THE Otago Daily Times. "Inveniam viam aut faciam." DUNEDIN, WEDNESDAY, SEPT. 27.

Otago Daily Times, Issue 1166, 27 September 1865, Page 4

THE Otago Daily Times. "Inveniam viam aut faciam." DUNEDIN, WEDNESDAY, SEPT. 27.

So much has been said and written on the subject of "The Currency," so-many opinions have been, expressed and so little practical advantage has resulted to the mercantile interests from the discussion of tbe question, that those I who propose any change in the present ' system, are commonly regarded ns mere theorist?. The truth is that no matter how clumsy and unsatisfactory banking and monetary arrangements may be, such is the wonderful flexibility of the machinery of commerce that it is soon adapted to them, and so delicate a plant is credit, that the mere breathing of the word " change," ig at ti.nes sufficient to create a panic. The change might be ultimately for the better, but its operation must be known and apprcciateJ in practice before full confidence would be felt in it. Uut these olaervatious apply to principles only. In matters of detail continual improvements are beiDg made, as facilities for intercommunication multiply, aud the means of j economising capital increase. The necessity for secretly transmitting wealth from one part of the world to another, gave rise to bills of exchange. The superior security for the storing of capital and for obtaining ready access to it when wanted, gave rise to banks of deposit, and through them accumulations, that in private hands would have been merely hoarded and useles?, arc brought into con-

slant and profitable employ. The tendency in all civilised communities is to foster the utilisation of wealth ; but, not unfrequently, the Legislature £tep3 in and throws impediments in the way of that full assistance which the banking system is capable of affording to commerce and industry. It was to one of these restrictions that the attention of the Ciiamber of Commerce waa directed when it.was stated that through the Banks being compelled to retain in their coffers gold, equal in amount to their note circulation, their power to give assistance to the public was curtailed. The statement is so palpably true that it needed only to be made, to carry conviction with it; nor is it so purely a matter of banking arrangement, as to render the investigations of a Chamber of Commerce into its bearing*, valueless. The observation is trite enough, that he is a benefactor to his race who discovers the means of causirg two blades of grass to grow where one only was previously produced, and is equally true, not only of agriculture but of every other adaptation of meaas to increase the productiveness of labor.

It was therefore somewhat surprising that the Chamber of Commerce did not even entertain the question suggested to them. It requires no profound knowledge of banking to nnderstand it. The matter stands simply thus—the circulation of notes by the various Banks of the Colony amounted, in round numbers, at the clo^e of the last quarter, to £G57,000, and to meet thi3 amount the Banks held £729,000 in gold coin. The proposal to appoint a Committee to investigate the subject, was based on the argument, that, by proper arrangements, sufficient security can be given to the public for the note circulation, and at the same time the Banks may be enabled to use the amount of gold now lying a dead weight in their coffers ; and if co, an extra three-quarters of a million of money could be brought into profitable employment. It is very plain that under the present system the Banks are losers rather than gainers by the note circulation, while no additional security is given to the public by the regulation that every pound note passing from hand to hand represents a golden sovereign lying in the bank. The public give the Banks credit for the amount of their note circulation, i and in the event of their inability to meet their engagements, have no preferential claim over other creditors. Even, therefore, as a precautionary measure, the system of keeping gold equal in amount to the value of notes ceases to be operative whenever security is necessary; and any plan that would give full security to the public, and enable the Banks to give further accommodation, would be a great improvement on the present system.

Whether the arrangement suggested of securing the circulation upon Treasury Bills, bearing interest, would be an improvement or not, is a debateable point. At first sight it seems plausible ; but the difficulty is to devise such a plfli, consistently with the payment of the bank note in gold on demand. Anything short of that could not be satisfautory. It 13 hardly conceivable that such an arrangement could be made without relieving the Banks from, the necessity of providing the means of paying their notes in gold on demand, and thus throwing the whole of the responsibility upon the Government. Apart from the countless political objections to such a plan, the experience of centuries has demonstrated that the less Governments have to do with commercial operations the better. It is said that on one' occasion Louis Philippe asked some of the merchants of France what measures be could adopt to benefit the trade of the country, when he received the pithy reply, "Let us. alone;" and the wisdom of such acburse, if manifest in ordinary commercial transactions ia, ftx|l, c »Qpre plainiwhen the, effects of meddling with the currency by governments are taken into consideration.

