Thursday, October 14. PAPER CURRENCY BILL.

New Zealander, Volume 3, Issue 146, 23 October 1847, Page 2

Thursday, October 14. PAPER CURRENCY BILL.

On the moliou of the Colonial Treasurer, the Council resumed in Committee on this Bill. On the fifth clause being read, which provides for security being given by the Manager, Mr. Merriraan proposed that the blank should be filled up with* the sum of i? 5000. The Colonial Treasurer thought that the motion was something like a scheme to render the Bill inoperative,. He thought that no greater security should be required than such as coald be readily procured, , else it would be difficult to find a Manager. The Attorney-General thought that the blank

might be very well struck out, and the security left for arrangement by the Government. The Govei nor rose and said that perhaps it would be proper for him to make some remarks before the Committee proceeded farther in consideration of the Bill. He had heard that it was alleged that be had engaged not to carry this measure with his casting vote. Now he could inform the Council lhat he was not aware that he had ever bound himself not to,use such power as he had, to carry any measure that he considered to have a beneficial tendency. JSuch a pledge would be very inconvenient, and it was one that he had never thought of giving. If he deemed it desirable to carry this measure, he would much rather stand prominently forwaid and do it upon the responsibility of his own vote, than induce others to pass it against their convictions. This was not an ordinary case in the legislation of the Colony, the Bill had not been brought into Council as one emanating from himself, but it had been framed and brought forward in compliance with the instructions of her Majesty's Ministers. It had been recommended to the Colony after mature and deliberate consideration of its principles, by men who had devoted much attention to the subject— men v» hose judgement he would consider it presumption in himself to call in question. He was bound to abide by the instructions he received, not only from her Majesty's Secretary of State for the Colonies, but also from any Secretary of State of the other departments, as equally as he was by her Majesty's instructions, convened under the sign-manual. In compliance thereibie, with such instructions, he had introduced the Bill to the Council. Now, he would remind honourable members, that her Majesty formed a component part of that Council, and they were bound to advise with her on whatever measures she might please to bring under their notice, and as he stood there as the recognized representative of the Crown, they had the same duty to perform as if her Majesty was present. The Merabejs of that Council were not the representatives of the people, they were called together by her Majesty to assist her by their advice and had bound themselves to do so, but they did* not stand in thelsame position as repiesenlatives of the people. They were placed in the position of Councillors by the Crown, in order that their local know ledge of the country might enable them to assist in framing laws adapted to its peculiar wants, but he believed that her Majesty could call into operation ordinances at her pleasute, without calling this Council around her. On that head, however, perhaps his learned friend, the Attorney-General, was more competent to give an opinion than himself. That her Majesty intended to introduce this measure inio New Zealand, was quite clear to him from the time that he had perused the new charter, and the instructions accompanying it. (Here the Governor read a clause which had reference to the circulating medium of the colony.) He was prepared, therefore, for the despatch which he afterwards received, which instructed him to take the earliest opportunity of bringing the measure before the Legislature. Believing it to be a great scheme, and one that might lose its efficacy by delay, he had hastened 10 lay it before them, rather than wait for the meeting of the General Assembly, which could not be brought together for a considerable time, without much inconvenience. But, in addition to these reasons for giving his i support to the measure, he turned to his own opinion, and would state that he was in favor of it— indeed, while engaged in hlsdutiei, in another Colony, the subject had occupied his attention, and long before the Secretary for the Colonies had communicated with him, he had arrived at the conclusion lhat the principle of the scheme was a wise one. But even if his own opinion of it haddiffeied from the views of her Majesty's advisers, he would apt have been vain enough to have set it up in opposition to theirs. He Confessed, that as the Queen's servant, he could.not do otherwise than obey the instructions he had received, but he felt more especially as his own views were favoreble to the measure, that he was bound to give every facility in his power to the passing of it. The opposition given, to the measure was not such at had arisen from a careful examination of the whole question, He felt himself placed in a similar position to that of a mathematician, who, after working out a problem, and given the greatest attention to it throughout, was met by individuals, who, having merely looked at one or two of the first principles, weie ready to say that his results "were wrong and inaccurate. He (the Governor), after having given the subject much thought and consideration, was fully convinced that it was wise in, its details, and calculated to advance the best interests of the country into which it would be in^ troduced. He was so warm an advocate of the scheme, that be intended at one time to introduce it in another Colony, and he confessed that he bad envied those who bad the power to call it into operation. Mr, Brown did not think that it would be wise to leave the power of arranging the amountof security, in the hands of the Government. He looked upon the Bill throughout, as one that was calculated to damage the commerce of the place,, but he thought that the interests of the commercial community would be still more endangered by the adoption of such a proposal., What risk would her Majesty's Ministers, or the officers of Government here, run in the event of <uiy derangement in the affairs of this Bank?' Their salaries would goon as before, they would sufferno loss, while the men of commerce in the place,, and the whole' community, through them, might be ruined. The Governor rose to again defend the characters of individuals from the unworthy iminua-, tions that Were continually thrown out against them. He felt that if the views that had just been expressed were allowed to pass unnoticed, her Majesty's ministers, and all others receiving Government salaries, might perhaps be considered a very selfish andjrfe'rcenary set. But he believed there were but few who could entertain such an opinion of gentlemen who were engaged in the public service. Could it.be tupposed that because this class of men were in receipt of salaries, that they could stand by, coolly and unconcernedly, while their neighbours were plunged in difficult}!} and distress, and feel,nosympathy for them. If such an opinion was all that had leeu earned by men who bad spent

