PORT NICHOLSON.

New Zealander, Volume 3, Issue 140, 2 October 1847, Page 3

PORT NICHOLSON.

Subjoined are a few extracts, abridged from the Spectator of the 11th and 15th ult. We understand that a large fissure or crack has occurred in one of the walls of the powdermagazine, which is in the course of erection, at the back of the gaol, on Cook's Mount. An attempt is being made to establish a race* course on the grass-land between Lyall'i Bay and Burnham Water. The following is the Memorial against the Government Currency Bill, ndopted at Wellington, and to which we cursorily adverted on Wednesday last.

To George Grey, Esquire, Lieutenant Governor of New Zealand, Coinmandcr-m-Chief, and Vice-Admi-ral of the same. We, the Undersigned Merchants, Brokers, and Traders, residing in Wellington, in the Southern division of the said colony, beg leave respectfully to submit to your Excellency, our opinion upon the draft of the Currency Bill,

which we believe ha«, ere this, been bi ought before the Legislative Council at Auckland. Before proceeding further, however, we cannot avoid remarking to your Excellency upon the extraordinary Tact that -though H M. steamer Inflexible, (which brought the draft of. this Bill from Auckland), remained in this port eight clear days, not one ropy of the draft was deli* vered to any person here, so far as we can ascertain, until ten days afterwards, namely theJ2stli August, thus depriving us of the first and quickest opportunity of stating to your Excellency our opinions of a measure of the most serious importance lo all our interests. We do hope that this was the result of accident and not of design. The Currency of this and every other settlement in the Southern division of ti c colony, is at the, present time, on a sound, firm, and legitimate basis—a currency which fosters no overtrading, no reckless speculations, and which ia in the highest degree satisfactory to all classes of the colonists. The new Currency Bill, however, tending as it unquestionably does, again to render the cir • dilating medium unsafe, and dangerous to the best interests, of the colony, has caused us the greatest surprise and alaiin. We, therefore,. respectfully protest to your Excellency, against the pissing of this Bill into law — a bill more inapplicable and uncalled for than which, t>o far as the Southern settlements are concerned, could not, in our opinions, by any possibility be framed. We deem it necessary to state the reasons which have induced us to form this conclusion— and to enable us to do co more clearly, we will take singly every clause of importance in the Dill. Clause 10.— We object to that part of thji clause which makes Foreign Silver Coin a legal tender in the colony, at a value to be from time to time fi\ed by the Lords Commissioners of the Tieasnry. The effect of which would be to cause a large importation of these coins from the adjacent colonies (where they do not pass current,) into New Zealand, which would speedily get into circulation. But as the branches of the Union Bank of Australia, here and at Nelson, and we believe, the officer of (he Commissariat department, would not take these coins for the purchase of bills, neither would the former take them as deposits (except to be repaid in kind Jo the depositor), they would of course become less valuable, and thus cause great inconvenience and loss to the holders of them. Clause 15. — When we oall to mind the fate of Captain Fitzroy's debentutes— the serious losses which the colonists have sustained by their repudiation—that of these debenturss no less an amount than aienow a permanent funded debt upon the colony : above all, when we refer to this clause, and find that the new Currency Notes shall be a legal tender for all sums above two pounds — «'so long as the said Colonial Bank of Issue shall continue to pay such notes in cash, on demand" — when we consider these circumstances, particularly this mo»t striking and significant passage just quoted, we feel bound, to protect ourselves against the evil consequences that will inevitably ensue from the introduction into circulation of a paper curt ency of so exceedingly questionable a character. We have futther to observe, that, on mature consideration, we cannot but fotesee with great apptehension, that these New Currency Notes, if issued, will speedily share the same fate as the Debentures, of Captain Fitzroy, and will thus form a permanent increase to the present funded debt of the colony* Clause 20.— Enacts fhnt three-fourths of the amount of specie received by the Managers of the " Bank of Issue" in exchange for notes 6ball not be invested in New Zealand, but shall be invested at interest elsewhere— that is (judging from Earl Gre>'s despatch ) in the adjacent colonies. But as the Banks in those colonies do not allow any interest on deposits, it follows in consequence, that this clause is rendered nugatory, and impracticable. It is uot, however, out of. place to slate, in passing, that, in our opinions, the sending out of the colony a large.amount of specie, is both* impolitic and unjust to the, colouists: and we cannot avoid observing, is most unaccountably at variance with clauses 33, 34, and. 35, of the Savings' Bank Bill. Clause 22.— Assumes that a large .amount o£ interest will accrue to the Bank, sufficient not only to defray its expenses, but that i there will probably be a surplus. Our remarks, however, upon clsuse 20, shew that such an. assumption is quite erroneous. So far, therefore, from the expenses of the bank being defrayed out of its supposed profits, such expenses would become a charge upon the general revenue of the colony. Clause 39. — States— " If any Banker,«halldraw, ' accept, make, or issue, any Bill .or Note, for the pa)ment of money on demand, every such banker shall forfeit and pay the sum 0f.20J. And every such bill or note heretofore made, or issued, or which shall hereafter be made or, issued, shall be, and is hereby declai cd to be absolutely void and of no effect, anything to the contrary thereof notwithstanding." From the latter part of this clause it is perfectly, Clear to us, that all notes issued by the Union Bank of Australia, which may be in circulation when the bill comes into operation, might legally be refused payment by that institution. We therefore repeat to your Excellency, r in conclusion, that our present currency is on 'a sound and legitimate basis, perfectly satisfactory to all the Colonists— that, the New Currency Bill does most inevitably tend to place the Cunencv of the colony on a dangerous and unsafe footing, highly prejudicial to the interests of all parties concerned : and we solemnly protest against the passing of the said bill into law — and do most deeply deplore the unseemly haste in which it has been brought before the present Legislative Council, instead of wailing for the proclamation of the New, Constitution, under the more popular institution of which it would receive malurer consideration. If howevtr the bill should become law, we record it as our decided opinions, such are 1 heir objections to, it, that a majority of the colonists will use whal legitimate means may be' afforded ,t .em, to prevent its' being fully carried into ope ration. (Here follow Hie. Signature!.)