To the Editor of the New Zealand Spectator and Cook's Straits Guardian.

New Zealand Spectator and Cook's Strait Guardian, Volume I, Issue 8, 30 November 1844, Page 3

To the Editor of the New Zealand Spectator and Cook's Straits Guardian.

Sir, —lt is an old proverb " that you may lead a horse to the water but you cannot compel him to drink." His Excellency has made his debentures a legal tender, but he cannot compel persons to take them, and amongst other evils we have now to complain of a depreciated currency. A twenty shilling de^ benture is at a discount of 5 per cent, or m' other words, is only worth nineteen shillings and it is probable that it may suffer a further depreciation, Two reasons have been assigned for this. It would appear' that before the debentures were issued the Union Bank of Australia, offered to supply the Local Government with; the money re-, quired at the stipulated rate of interest, and" to issue their paper instead of the debentures to prevent the risk of forgery, but this offer was not accepted, and the Bank refuses to receive them except at a discount for bills on England or the other colonies. The loss of five per cent oocurring continually' on all business transactions becomes a very heavy tax on those engaged in trade. Th« other reason is so discreditable to the Local Government, that though stated on very good authority, I would willingly hope, it is not, true: whenever these debentures become so worn and defaced in the course of circulation as to render it necessaiy to return them to the Treasury at Auckland, the new ones issued in their place are dated from the date of reissue, so as to cancel the interest wring oa -. the old debentures. This, practice appear* very-much like a fraud, and breach of lakh with the public. I am, Sir, Your obedient servant, Sigma, Welliogton, Novemfcw $7,18*4;