The Text of M. Pasteur's Will.

Manawatu Herald, 10 December 1895, Page 2

The Text of M. Pasteur's Will.

— . — * 11 This is my last will and testa* rnent. I leave to my wife all which tbe law allows me to laave. I beseech my children to never depart from the path of duty, and to keep always for their mother that tender spirit which she deserves. L. Pas*. teur, Paris, March 29, 1877. Arbois, August 25, 1880."

Notes and Events.

♦ The favourite expression at Home for money is " Oof," which sounds very African. Anyhow money called by any name even that of " Mo« puses" is useful and acceptable, for Standard gold contains eleventwelfths of fine gold and one>»twelftb alloy, which is exchangeable for anything under the Bun. This is jju|t by the way. It has been asserted that mo.icy is " tight "and experience has proved that it is something like it, for it is difficult, to get. hold of. What is the reason for it ? There is a deal of money in circulation but there has always to be a large amount kept on hand by the banks as partly representing the immense piomises to pay which they issue printed on various kinds of paper. The gold reserve is retained in as small a quantity as the banker thinks will be sufficient to steady a rusb. Sometimes he has enough, more often he borrows from other bankers, and at times no one can supply him with the total of his needs. That bank then closes. In Lombard Street, London, la situated the Bankers' Qtearing^jrap where bankers, in'steid^r-ftsffit^ each others banks and exchanging bills, cheques, notes, &c., send them to this House where practically' the mysterious claims and counter claims are sorted and entered into ledgers. The total business for the year 1893 amounted to 6,478 million,, pounda ! On Stock Exchange days payments amounted to orie.-thSiMind miffions t and on the fourth oWa nionJi the payments went 268 millions. Evidently money k about, io^ggej^fl} if not in the colony. Yet, most unmistakably, money ia " tight." It appear^ from a reliable return that all the large banks have " funked " the European position and have been at work hoarding up more gold in case of a "flare-up." Thus the Bank of England, Bank of France, Imperial German .Ba£k| National Bank of Italy, ana the Batik of Russia have 185 millions hf gold and bullion in their Vaults,' betng ; a sum of over 26 millions in exdesVjto what they held last year and y Wry . much more than they held i&e y&tr previous. This may have something to do with it. . ' We have put it in the above sbape' to allow the Government an opportunity of laying all the blame to the before-mentioned banks. It is hardly:* necessary for us to have d6no Sor as Ministers are past masters in the art of making excuses. The " tightness in the chest " is more* local than world wide, and arises chiefly from what one of the Governments own true organs has said, " it will be difficult to know what one does really own.? vj£ >ssm9 stability could be assured business would take a wonderful leap.. It may be interesting, as we have opened up this fascinating subject of money, to mention that the tender of Bankoi England Notes is legal in England and Wales for every PPVpone, but no ona can b» QorapiUed

to give change. Gold of the full weight is a legal tender to any amount. Silver is not a legal tender for sums over two pounds, nor bronze for sums over one shilling. Farthings, although a legal tender for the same amount are frequently refused if offered for even as small a sum as one penny. Farthings, as yet, are not much of a colonial coin yet, unless times get better we may become acquainted with these and the " Mites" or half-farthings which ate in use in the East End of London. What is the coinage ? In Gold— Five pounds, two pounds, and the sovereign; Silver — Crown, doubleflorin, half-crown, florin, shilling, sixpence, groat, threepence, twopence and the penny; BronzePenny, halfpenny, and farthing.