At the period of the French Revolution the assignats became worthless. In the year 1800, .when the Bank of .England was relieved from the responsibility of paying its notes in gold, there was soon more {ban 30 per cent, difference between the commercial value of the pound note and the sovereign. In Eussia the paper rouble was less than one-third of the value of the silver rouble ; while during the last four i years the immense premium which gold I has borne in America, when measured in greenbacks, is notorious. It might be said, in reply, that the differences arose from circumstances which have no parallel in New Zealand; and at present that is true. But occasion might too soon present itself when a pressure upon the resources of the Colony might lead to excessive issues by the Government; and were the plan marked out adopted, the temptation to raise the wind by so easy an operation as the issue of Treasury bills, to replace gold, would be too great to be resisted. In making these remarks, we have no wish to stifle enquiry. That banking can be' safely carried on without the stringent regulation alluded to —of keeping gold equal to the note circulation—is proved by the experience of both England and Scotland, in both of which countries greater latitude is a'lowed; and it is therefore a very fit subject for a Chamber of Commerce to entertain. It is more than probable, that it would be found some relaxation could be advantageously made, which, by affording every reasonable security to the public, would augment the powtr of the Banks to grant increased accommodation where needed.

The Special Jury Cause— C'argill and Others v. Meyer, W6S resumed In the Suj prtme Court yesterday ; and the jury retired to their room about ti quarter after twelve o'clock. They came into Court at two o'clock, to say that there was no chance of their agreement ; at four o'clock, to ask to be allowed to send for refreshments ; and at half- pas t seven o'clock, when the Judge sent for Ihcm, after an absence of a couple of hours. They -were still not agreed, and Counsel could not agree upon terms for a discharge. So tho jury were told that they rnu3t ba once more locked up. Mr Justice Chapman I stating that if he was sent for when an agreement hud bsc-n arrived at, he would get down to tho Court within an hour. This led to a request that his Honor would favor tho jury by not leaving the Court for a quarter of an hour ; and his Honor said that ha would | wait an hour, if there was the least chance of a verdict. In half an hour, a settlement had been arrived at, the verdict being ior. the plaintiffs—damages, Ll5O, as the value of 778 lamb 3, the value, of which had been stated by the defendant himself to be from 10a to Us each. The following gentlemen formed the jury :—Messrs J. T. H. Boyd (foreman), George Murray, F. A. Orbell, J. 11. Barr, F. L. Mieville, P. Callendcr, D. Baxter, J. Scoular, G. Turnbull, Andrew Mercsr, P. Barker,and Juhn Griffon. During the afternoon, the foreman stated in C.jurt that the division was eight to four—the majority, we believe, being for the plaiutiffs. To-day, a somewhat similar case is to be tried, in which I Messrs Cargill and Co claim damages for a number of shetp said to have been delivered by Mr Dansey to the defendant, Mr E. Julius. The exhibition of Mr Perry's photographic views of Otagan scenery, which was to have been closed on Monday evening, is to be continued until Saturday ; but this is only being done at the request of a number of those who became subscribers to the works prior to Mr Perry's starting on his expedition through the Province. The exhibition, we may repeat, is iv a room over the f-hop of Mr Hyman, jeweller, Princes street; and an inspection of the 100 views will, we are certain, afford very great pleasure to all who pay Mr Perry a visit. The "Wellington Independent" says:— ""We have intelligence from Wanganui that the Separation movement there is drooping, and that some of its supporters feel inclined to abandon the cause. This ia a subject on which we feel completely indifferent, as if Wanganui wants Separation after all that has passed, it wotdd be better the wish should be gratified. Meantime the llangitikei and Turakina settlers have got up a petition, prnying that their districts be not included witbiu the boundaries of the New Province, and it is anticipated that four-fifths of the Betilers will sign." An advertisement announce that Air Walter Douglas, of London, will preach this evening, at the Baptist Church, Hanover street. We understand that Mr Douglas has, for some time past, been preaching with much popularity in the neighboring provinces. At the Kesident Magistrate's Court, yesterday, the adjourned charge against Key and Berwick of having unlawfully" disposed of certain property, with intent to defraud their creditors, fell to the ground, as the complainant did not appear.—Walter Dewdney was committed to the Supreme Court for trial on a charge of having forged and uttered a cheque for L 8 on the Bank of New Zealand, purporting to be signed by W. D. Sutherland, grocer, George street.—Thomas Rodgers wa3 also" commi'ted to the Supreme Courr, on a charge of stealing a piece of woollen plaid from the Bhop door of Henry Beckinsale, draper, George street. —Patrick FarreJ! was fined L 5 for having cut timber on tha Town Belt. A large number of minor charges were disposed of.

