Hamilton to Merivale (Permanent Under-Secretary)

The Lords Commissoners of Her Majesty's Treasury having
had under their consideration your Letter of the 8th
Ultimo forwarding a copy of a letter from Captain Parsons
stating that he proposed to assign a value of 4s/ to the
American Dollar in payments made to the Men of the Royal
Engineers in British Columbia, that being the rating
adopted by the Admiralty in payments made to the Crews of
Ships in the Pacific, I am commanded to acquaint for the
information of Secretary Sir E. Bulwer Lytton that My Lords
are of opinion that the issue of the United States Gold Coins
to the Troops in Vancouver's Island should be regulated by
the rates which legally govern the issue of such coins to
the Troops in the North American Colonies and the West
Indies—viz—at the rate of £2.1 for the Eagle and £1.0.6
for the half Eagle.

I am to observe that by the rate adopted by the Admiralty
for the payment of Ships' Crews in the Pacific, such coins
are undervalued to the extent of 2 1/2 per cent, and the Public
is subjected to a loss to that extent, and it is the intention
of My Lords to communicate to the Board of Admiralty their
opinion that the Navy rate for these coins should be
assimilated to the Army rate.