248 Transactions of the Canadian Institute. [vol. ix 



20c., IOC, and 5c. pieces. These coins were to be legal tender to the ex- 

 tent of $10. This act therefore laid the foundation for our present system 

 of coins. The Government was also authorized to obtain a supply of 

 gold coins of the value of £1.53, or $5, £1, or $4 and the halves of these. 

 They were to be of the same standard of fineness as the British sovereign 

 and of unlimited legal tender. When this act, to which Lord Elgin had 

 assented, reached the Home Government it was submitted to the Trea- 

 sury Board who declared that the section relating to the special coinage 

 for the province required the immediate disallowance of the Act. They 

 declared that it "involves an uncalled for and most objectionable inter- 

 ference with the prerogative of the Crown." When this information 

 was transmitted to Canada, Mr. Hincks made one of those lucid, con- 

 vincing, vigorous and yet temperate replies for which he was noted. 

 This brought out an elaborate justification on the part of the Treasury 

 Board to which Mr. Hincks made a still more effective reply, which was 

 eulogized even by his political opponents, and to which no reply was at- 

 tempted on the part of the Treasury Board. The Act was disallowed, 

 but the discussion over it considerably cleared the air and advanced mat- 

 ters a long way towards the ultimate adoption of the decimal system in 

 Canada. 



Mr. Hincks entered into communication with the Governments of 

 Nova Scotia and New Brunswick with reference to a uniform currency 

 for British North America. In a series of resolutions in 1851 he laid down 

 certain principles on which he hoped the general currency question might 

 be settled. There should be a definite currency for Canada, which might 

 become common to the British North American colonies, and which 

 would facilitate commerce with all parts of the continent. It should be 

 simple and convenient and therefore the decimal system based on the 

 dollar as the unit of account. It should be mono-metallic with gold as 

 the standard and with silver and copper coins of limited legal tender, 

 which might be over-rated to the same extent as the British silver and 

 copper to prevent their being exported. The dollar of the United 

 States should be accepted at one dollar or 5s. currency. An Act based 

 on these resolutions was duly passed and provided that as soon as prac- 

 ticable the public accounts of the province should be kept in dollars, 

 cents and mills, and all moneys and accounts might be legally stated 

 whether in dollars and cents or in the existing Halifax currency. In 

 authorizing the introduction of gold and silver coins, the standard of 

 the sovereign was adopted rated at $4.86 2/3 or £i.4s.4d. currency. 

 The Provincial gold coins were to be unlimited legal tender under the 

 same conditions of loss by wear and payment by weight as applied to 

 British gold; the silver coins to be legal tender to $10 only, and the copper 