Mr EL R. Richmond has been elected Superintendent of Taranaki by a mojority of thirty-six votes over Mr Charles Brown. The " Taranaki Herald," of the 9th instant, gives tlie following particulars of the election: — *' The electors of this Province exercised their privileges for the fourth time, on Saturday and Monday last, by electing 11. R. Richmond, Esq., as their Superintendent for the next four years. Tbti nomination took place at noon, on Saturday, at the Court-house, Devon street, where hustings had been erected. . .Precisely at, twelve; the Returning Officer, E, S. Willcocks, Esq., read the writ from his Excellency the Governor; afier

which Mr J. 0. 'Sharland proposed, and'lit W: Davley, ccii., seconded, the late Superintendent, Charles Brown, Eg., for reelection. Mr 1, T.~ Upjohn then came forward arid propoiwd, and Mr "Weston seconded, H. J{.' Richmond, fcql, as a fit *nd proper person to be Superintendent of this Province. Both candidates an& their proposers and seconders addressed the electors—about 80 of whomhad assembled—at considerable length ; after which the Eeturning'Officer called for a show of hands, which was .in furor of Mr Brown, the numbers bting :—BrowD, 37 ; Richmond, 35."

" The Octoroon ''was very successfully repeated at the Princess Theatre lasb evening. The drama has been put upon the stnge in a stylo far surpas?ing anything before seen here ; snd the groat bulk of the acting is good. Miss Mathew's Zocis a pices of most excellent acting, full of delicacy of coloring atdicost truthful in bye-play. Indeed, it is an ample warranty, even tafcea alone, of our suggestion recently, that Miss Mathews is proving her capability of becoming, in the best sense of the word, an able and finished actress. Mr Ilalt deserves great credit for his Salem Seudder, for it is a most forcible portraiture, parfectly free from forcing cr a suspicion of exaggeration. After the fall.of the curtain last evening, there was an enthusiastic call, and Miss Mathews came before the curtain with Messrs Hall and Dale. This evening," The Irish Heiress" and "The Eton Boy," are to bo played, for the benefit of Miss Mathews. We feel that nothing need be urged now as to Miss Mathevvs's claims to support on such an occasion—her abilities and her hearty use of them in the endeavor to please, will secure a crowded house, if it can be secured in any way.

With reference to the West Coast routes, the "Lyttelcon Times" of the 23rd s:iys :—

" We hear that Mr Browning has been despatched by Mr Stle to explore the sources of the Kokotai, a river which runs into the Hokitika. It is thought probable that a pass may be found in this direction."

The "Southern Cross," of the 19th instant, says :—"The trial cf Mr C. O. B. Davis, for seditious libel, was concluded on Saturday evening last. Mr Wynn delivered a lengthened address for the defence, in which lie made aomo severe comments on the motives which had prompted the Government to enter upon the prosecution. Mr Hart spoke in reply, and adverted to the various points taken up by the counsel for the defence. His Honor summed up, read over the evidence of the principal 'witnesses, and stated the law bearing upon the case. The jury retired, and after an absence of twenty minutes, returned with a verdict of 'Not Guilty on both count?.' "

A general meeting of the Chamber of Commerce will be held in the Athenceurn, on Saturday next, at two o'clock in the afternoon, for the election of a chairman, deputychairman, and committee, and to receive a statement of accounts for the past year.

