House of Commons, 10 May 1869, Canadian Confederation with Newfoundland

232 COMMONS DEBATES May 10, 1869
Mr. Rose of gold now in circulation, which would require to be recoined, would be all brought to England for that purpose, as the coining would there be done for nothing. The Commissioners also recommended that any change should be carried out by means of a convention or treaty, into which the various nations should enter, and suggested a number of matters, such as the remitting of coin which had lost by sweating or use, as to which there must be internal arrangements. He understood that it was now the impression, both in France and the United States, that the recommendation of the English Commissioners had much merit in them, if they should not wholly be accepted, and the English sovereign adopted as the standard. This would cause very little inconvenience to these countries, for the pound sterling had been practically the standard throughout the world up to the time of the French Revolution, and in the United States during the suspension of specie payments, it was of little consequence what particular coin was taken as the standard, whereas the investigations of the Commissioners had shewn that the world at large would be more inconvenienced by changing from the English sovereign than the United States by a change from their five dollar piece, or France by assimilating her 25 franc piece to the sovereign. Under these circumstances he thought we should submit a little longer to the inconvenience arising from the difierence of currency in these Provinces. He supposed his hon. friends from Nova Scotia would not like for a month or two, or a year or two to change the Nova Scotia currency, by assimilating it to ours, and then have to go back again to their present system in the event of France and the United States adopting the English sovereign.
Mr. Mackenzie—The United States surely won't take a sovereign. (Laughter.)
Hon. Mr. Rose—Perhaps they won't refuse one financially. (Hear, hear.) He thought it would be necessary under the circumstances he had explained, that we should subject ourselves for some days longer to the inconvenience of having different systems of money and accounts prevailing in the different Provinces. He hoped we would soon get Newfoundland into the Confederation. Newfoundland also had a different standard of money, differing both from Nova Scotia and the rest of the Dominion. In Newfoundland, the sovereign, he believed, was worth $4.80, while in Nova Scotia it was worth $5, and here, $4.86 3/4. The Hudson's Bay Territory again, which we hoped soon to incorporate [...]


Canada. House of Commons Debates, 1869. Edited by P.B. Waite. Ottawa: Queen's Printer, 1975. Original scans accessible at: http://parl.canadiana.ca/.



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