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[Page 2]
10 bits is 7/6 & of a Joe 7/ a Penny weight currency & Concludes from thence that the Real exchange
between Antigua Currency & British Sterling value is 175 per ct. when at Par.
The Principal points of the Report seem to turn on the intercourse that has of late years been permitted between our Colonies & America a Policy subversive in the extreme of the Prosperity of the mother Country & tending to enrich america at her expence.
This Policy which originated in times of Distress owing to war has been imprudently continued till it will be difficult if not impossible to restrain it the total Loss of circulating medium however is only one of the evil fruits of this indulgence which ought to be brought under the consideration of administration it appears clearly that all the Rum & Molasses in the island will not Pay for what the Colonies Chuse to take from america, ought not then Restraints to be laid upon their Commerce to prevent more from being purchased than Rum & an average Crop of Rum & Molasses will pay for.
1804 March 29
Mr Brown agent for the Colony informs me that the Colony are not now inclined to Seek for any General Remedy to the greivance of Counterfeit money all they wish for is a Remedy for the exhorbitant demands of the Petty traders who get by degrees all the Cash in the Island into their hands & will not part with it but at a high Premium. They charge for a dollar /9d & for a Joe 16s/6d in order to Remedy this the Colony asks permission to have £5000 worth of Silver & Copper Bullion coind here into Small Peices to be made Current by act of assembly or a Government Proclamation in their own Island only.
This measure does not seem likely to be useful to the Island as the money if good, will circulate freely in the other Islands, & Soon become Scarce in the Island that had been at the expence of Procuring it.
Mr Browne says that the mode merchants like of Settling the value of imported goods is first to double the invoice Price in order to make Good the Cost