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Not usd in a Letter written on the subject to Mr. S Cottrell Sept 14 1804
As their Lordship's have done me the honour to ask my opinion on the subject of the Proposal of the Island of Antigua to [indecipherable] Bullion for the Coinage of a Small Quantity of money of Silver & Copper for the use of that Island I must first refer them to a letter which Report I wrote sent by me to Ld Glenbourne [?] on that Subject when it was under Consideration during the time his Lordship presided at the board as Ld Liverpools substitute.
Respecting the Annual Question of Supplying our Colonies with the Circulatory medium with which our Colonies ought to be Supplied, I have been always of opinion,
first that the Provisions of 6th [indecipherable].Chap. 30 Relative to the value at which the foreign Coins admitted into Circulation there ought in our Plantations Should to Pass Current ought to be Strictly enforcd either in their Present State or under such modifications as may by lapse of time have become expedient.
next that England Should Strike money for Every dependancy she is possessed of & Substitute it as soon as possible in the Place of the foreign money, Each Colony furnishing the bullion necessary for its own use, that this money Should be all of the Same Standard & the Same Type & that a Segniorage [Seigniorage - profit] Should be taken on the Coinage of it sufficient to defray the expence of coinage manufacture & to leave Some Small profit Surplus toward the Extra Expenses of the mint in the mint Prosecuting those who Counterfeit Coins &c.
at Present the Circulation of our Colonies is Wholly Supplied by foreign Coins & that the instructions of Every Governor Recognises the 6th [indecipherable] Ch 30 & Requiring a perfect Compliance with the Provisions of that Statute many attempts have been made & some succesfull ones by Particular Colonies to outbid their neighbours by