MR. LOWE'S POUND.
[To THE EDITOR OF THE SPECTATOR:] SIR,—May I submit to you a practical objection to Mr. Lowe's scheme in reducing the value of the sovereign? The cashiers at the Banks throughout the country now weigh sovereigns, to save the time in counting. Now, if the coin is reduced one grain in
weight, which, as regards any notice to the contrary, appears to be Mr. Lowe's intention, how can any operation be carried on until the present circulation is exhausted, without entailing upon individual bankers a far greater cost in time and trouble than would be the aggregate value of the diminished coin to the State? Supposing, however—and, as I have said, it does not appear to be Mr. Lowe's intention—that the subtracted grain of the present impure or alloyed 123.274 grains of gold in the sovereign (for remember, the sovereign only contains 11-12ths of pure gold) should be made up in alloy, is it not likely that a brisker trade at Brussels in remelting the old coins will be carried on than formerly, whilst the Australian sovereigns will besides furnish a supply equal to
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