An Eccentric Bill

Feilding Star, Volume VII, Issue 17, 21 July 1885, Page 2

An Eccentric Bill

» Amongst the numerous new Bills for the introduction of which leave has been granted by the House, there is one which Mr J. C. Brown fathers. It is entitled the State Currency Bill, and is not yet printed. A correspondent of the Dunedin Star says that the Bill will provide that all Government payments are. in future to

be made by State notes, instead of by cheque. These State notes will be convertible and be a legal tender within the colony, but the issue is not to exceed a year's revenue. Five per cent, per annum will be payable every six months. Thus, if a £1 note is issued in January, on Ist July it will be worth £1 6d. It is not proposed to do business as a bank, and thcnon. member introducing the measure thinks that banking institutions will not therefore regard the new arrangement as an infringement of their rights. Under the Bill the Government, at their agencies, will be prepared to buy gold at the rate of £3 18s an ounce, or 3s more than can at present be obtained for colonial gold. The gold will then be smelted and assayed, after which it will be converted into bars, and people wanting to leave the colony can get these in place of notes if they so desire. No objection can be raised to the Government issuing notes bearing interest, but the idea of buying gold at £3 18s an ounce hefore assay is simply the project of a person utterly ignorant of the subject. All virgin gold in New Zealand, whether allurial, beach, or reef, varies in value; in point of fact, there often exists a difference in value in the gold found in claims adjoining each other. To make all of these equal by Act of Parliament would be the height of absurdity. At £3 18s per ounce it would pay to import gold from the other colonies or America. The idea of " converting it into bars, and people wanting to leave the colony can get these in place of notes if they so desire," is very refreshing, and betrays a Bweet simplicity only to be found in the romantic mind of one whose memory is stored with legends of the good old times on the Spanish Main, when folk voyaged in galleons with ingots of silver and gold for luggage. We do Jhope that Mr J. C. Brown will discover the error of his ways while it is yet day, and repudiate the paternity of this wonderful Bill.