LEGISLTIVE COUNCIL. Thursday, 19th August, 1847. (Continued from our last.)

New Zealander, Volume 3, Issue 130, 28 August 1847, Page 3

LEGISLTIVE COUNCIL. Thursday, 19th August, 1847. (Continued from our last. )

Paper Currency Bill. On the reading of the 10th clause, which provided that foreign coin should betaken at the value fixed irom time to time, by the Lords Commissioners of Her Majesty's Treasury, Mr. Brown said, that if the Council wished the bill to work badly, they should allow the present clause to remain. In a very short time we would hare the colony inundated with the silver coin of almost every nation and state, for unless there was a similar act passed in all the neighbouring colonies, fixing an uniform value upon dollars, individuals would, as they had done before, buy them up at their current value, and ship them for New Zealand, at a good profit. The Governor thought that the Bill went farther than the intention of the Secretary of State; he believed that the despatch, upon which the Bill was founded, meant merely, that foreign coins should be taken in exchange for notes, and not re-issued in the colony, in fact, that by such system, tho country might be purged of foreign money. He, the Governor, had long ago observed the evil tendency of a circulation of this kind, and had given directions that foreign coins thould not be received in the public offices. He agreed with the honourable member, that if this clause passed, and the Bill should become law, foreign coins would be plentifully imported. The proclamation of the Lords of the Treasury, which had been sent out to him, fixed dollars at 4s. 2d., and as they did not realise that sum in the other colonies, it was to be supposed, that they would be bought up and sent here. These docu nents had been sent out to him, with instructions to proclaim them, in the event of this Bill becoming law. Mr. Brown thought, that if any thing were wanting to prove total ignorance of the Secretary of State respecting this colony, it would be found in these instructions. The Governor would differ from the honourable memTber, for he was of opinion, that Earl Grey's instructions on this subject, proved how desirous he was to do the best he could for New Zealand. The clause was amended by striking out all relating to foreign coins. Clauses II to 18, were agreed to. On clause 19 being read, which provided that the ultimate payment of all notes issued by the Bank, should be chargeable on the general revenue, Mr. Brown observed, that each province should be charged with the liabilities of its own issues. The At orney General thought that the clause as it etood, was necessary, in order to give greater security to holders ofrnotes ; should any thing befal th eir gold, they would still have the colony for their sureiy. Mr. Brown,— Yes, but in that case, the colonists holding such notes would be obliged to pay themselves out of their own pockets. The Governor thought that it was right that the liabilities of the Bank should be chargeable on the general revenue of the colony. On referring to the charter, it would be found ihat provision was made for a general revenue, and that the surplus of one colony should go to mske up any deficiency arising in the other. And it was quite right that it should be so, for were the islands divided into two distinct provinces, and each dependant upon its own revenue, great inconvenience would be experienced by vessels trading be« tween them ; whereas, the existence of a geneial revenue, renders it only necessary that goods should pay import dues at a port within either province, and then be shipped to any place within the general government of the colony. On the reading of the 20th clause, which provided that the funds should be invested out of the colony. Mr. Mirriman observed, that he believed this provision was absolutely necessary to render the bill at all effective. Should the lunds be invested within the colony, then nothing could prevent an increase of circulation and over issue of this , paper, the effect of which would one day or other certainly be, a run upon the Bank for sptcie, an inability to meet such demands, and then insolvency of the bauk, the notes of which would be thrown back upon the colony, and remain long unredeemed, as had been the case with other government paper, which remnins at a discount to this day. The Governor did not know to what notes the learned member referred. Mr. Merriman. — The government debentures. After a lengthened discussion, the clause was amended, by striking out the proviso, " that no such investment should be made in the colony of New Zealand." The Committee then adjourned.

Savings Bank Bill. On the Motion of Mr. Brown, the Council went into Committee on the bill, the report of which was brought U p and adopted. The Orders of the Day for consideration of Slaughter House Bill, and first reading of Impounding Bill, postponed. Council adjourned till Saturday.

Saturday, August 21st. ' Present,—The Governor and five Members. Minutes of last meeting read and confirmed.

Paper Currency Bill On the motion of the Colonial Treasurer, Council resumed in Committee on this Bill. The clauses from 31 to 38, were considered : 33 and 34 were struck out, and several amendments were proposed and introduced, after which the Committee adjourned.

Savings' Bank Bill On the motion of Mr. Brown, this Bill was read a third time and passed. Orders of the Day, relative to the Slaughter House and Impounding Bills postponed.

The Governor laid on the table a bill, entitled an Ordinance for Registering Births, Deaths, and Marriages, within the colony, Council adjourned till Tuesday, 24. (For Tuesday's pioceedings, see our number of Wednesday last,)

Thursday, August 26. Present, the Governor and five membeis, Mr. Brown moved for various returns, shewing the amount of fines recovered on conviction of offenders, by information of constables — to what purposes they were appropriated, the number of fines remitted, and ttie grounds upon which such remission was made. The Governor laid upon the table several of the returns required.

Paper Currency Bill. On the motion of the Colonial Treasurer, the Council resumed in committee on this bill, The committee were occupied for some time in considering the best mode of dealing with the branch of the Union Bank of Australia now existing at Wellington ; and during the discussion the principle of the bill was again bi ought undei preview bv Mr. Biown, who quoted a portion of an article from t e " London Daily News," w Inch concluded by stating, that much of the distress existing in England, was to be attributed to the interference of the Bank Restriction Act. The Governor said that, by his last official advices, it appeared that trade and commerce were in a wholesome state; and that he v\as sin prised that such a change in the state of things should have taken place between the date of the paper just quoted, which, he believed, svas 20th March, and the dates of his despatches, Mr. Blown said that, the wiiter of the article, a portion of which he had read, appeared to understand his subject, and probabl) had a better knowledge of the state of the country, than officials at the Colonial Office were in possession of. The Governor said that he might also observe that he had tead extracts of vaiious sermons that had been preached throughout England on the general fast day, and really it appeared from them, that the distress which had existed, was attributed to a very different cause than the Bank Restriction Act. On the motion of the Attorney General, the following clause was then introduced to secure the interests of the Bank at Wellington. "And whereas the Union Bank of Australia, has for sometime been carrying on the business of Banking, and issuing its own bank notes in the colony of New Zealand- Be it enacted, that it shall be .lawful for the Governor to appoint Commissioners, uho shall proceed to asceitain the average amount of the bank notes of the said bank, which were in circulation during the period of the two years preceding the first day of July, 1847, and the said Commissioners shall certify under their hands to the Manager of the said Bank, the average amount when so ascertained as aforesaid ; and it shall be lawful for the said Union Bank of Australia, to continue to issue its own bank notes to the extent of the amount so certified, until a day to be fixed by the Governor in Council, of which twelve calendar months notice shall be given in the Government Gazette." Clauses 40, 41,42, 43, and 44, were struck out — several others amended, and the committee adjourned.

Slaughler-hoitse Bill. On tlie motion of the Colonial Secretary, the committee resumed consideration of the bill. A seiies of clauses introduced by Mr Merriman, weie considered, which were slightly amended and agreed to— and further consideration of bill postponed. The Governor laid on the table the draft of a bill to secure the payment of certain debentures onl of the general revenue of the colony. The Council adjourned until two o'clock on Saturday.