ORIGINAL CORRESPONDENCE. To the Editor of the New Zealand Spectator.

New Zealand Spectator and Cook's Strait Guardian, Volume III, Issue 223, 18 September 1847, Page 2

ORIGINAL CORRESPONDENCE. To the Editor of the New Zealand Spectator.

Sir, — In my last I submitted interrogatories which I conceived had a direct bearing upon the memorial condemnatory of the New Currency Bill. The first of these, I presume, is placed beyond all controversy. The others, — " are gold and silver marketable commodities?" — perhaps may require a few remarks in order to show its force and bearing upon the subject. First, then, if we are to admit the principle that gold and silver are marketable commodities, it follows they are subject to the law, viz., that of supply and demand. The memorial, to which reference has been made, gives expression to apprehensions that the colony will be inundated with foreign coin, alias dollars, and, also, that there would be a deficiency of British coin to meet the necessities of the place. We will see how this practically will hold good. We will suppose a Treasury Bill for sale, advertised in the usual way by the Commissary, and that that bill can only be purchased with British coin. By this means the bill becomes, open to competition, and the result would be that just in proportion to a redundancy or deficiency of that coin in the market, will it be either at a premium or a discount. If, then, this be correct what becomes of all the fears and doubts that we shall be inundated with dollars, &c, or that there be a deficiency of British coin to so serious an extent as expressed by the memorial if such are to be regulated by supply and demand ? Owing to the absence of production, the re suits of colonial industry, adequate to pay for goods imported, parties with whom I have conversed have expressed doubts as to the matter of exchange between us and England and the adjacent colonies. I myself hare faith in the continuance of the present Bank (which by the bye we could not have a better) in the' ex-' ercise of its functions as heretofore, but particularly in it« capacity of exchange. , lam, Sir, Your obedient servant, Z. Wellington, Sept. 16, 1847.