A call for countermarked dollars, Greenock, Scotland, 23 December 1803

To the Editor,
The very great inconvenience which the inhabitants of Greenock labour under, from the scarcity of silver at present, is an evil, that cannot escape the observations of any; and which calls loudly for the assistance of every individual, who can in any degree contribute to lessen the difficulty. The writer of this thinks, he cannot justly be blamed for want of charity, when he affirms, that the inhabitants are entirely to blame for bringing this evil upon themselves. Not long ago, a very considerable struggle was made by the banks, and a number of most reputable shopkeepers and dealers in town, to lessen the calamity, by endeavouring to advance dollars to 4s. 9d. which had it succeeded, would have been attended with most beneficial consequences; but, strange to relate, so did the ignorance of some and the avarice of others overpower their good intentions, that it was obliged to be given up.
The Jewellers are, perhaps not unjustly blamed for having a hand in this, as, while they go at 4s. 6d. they find it very lucrative business to buy them up, and send them to London and other places not so far distant; where a much higher price can be obtained for them so much has this ill judged business operated, that since they fell back to 4s. 6d. a dollar is not now to be seen, and to obtain change for a note is a thing next to impossible; the consequence is, that every family is teased with innumerable petty accounts with their baker, their brewer, their huckster, and their fishwife, and many others of the tribe of small dealers, which are liable to be inaccurate and very vexatious. The case of the tradesmen and the labourer is much worse; at the end of the week, when they go home to their wifes and families with their hard earned pittance, they are not per-haps, in credit with the above honourable dealers; and hence, in order to get a part of their guinea back in silver, to buy necessaries with, are obliged to purchase double or treble the quantity of some articles than they can afford to buy; or be reduced to the infinitely worse alternative of drinking two or three shillings of it in a tippling house, in order to obtain change.
It would be needless to spend time, I conceive, to prove the existence and magnitude of the inconvenience, and its trail of vexations in consequence, as everybody must have felt them; the business is to suggest a plan, this is in some degree calculated to remove, or at least lessen, the evil; and nothing, in my opinion, seems so much calculated to have that effect, as another attempt to raise the price of dollars to 4s. 9d. or 5s. to urge the propriety of this measure, it is only necessary to observe that almost every place of trade in the country has already adopted it, and dollars are now currently received in transactions where small money is required, at 4s. 9d. and at many places at 5s. and upwards. While they remain at 4s. 6d. that being below the price of silver bullion, so soon as they make appearance in town, they are eagerly bought up by Jewellers and others, who either convert them into silver plate or send them to London, where they are readily purchased at a considerable advance, and, through that channel, generally find their way to the continent, or East Indies.
Thus we deprive ourselves of the advantage which we might derive from our local situation, and our connection in trade with America and the West Indies, which would always secure us a regular supply to answer all the needs of our circulation, and some to spare besides, where they go currently at 4s. 9d. or 5s. it would encourage people who trade to the above places to make remittances in dollars, rather than take bills at the most enormous exchange, which they are obliged to do at present, the last, and which seems to me the most mighty reason for adopting this measure is there appears at present, particularly among the country people, an uncommon propensity to hoard up gold and silver, which would, in all probability, occasion a scarcity, were there double the quantity of sterling coin in circulation that there is at present. Dollars were they at 4s. 9d. or 5s. would not be liable to share the same fate; the hoarders would consider, that as they often vary in price, they might fall, which would render the laying them up unsafe.
It now remains, to point out the most proper method to cause the dollars currently at 4s 9d. or 5s. which would be to recommend it to the banks, or some of the most reputable merchants in town, to stamp them, payable at 4s. 9d or 5s. but as this scheme is liable to objections, from the probability; that the individual might come to lose, by others forging their stamp, I think the best way would be, to call a meeting of the principal inhabitants, by order of the magistrates, if they would be so good as take the trouble of it, as their sanction would give weight and stability to the resolutions of the meeting; when, it is hoped, they would see the propriety of unanimously agreeing to take dollars at either of the above rates, perhaps it might be of advantage to draw out a paper, or papers, which all the principal merchants and dealers of every sort would sign, binding themselves to take them, which might, for that purpose, be left at the coffee room and other public places. If you think the above hint may have any tendency to promote the desirable end, your giving them a place in your paper will greatly oblige, Sir.
Your most obedient Servant,
A. Shopkeeper
Greenock, Dec. 20th, 1803.

(from the Greenock Advertiser, 23 December 1803)