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[Page 5]
The silly Policy of the Colonists in opening bidding a higher price for dollars than their neighbours do, which is Placd as a kind of Rider in a bill otherwise a wise one, which was disallowd by the Government for that very reason, has been repeatedly the subject of the [indecipherable] version of the Commee, in this as well as many others of the Smaller Islands; no Island should on any account be permitted to out bid the Rest in fixing the Circulating Value of the medium of Commerce, for if it is Permitted to any one Island the others in their turn will out bid bid again & thus Raise the Current value of Bullion to an unreasonable excess without Receiving any Kind of Permanent advantage
The Remedy from the Present distress of Antigua & indeed the whole of the West Indian Islands is
ease the [indecipherable] England should strike money either as & put it into & contrive that it should Circulate either as a Token or as Coin in Every dependency she is [indecipherable] of, each dependency furnishing the necessary supply of Bullion & Paying the expence of Coinage. The mother Country could then without any expence supply all deficiency that might arise in the Quantity of Circulating medium in any Island whatever, the Island itself providing as Antigua offers to do, the necessary supply of Bullion & of silver money be manufactured into Coin for never Less than one per cent of its value & Gold for never Less than one half per Cent the charge of mintage will never be felt in Countries where the Current value of money has been always placd 10 or 20 per cent Above the Sterling
Whether or not I have an adequate knowledge of the theory of Bullion & coinage money adequate to the arrangement of a new Coinage other persons must determine