to Mr. Fish.
Quito, Ecuador, May 15, 1873. (Received June 9.)
Sir: In answer to Circular No. 38 from the State Department, I have the honor to report that I have to-day addressed a note to this government asking for the desired information, and have also made known the change in the American estimate of the English pound sterling for the future, involving an increase of two cents and six and one-half mills (.0265) on former valuation.
The assays and reports made by my predecessor, Hon. Charles R. Buckalew, fully cover this matter as it stands to-day.
No visible improvement has been made in the current circulating coin [Page 384] of Ecuador beyond the recent introduction of a small percentage of our own silver, and a few thousand Peruvian “soles.”
The major portion of the coin in use is worn out, and full of holes. Its real intrinsic value is far below the face standard.
As this government is now bent upon raising the standard and introducing a better type of current coin, it has impressed me that it may perhaps be advisable to wait a few months, or a year, until the old money is withdrawn, and the new issue substituted before making a fixed report to the Director of the Mint.
The government of Chili has consented to coin $1,000,000 for Ecuador, and I sincerely hope that our own Government will be finally able to bestow a similar service, as per my dispatch No. 281.
I will report the answer of this government, however, upon its receipt.
I have, &c.,