The Auckland Chronicle. Thursday, May 23, 1844.

Auckland Chronicle and New Zealand Colonist, Volume 2, Issue 42, 23 May 1844, Page 2

The Auckland Chronicle. Thursday, May 23, 1844.

The Leois'alive C nn-i! have now in ireaHty begun their labours ; much o ’ their time lias liitlierto been occupied in settling, preliminaries, such as altering rules of Council, &c.,&c., iti order to expedite public business'; notwithstanding which they have already passed the bill for issuing- Debentures and making them a legal tender. The Governor has also complied with the expressed (and we he'ieve we may add imamiifus) wi h of the people, and decided to issue some Debentures in small sums, in order to make them available as a circulating medium. Mr. Brown is the only member who opposed this useful measure : we believe conscientiously, he stated his reasons fully in the protect which lie entered against it, but which was refused to be recorded in the minutes of Council by & majority of votes. Mr. Brown advanced. some substantial arguments against an unlimited paper currency, such as existed in America and England before the one pound notes were called in ; but we think he has entirely failed to substantiate the validity of his objections to the hill for issuing Debentures, and making them a legal tender in New Zealand. The great evil in this Colony lias been the want of Capita to develope her resources; the amount of circulating medium in any country should bear a certain relative proportion to other real property; a certain amount of cash or currency is required in every country to represent the other wealth existing in that country ; if the relative proportion of cash to other real property be small, the commercial prosperity of that country inevitably suffers. Now we think it will be admitted by all our leaders that the relative proportion of cash or circulating medium compared with other real property is smaller in New Zealand than in England, or any of the other colonies ; consequently we argue that the issue ofDebentureS 2s a great benefit, possibly even mot e beneficial than if the same amount had been paid in gold, because gold would soon find its way out of the Colony in exchange/or imports, never more to return, but Debentures are more likely to remain amongst us, or to find their way back again if paid ©lit of the Colony. We think Mr. Brown was vastly wide of the mark when he estimated the circulating medium of New Zealand at £3OOO, Dr. Martin believed it to be at least £IO,OOO, and the Governor thought £IB,OOO much nearer the truth. The Colonial Secretary estimated the annual amount received ifrom England by the mi itary and missionaries alone in New Zealand at £OO,OOO. We entirely concur with the view the Governor has taken on the subject of Debentures, admitting for the sake of argument that they are an e’- il (which by the bye remains yet to be proved) of two evils he lias unquestionably chosen the least. The whole a (fair is comprised in a nutshell, the Government stand indebted to -certain person- who are in great need*

the question is Debentures, or no pay at nil: the Governor finding it impossible t) pay in cash, gives them a written promise to pay with interest; a portion of the public refuse to receive this paper at par, and a considerable depreciation takes place; the Governor steps forward and in justice to those persons who are obliged to take them at par, brings forward a bill to make them a legal tender. This bill is accompanied bv a measure of economy, the expenditure is reduced £IO,OOO per annum, and if necessary further reductions wi I take place ; so that every possible honourable means are made use of to -ensure their paviiu-mt when they bo'-ome due. Mr. Brown appro ed of Debentures being is-ued bo a small amount, but objected to their being made a legal tender; upon wLut principle he could recommend sii h a ppmss injustice to be -inflicted upon a ; 4 Government creditors we are at a loss-to discover. We are not advocates for a very low scale of salaries for government officers, but we think it would be the more straightforward honorable course to reduce their sauries at once, rather than profe s to pay them a certain sum, and in reality pay them twenty per cent ie-s. It will be seen by reference to our report of the proceedings of the Legislative Council on Saturday ia-d, that Dr. Martin gave notice that Ee should move certain-resolutions on the following'subjects, viz: Emigration to NewZealand, and system of colonization, Custom's Establishment, improvement of Aboriginies morally and physically, with some alteration in the Protectorate system, His Excellency stated he had no objection to the discussion of these important subjects, but on the contrary felt anxious to enter into them, and Saturday next is the day fixed for the resolutions to be read. Our cotemporary during the Hobson and Shorthand dvnasty constantly figured hr the opposition, being now called to the councils of the Governor, we have the opportunity of testing his sincerity; he has made large professions, therefore much is expected from him by the public ; having frequently declared his ability to restore prosperity to this Colony. The resolutions he has obtained leave to move on Saturday next, are certainly of vital importance; and the manner in which these subjects are treated by him, will furnish the true index to his political career as a member of Council. The conduct of every public man in his official capacity is a fair topic for discussion, and freely open to censure or praise according to its deserts, we are not however yet able to form a correct opinion of our new members, give them a fair trial, time will reveal all, nous verrons.