SIR GEORGE CAMPBELL, M.P., ON BANK NOTES.

New Zealand Herald, Volume XXIII, Issue 7788, 6 November 1886, Page 2 (Supplement)

SIR GEORGE CAMPBELL, M.P., ON BANK NOTES.

In the coarse of a discussion on one-pound notes at the British Association, Sir George Campbell said he thought the English system in regard to notes was preferable to the Scotch. The nice, clean, crisp five-pound notes issued by the Bank of England were in every way preferable to the dirty—he might almost say measly and infectious one-pound notes of Scotland. He should object to the latter if only on sanitary grounds, fie admitted, as Professor Nicholson had said, that the banks had no great object in wishing to push these notes; but at the same time he pointed out that the monopoly that they enabled certain banks to enjoy naturally caused the banks to look on them with great favour. Only certain banks had the privilege of issuing one-pound notes, and the circle of monopoly was gradually narrowing as old banks disappeared and their places were not filled. Another objection to the system was that the bank rate was not fixed in open market, but by these banks.. On general grounds, no doubt, there might be much said in favour of one-pound notes. He did not wish to trench on the silver question, but if we had a bi-metallio currency people might prefer nice, new, crisp one-pound notes to silver. They would have, however, be issued by the Bank of England in the same w:-y as five-pound notes. They must not be issued more than once,