NEW ZEALAND SPECTATOR, AND COOK'S STRAITS GUARDIAN. Saturday, April 12, 1845.

New Zealand Spectator and Cook's Strait Guardian, Volume I, Issue 27, 12 April 1845, Page 2

NEW ZEALAND SPECTATOR, AND COOK'S STRAITS GUARDIAN. Saturday, April 12, 1845.

We publish from the Sonttern Cnoss, an,iraportent Despatch of Lord Stanley's on the subject of the Debentures. Our readers may remember that when Captain Fitzroy introduced into the ' Legislative Council the Bill authorizing the issue of Debentures and making them a legal tender, with the view of raising funds for the ■* expences of his GoverniSwnt, he stated that "he had sufficient authority from the Queen" to issue them withoutthe sanction of the Council ;" and yet Lord Stanley; -at the very commentement - of this Despatch, reminds Capain Fitzroy that * he*tias violated Iris instructions in ifsuing~them, and that under ordinary he, {Lord ■ Stanley) should Lave expressed a decided disapprobation of the course Captain Fitzroy has pursued. Leaving his Excellency to reconcile these different statements, we proceed to con--sider.the Despatch itself, in which Lord Stanley f distinctly declares,^that any assistance afforded ' by Parliament will be only for the purpose of • enabling the Colonial -Government to meet the current expenditure, and not to payoff the debt thaf-feas been incurred, which will be charged no the Colonial revenue — that before the Colonial Government can establish a claim to assistance, it must be shewn that every practicable measure has been adopted to raise the requisite £ funds, eithefr by local assessment or general taxation, and that this course is adopted from •the conviction, that from, the -more thaii'ordinary resources possessed by the colony in the extent - and fertility -of its soil/and its numerous population, with proper mawgement. the whole of the - vil expenditure may be provided-for at an early ■ period from its local revenue, without any undue 'pressure upon local interests. In these three "words, with proper management, lies the whole question. The current expences.ef the Colonial - Government may be divided into three distinct heads, the salaries of the officers appointed by the Home Government, the Protectorate department, and the other salaries and expences 'not connected with the two former, for which three distinct sources of payment are provided, a Parliamentary grant, the proceeds of the Land Sales, and f the Local revenue. It will be suffi- > "Mjient for, our present argument to consider the two latter heads. Mf. We are perfectly ready to admit tire more than \ ordinary resources of the colony — but in what '-do they profit the settlers, unless they are -, allowed to make these resources available ? The revenue to be derived from the sales of land by ' the Government has been annihilated by Captain Fitaroy's -Penny an acre Proclamation, so that pi the exnenee,of the .Protectorate department, confessed by all but Captain Fitzroy to- be not only useless bat mischievous,- must be defrayed the Local revenue. At the North, by profuse -grants of land, and by encouraging land-jobbing .-to an unlimited extent he »has reduced the .price of land to a - mere nominal value. Within • a few miles of Auckland, the seat of Government, the 4»«8t land may *be obtained ;at one shilling per acre- His Excellency , jseems to have vfergotteiv t-hat without capital, j without labour, without roads, markets and a stream of immigration to spread over, ..and possess it in beneficial occupation, the land, >d£ 'itself, is of no value. The - Colonial Gowith proper management j should have > ©fibred every encouragement to the introduction s of these requisites of colonization, but Captain Fitzroy's pernicious policy has produced open war between the two races; the settlement at I the Bay of Islands is destroyed, Auckland is

