DEBENTURES.

Auckland Chronicle and New Zealand Colonist, Volume 2, Issue 67, 14 November 1844, Page 2

DEBENTURES.

To the Editor of the Auckland Chronicle. Sir, It is an old but true adage, that let a mans actions be as pute as snow, they are liable to be per s verted, this is evident by a letter in the last Southern Cross, signed '* M." where the proceedings o> the Governor, called forth by the voice of the people, in issuing Deb-u Hues for small sums, i» attempted to be tortured into a something, by language wrapped up so metaphysically that it is with no little dfficulty its probable meaning can ie armed at. It does, however, upon reflection, seem that "M" thinks that by some means or other, som a person, or the Government, is now, or will be deiiving some benefit or advaniage at some future tin e by withdrawing Debentures for large amounts, and substituting small ones in their stead. It will be recollected that when Guverno' Fiizioy arrived here, he found an empty Trea sury, and the Government heavily in debt. He attempted (at least so it is said) to negooiate a loan with tbe existing New Zealand Bank, but no feeling disposed to pay the rate of interest demanded, he issued Debentures for vaiious sums. Great was the outcry, that there was no Debentures under one Pound value, and business wasalmost at a stand still from the difficulty expe rienced by shopkeepers in giving change. This. evil gradually got worse., and his Exeellency issued 10s, and fis. Debentures, to the great convenience, 1 think it must be acknowledged, of the public generally. The paltry saving of interest could have been no inducement to his Excellency in taking this step, giving him as it did an infinity of trouble. That the large Debentures are being hoarded lip somewhere, may be true, but to suppose that the Government is doing so is farcical. If the complaints of « M."as to the proceedings at the Treasury be just, complaint in the proper quarter, will, no doubt, put such matters in a correct train. The iuvidious attack upon [respectable shopkaepers for issuing their own notes, (a proceeding which was unavoidable) for small change, does not deserve comment, further than that the shop, keepers ought to be very much obliged to " M,'* for such an expression of his opinion. I would wish to caution your readers who may perhaps have read the last number of the " Cross," to bear this in mind respecting "M.'s" letter that asthe Interest upon Debentures will have to be* paid by the community generally, it would have been as well they had not borne interest at all. I remain, Sir, Yours, &c, TEMPO. It is understood to be the intention of Government to form a large encampment on the Curragh ofKildare in the month of June. It will consist of calvary, infantrv, artillery. J