RESERVE BANK NOTES
It would scorn, that tho banking experts responsible for the " promise to pay" printed on the now notes have not sufficiently considered its implicaI tions .. (writes "An Auckland Barrister"). It would bo more correct if the notes merely claimed that they arc issued under State authority, or -.that they are full legal tender in New Zealand, or that they authorise people in New Zealand to "pay" one another in goods or services. No other paymont is of any : value, and no bank in tho world can do any more than authorise the people to,pay one another. . . . Fin-' ally, may I correct a mistake telegraphed to Auckland that tho Beserve Bank has tho "sole" right of note issue. ■While no othor bank may: now issue ndteSj there is nothing in the; Act to prevent State issues which would certainly be in unison with its control of the smaller units of money in metal tokpns.
Other letters to the Editor appear on pago 4 and elsewhere. . ■ » ..
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Bibliographic details
Evening Post, Volume CXVIII, Issue 33, 8 August 1934, Page 8
Word Count
167RESERVE BANK NOTES Evening Post, Volume CXVIII, Issue 33, 8 August 1934, Page 8
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