ORIGINAL CORRESPONDENCE.

Oamaru Mail, Volume IV, Issue 979, 9 June 1879, Page 2

ORIGINAL CORRESPONDENCE.

TO THE EDITOR. OF THE OAMARU MAIL. Sin, —The liberal land measures brought in by the Hon. Robert Stout do not require a very large amount of comment; it is sufficient for tho working classss to know that they can in a few years, by tho practice of economy, become their own masters. To the down-trodden agricultural laborer and the working artisan of Great Britain, Otago is a true land of liberty, The fertile hills and plains of the interior are free to both. The extended railway system will open the channels of trade from the centre to the sea, from east to west. The unbounded resources of this part of the colony in agriculture, mines, and timber are yet tp bp developed. Tho immigration system will introduce labor; private capital and enterprise will follow. But while this brilliant future ia spread out bofore us, financial protection ia urgently required to foster the development of our interior. The people look for the establishment of an institution which will stick to legitimate banking, and in which they can place full confidence. They look to the Government for tho initiation of a measure which will heiii against the land monopolist*ari(l his' agent a, an 4 the coudign efTects which follow: a long course of unlimited speculation in land. The support of the Government to the introduction of a branch of English bank would give the people what they require, .and free the Qovernment from the imputation of endeaToring ta establish the (said to be) speculative machinery of a Colonial Government bank, an imputation which would bo freely used against them by the Opposition, who are not desirous of a oli#ng°i many of them being, perhaps, intimately connected with existing institutions. This question is beginning to engage the attention of many thinking men throughout the Colony, and 1 have reason to believe that among its advocates are the clearest intellects and most far seeing mind* in the present Government. By those who have given this subjeot much consideration, a radical reform is looked for, which it is hoped will in future tend to prevent a reaction similar to the one we are now experiencing, and one which is particulary hard upon the farmer class, which is the real backbone of the Colony. If it is deemed possible that the upas taint which adhere* tu ovurything colonial in connection with banking can by any means 'tie overcome, it would bo undoubtedly most desirable to institute a Government bank, ag we are already experiencing the benefit of Government interference in such matters in the National Life Assurance and the Post Office Savings Bank. One immenseadvantage to be derived from such an institution as I have indl: cated would be the capital 'ft the rQcrrj of currency which the CJolotiy would possess" shape qf the notes which would be issued, and oould be made by special Act of Parliament a legal tender within the Colony; thus doing away Witt} the necessity ? always existing, qf ke(jßj!ls large amounts qf bullion available. It difficult to estimate the full benefit tna would result to the community at large a crisis such as the present, were so" 1 such scheme brought to a succesßi \ issue.—l am, &c., ' ' Libert?,