years of their life in doing llieir best endeavours for the public welfare — it was a poor reward indeed. Mr. Brown said that his observations were made by way of argument, and that as his Evcellencv bad argued every point to a nicety in favor of the bill, he (Mr. B.) did not see why he should not be allowed to adduce every argument that he could muster against it. The Colonial Treasurer t.aid that if any depreciation ol'ithe paper cuirency should ever take place, which was very unlikely Government oflicers would bhare in the loss — their salaries would of course be paid in this paper money. He concluded by ptoposing that the blank should be tilled up with the sum of jCIOOO, with such larger turn as the Governor might at any time think necessary to require. The 15th clause (which makes the notes legal tenders) on the proposal of the Governor, was amended, after a good deal of discussion, by striking out the words — " ao long as the said Colonial Bunk of Issue shall continue to pay such notes on demand," The Governor was desirous that the ordinance after,bein<r passed should stand over until it'should have received the Royal con/irmaiioti. As it was onejof such great[importance, it would be better not to act upon it until after it had been submitted, a» all ordinances were f to men at home, who were qualified to detect discrepances, and correct Inaccuracies. At the same tune, persons who had any objections to make against the ordinance, would have an opportunity of stating their objection! by memorial to her Majesty, and be would take cat c that if any such documents were required to be sent, they should be furwarded at the same time with the ordinance 1 he committee then adjourned, and the re port was brought up and adopted. The Attorney General gave notice that he would move the third reading of Thomas Walker Nene's Annuity Bill on Saturday. The Colonial Treasurer gave notice that he would move the third reading of the Paper Currency Bill on Saturday. Mr. Brown said that be would rather that the third reading would be postponed for a day or tws, in order to give him time to read the Bill through, and prepare a protest against it. The Governor said that he would take care to forward the hon. member's protest along with the ordinance, but that it would be inconvenient to coutinue the session after to-morrow. He bad a multiplicity of business just at this time thrown upon him, which required his immediate attention. The only disadvantage the hon. member would be put to wai that his protest could not be entered on the minutes of Council—but that would not affect it much. He should be unable for several reasons to lay the estimates before the Council. The new Constitution was likely to be soon proclaimed — and be thought it better that the Executive Government at the South should prepare its own estimates. Any estimates that might be passed by this Council for the whole colony, might not be perhaps satisfactory. He would therefore leave the Southern estimates for their own adjustment, at the same time, giving them all the assistance that he could in the preparation of them. The present year's estimates would carry them on for a considerable time longer, and if required, supplementary estimates could be passed afterwards. Mr. Brown would have preferred the proper coarse of proceeding, but from what hit Excellency bad said, he would not press any opposition to the notice of motion. A long desultory conversation then followed, arising out of Mr. Brown's recommending the re-establishment of a system of direct taxation, and free trade. The Governor was opposed to the introduction of direct taxation, from its inapplicability to this country on account of the natives, but promised to do all he could to remove any restriction to commerce. The Council then adjourned until Saturday, tbe 16th inst.