M C Henry to John Welsh, June 30, 1879

Mr. McHenry to Mr. Welsh.

My Dear Mr. Welsh: You will perceive by the inclosed tables that “annual” figures would be no guide. For that reason, I begin with 1858, the year in which this country first required the imports of gold and silver to be registered. The statistics of England are not nearly so complete as those of the United States. Even the board of trade returns are not “the thing.” They first give the imports of gold, valued at £3 17s. 9d. per ounce in bullion, or if in sovereigns £3 17s. 10½d per ounce. Then the next table contains the imports of silver, without giving quantities, only market values at the time of arrival. Then comes the “total of gold and silver.” No one cares about such a “total.” Then comes the exports of gold and silver. I have, therefore, altered the modus operandi, by putting the gold imports and exports in one table, showing the balances each year, and the silver imports and exports in another table, with the balances. It is unfortunate that our $5 piece is not of the exact weight and fineness of the sovereign. If it were, we would save the three half pence per ounce on all the gold we export and import. We only get, as you will see, £3 17s. 9d. per ounce, and have to pay £3 17s. 10½d. per ounce. If the two coins were of the exact value of each other, they would circulate side by side, just as the Australian sovereigns rank with those of England.

Yours truly,