n<ra the only ; sf N^i, tfggf Ire^t fyeßWaVpe&r to hayesodMpr^ai^d'the jwi^rf Gofcrnmtent, so many of it's respectable 'Settlers are leaving, or preparing to leave, that the Governor will shortly be left alone in hi* j glory. But if his Excellency has permitted land to be acquired on such easy terms at the ${Qrth, it might be thoughUhat&ome facilities- at least," for obtaining it would be allowed the settlements j ia Cook's Straits. Here, without desiring to institute invidious comparisons, it may be safely affirmed/ that capital, .labour, intelligence, -.all the elements"- of successful colom'zatiqii were; provided in a degree superior to any other part of the colony. Has proper management been •^displayedJiy the Colonial Government in bringing these elements to bear successfully on the more than ordinary<resources possessed by the colony ? We are compelled to answer — we are, as yet without a Crown Grant to an acfe of land, our trade'is destroyed, the best districts are inpos--session of the Natives," who; .after having been repeatedly paid more than their value, persist in them in defiance of the Government and of their own solemn engagements. The Settlers are driven' from the colony, instead of being encouraged to remain in it, and those who do remain are obliged steadily to bend their energies, not to the peaceful occupation of the soil, but to an earnest preparation foj; resisting the violence and aggression of the Natives. These things, under, proper management, ought trot so to be. Tho'Settlers are passive instruments in' the hands of the Colonial Government, without power to control its extravagance, or correct its imbecility, but -they suifer deeply from the consequences of its folly, and therefore a priina. facie claim on the Home Government for assistance is established on their part, because the means to be derived 'from local assessment or general taxation are wholly inadequate t6 support the expenditure of the Government without undue pressure upon local interests, solely for want of proper management on the part of the-Governor appointed by Lord ' Stanley. In the mean time his Lordship deems ir essentially necessaiy to provide for die- immediate withdrawal from circulation of the present Debentures, by substituting in their place Colonial Debentures of * 501, bearing, if necessary, a higher ra,te of interest and .payable out of the Colonial Funds. The period of their' redemption under" Captain Fitzroy's Government may be safely referred to the v Greek Calends, but the effect <3f the change will be beneficial to this settlement by withdrawing the present depreoiated disreputable • Government paper, and restoring to the settlers the advantage of their former currency. How it will effect tbe seat of Government, it is not difficult to foresee Without a bank, without the means of effecting their exchange or <sf regulating their circulation, on the withdrawal of the present Debentures *they will be left without any currency, for the specie to be introduced by the Commissariat will be quickly drained from Auckland in of the necessaries of life imported from the neighbouring colonies. But these difficulties we leave Captain Fitzroy to grapple with, it is sufficient for us to have indicated their existence. The Auckland Times mentions a report that "future issues of Debentures, under circumc stances to be explained, are to be made payable jn England, thus giving them .a \alue equivalent to Treasury bills ;" — but we do not find the slightest allusion to such a plan in the Despatch, which expressly 'declares they are to be made payable out of the Colonial Funds. We are disposed to think from the perusal of this Despaqth, that his Excellency appears to entertain too confident an expectation ■ of increased pecuniary assistance from the British Government, for the relief of the embarrassments occasioned by bis vacillation and imbecility ; any further advances beyond the usual Parliamentary grant will be forced from them only by the emergency of recent events. The general toae of the Despatch appears to convey the impression of a withdrawal of confidence on the part of the Colonial Minister ; he scarcely excuses Captain Fitzroy's conduct, and only feels disposed, from ' a consideration of his peculiar situation, "to make allowances for a course of- proceeding which under less urgent circumstances would have been highly indefensible." When Lord Stanley learns that hisExcellehcy has destroyed

the- Land the 'Customs, and Vesoi4eti*lo t^||mo^rciumsy &i^u|bj^F*3F pedients to make^fld^the defici^^^k* the* revenue, when he is informed "of tire hfstf&ry; c-jf.' the Flag-staft' and its tragic catastrophe, and that Captain Fitzroy is engaged in open warfare with the Natives, we can imagine his censures on -such indefensible conduct will be most severe and unsparing, and that he will lose no time in forwarding his Excellency's recal, and in appointing a successor with sufficient abilityvto cowect*tbe miserable -blunder? that, *h'ave4fl»h committe«f, and .to'ejetric^te the cjbl6]ay ? from its present difficulties.

The Velocity arrived from Auckland on Monday, having on board 50 troops of the 58th Regt. This reinforcement increases the number of the military Stationed at Wellington to 106 men. The large brick building recently erected by Mr. Cou,per> on Thorndon Quay, beyond the Pah- Jakiwai has been converted into barracks for their use, for which purpose it appears to be very well adapted. We have not heard if it is the intention of his Excellency to send any troops to Nelson. »

On Monday evening the Volunteers of the Tearo district assembled a little before the usual hour, and marched to Thomson to join the Volunteers of 'that district. They were -preceded by the -Wellington band, and 'took up their position in very good order, after which the whole body was inspected by his Httnor the Superintendent, as Commandant of the Volun- , teers, and the officers of the corps. The number assembled was about 250. The following order was then issued by his Honor :—: — Wellington,- 7th April, 1845. Memorandum. ■The 'Alarm will be a Gunfirdd 4n the enclosure adjoining 'Major Richmond's residence — and at the Barracks, Te-aro. Fifty men of each division, who are- reported efficient, will be supplied with arms forthwith. Onthe alarm being given, the Thorndon division will for the present assemble at Major Richmond's. The Te-aro division at the Barracks. Te-aro to receive orders, M. RICHMOND. We believe it is intended to muster the Volunteers of both xiistricts every Monday evening, al--nately at Thorndon and Te-aro, to accustom them to act in concert. The attendance on parade is ■very regular, -end besides the assistance of the Volunteer officers, Captain Eyton'has kindly permitted the non-commissioned officers of his company to drill the Settlers, whose progress under their tuition is considered by competent judges to be very satisfactory. The Stockade erecting in the Hutt district is proceeding with great rapidity under the able superintendence of Mr. Compton, who has visited the United States, and has planned it on the model of those built in that country for guarding against the incurtions of the Indians. It is built on the further side of the river near the Bridge, and is composed of thick slabs of wood, so as to be bullet proof, with towers at the angles commanding the Bridge, and the fiver in both directions. o