead of those of six-pences and threepences, because, in the event of the proposed decimal system being fully carried out, it will be necessary to divide the shilling into ten instead of twelve pence ; the In.'f penny would in that case be equivalent to the cent, Uniteil Stati'S currency. My Lords defer the consideratiun of a subordiiuite copper coinage, until they shall be apprised of the wishes of the Colonial Legislatures on the latter subject. My Lords understand, from the provisions both in the Canada and New Brunswick Acts relating to the cost of i)btaiuing and importing the proposed coins, that the preliminary elia ,'i'8 will bi' det'rayi'd by tlie respective (rovernments of those Colonies, and as soon as the necessary fuinl:3 are [(rovidcd, and inti- mation is conveyed regarding the quantity of coins of the several descriptions wliieli will be required, Mv Lords will give directions to the Muster of the Mint for proceeding with tlii^ eoinago, and for supply in'' the gold coins to the agents of the local Governments. With regjird to the silver coins it ujipiars to their LurdshiiM that the most convenient course will be for Her Majesty's Gorernnicnt to tran'eiuit them to the Commissariat Oflieers in the respective Colonies, with instructions to receive and withdraw from circulation the British silver coins now current in the Colonies and aul).IhIim Miiiitrriil 'jx. DuiiHcoDib, Ciillcctor, (iiKib'-r, -la. Diiodi'cimnl Currfnfij, 14, E. Exchange : — New York on London, 8. F. Farrell, Agnew P., Cayuga, 56. Ferres, J. Moir, Missiscpioi, 22. Ford, Dr. Wm., Quebec, 24. Forsyth, J. Bell, Quebec, 72. French Decimal Currency : — 7. G. Gethings, Cashier, Quebec, 52. Gibbons, Win., St. Calherines, 38. Glass, John, Montreal, 30. Gorrie, W. M. &. Co., Toronto, 74. Orain and J'ulse Measures : — 16. H. Hamilton Board of Trade, 57. Harris, Ph. P., Ottawa, 34. Hespeler, Jacob, Preston, 46. Uinchs, Hon.F. — Question as to a stindard of V'.lu"*, 1 1 ; on the currency of Canada, 1)6. Holmes, Benjamin, Montreal, 33. L. Lachlin, Major R., Montreal, 39. Laui^ton, Jolin, Peterboro', 59. Lawsdti, Collector, Goderich, 62. Leavitt, Rev. .To.sliua, Now York, 48. Lee, Thomas, Hamilton, 41. Legal Tender :-"■. 11 ; in Canada. 12 ; in U. S., 19. Lesslic, Williair. ; itm.istor, Toronto, 38. Lesslit , James, 'I. ; into, (io. Lym-'u, W. &. Co., MonLixal, 31. Maccullneh, Cn.shier, Mon. real, 37. Macdoi :ii' 1). Lnni, Moiitnal, 27. Me(ii.', i.'iiaiol. (Jiii'bi'c, 7-1. Mack.ii/.ie, Jiiinis, II, <'f R., Oiiio, 57. Mackintosh .t Wallon, Toront", 29. Macrae, Colloetor, St. Joliii's, 35. Mayn;ir'i, l?ev. Geo., Tnronto, 43. Mensu remind Wciiilitx: — See Wciglitsand .Measures, Mcrritt, lion. W.'ll., Linc.ln 0.i„ 2'.i, J/irt^t;— ill, 1 1. Misciier, Jac ib, Wclliiinl, Ci, 7.'i. Money of Arr.iitut : — I'liitcil Slnli's, 7; Ijigliviid, France, Ibill.iinl, !j ; C;ia.:.Ji. 1'.', 1 .-i. 19. I'aike. Ciillcclcir. I'n;t Cnlbjini', Powoll, W., P..iL. Duv.r, 15. QiK'bo? Uoard of Tra L, T2 INDEX TO REPORTS ON DECIMAL CITRRENCT. R. Jteeommendafiont by the Committee, 18 ; — that the decimal principle be adopted in the Currency of Canada, 19. Reports :— Third, 5 ; Fourth, 71. Ridout, CaMer : — on currency, ; on the drain of specie from the banks, 13. Ross, Cashier, Kingston, 82. Kyerson, Rev. Dr. E., Toronto, 39 Rykert, George, St. Catherines, 47. 8. Saohe, William, Molson's Bonk, 25. Scott, H. S., Quebec, 81. Smart, Cashier, St. Catlierines, 47. Spain, Currency of: — 8. Standard Measure of Value : — British Treasury proposition, 7 ; French do., 7 ; Bowring, on a, 9 ; the question considered, 10 ; a Binary standard, 10, 12; standard, Canada, 12; the Committee re- commend a, 18, 19 ; in U. Canada, 1836, 67 ; do. 1830, 71 ; British Treasury Minute, on a, 75. Stevenson, J,, Montreal, 43. T. Taylor, S., Kingston, 42. Taylor, T. M., Montreal, 32. Tidey, John A., Norwich, -19. Ton, the: — 16,17; recommtudatiuus by the Com- mittee, 19. U. United States Currency : — c(ro"ts to assiminto the currency of Canada to the, 66, 67, 71 ; decimal, 8 ; duodecimal, 14 ; Hincks, on, 06. Unit of Coinage and Currency ; — lii itish Treasury proposal, 7"; French do.. 7 ; United States, 8 ; Holland, 9; Canada, 9 ; proposed, 19. Unit in Measures :— of length, 16, 17 ; of weight, 16, 17 ; of capacity 16, 17. V. Vaux, Thomas, Quebec, 24. Vidal, Alexr., Port Sarnia, 55. w. \'-:^m Warren, E. E., Port Stanley, 74. Webster, Collector, Port Dover, 68. Weights and Meaaures: — Lower Canada, 15; sugges- tions by committee, 15 to 19 : the Ton 16, 17, 19 ; weight of coins, 16 ; weights and measures of France, 17, 18 ; grains troy and grains avo rdu- pois, 17 ; French nomenclature, 18 ; commercial syslem of, 68 ; Hamilton and Quebec Boards of Trade on, 57, 72. Whitehead, Collector, Port Hope, 37. Wilson, Collector, Cobourg, 81. Wynn, J., postmaster, Queenstun, 41. H \ li.ate the decimal, Treasury itatcs, 8 ; f weight, ^JM I ; Bugges- 6, 17, 19 ; aaures of I Bvo'rdu- )mmercial Boards of