We give the following on the authority of the " Wellington Independent:"—" No doubt many of our readers have noticed a large handsome brown retriever, the property of Mr Ramsey, of this city. Tiie dog was generally to be seen bisking in the sun, oulsitle Mr Ijyon's bookshop, in Willis street, and was remarkable for his sagacity aud strength. His former master was Mr Owen, of Wanganui, and the anecdote we are about to ritlate occurred during a Lite visit of that gentleman to this city. Mr Owren never aaw the dog during his stay in town, but as he was leaving in the s.s. Wanganui, on Saturday afternoon, the affectionate animal caught a glimpse of him ; on doing so he capered and danced, and performed all the grotesque evolutions with which his kind express pleasure, but his former master had stepped on board the steamer, and was unconscious of the presence of his old favorite. The dog, whose name is ' Frank,' finding himself disregarded, made a leap as the steamer was casting off from the wharf, and missing his mark, plunged into the water. The wharf was crowded, and many efforts were made to induce the noble animal to swim for the steps, but he boldly struck out in the wake of the moving vessel, and in spite of threatening gestures from those on board, and the imminent danger of being struck by the fan, he ,held on his way, and followed the vessel for more than two miles, though it was blowing iresh from the S.E. at the time, with a nasty sea. His progress was anxiously watched from the wharf, until, fearing -for his safety, a boat put off, and after some considerable difficulty rescued the faithful creature, who is none the worse for his prolonged swim."

A correspondent from Mount Bc-nger writes:—At present we are in this district without a Warden, or other officer in the Warden's Court. We have received a flying visit from Mr Stratford, he remained one day, and lias departed with a promise to iiave another look at ns in a fortnights time. In the meantime we are happy in the posaession of commodious quarters for a Warden and Gold Receiver, but we have no offichl. On the other hand we are provided with a sergeant of police, and a constable, but no lock-up.

The " Dunstan Times" says :—" The auction bazaar, for the benefit of the Hospital, held at the Junction Hotel, Cromwell, on Saturday evening last, was, as we anticipated, a great success. Both contributors and purchasers came out with exceeding liberality, and the consequence was, that from the proceeds of this bazaar, the handsome sum of L 67 was added to the fund 3 of the Hospital. The sale was conducted by Mr D. Jones, whose valuable services at this and previous bazaars, deserve the greatest praise. This gentleman was assisted by Mr Cope, the Secretary to the Hospital Committee. During the sala an exceedingly great amount of good humored 'chaff' was- indulged in. Many of the articles ofiered, that in themselves, were almost valueless, were bought and given back so often, that by this means their total proceeds amounted to a considerable sum. The success which has attended these bazaars, both at Cromwell and elsewhere, is somewhat astonishing, and affords a striking proof of the liberality -of the people of the townships in which they have been held. The people of Cromwell were not behind oar other .townships when called upon to assist in supporting the Hospital. Indeed, the liberality at all the places we hare referred to

can only be preperly estimated/ ,when the large amount Realised is compared with tha smallness of the nOmDer of peop'e by •whom these heavy contribuvions iiaTe been Eo cheerfully bestowed."

We are informed that' tho Philharmonic Society will rehearse the oratorio of the " Creation," at St George" S; Hall, Stuart street, this evening. As the Society intend giving a concert in about & fortniglif, it i* desirable that all members who purpose takiDjf part in it should attend.

A man named John Harrison, ha 3 had an. exceedingly narrow escape from bt'ing starvedL to death while crossing the ranges', between the Teviot Junction ami the Panai'iake. It appears that he Kfc the Teviot on Tuesday, about nohn, and was overtaken on the Tango by a packer; they were both compelled to take shelter nuder some iocks for the night, early on Wednesday morning they separated, each going to different parts of the Pomahaka Gully. The man Harrison, not arriving aC his tent on Thursday night, his mate and the pucker started on Friday morning in search of him, and after a few hours tearch on the Range they came across his track in the snow, and shortly afterwards fouud the man lyin^ on the ground quite helpless, having lost the use of his liaibs. A stretcher was procured, and in the evening he was brought into the Teviot. It is intended to carry him to the Dunstan Hospital, as there is no medical prp.ctitioner in this district. Had there been, a fall of snow during the last three days, the man would have been lost beyond a doubt.

The Hokttika correspondent of the " Lyttelton Times/ writing under date the I'Jth. instant, Bays:—" Nothing of interest has tianspired during the week, and but little news has come in from the diggings. The Egmont, Alhanibra, nnd Barvvuu steamers bring in a large number of new faces, and the town has consequently presented rather a. busy appearance. The Dancing Wave, which I advised you in my last was ashore,, will most likely be in the water ngain to-night-quite uninjured. The Leoniilas is in course of being launched again, and will also be but slightly damaged. News has come in tliat three vessals—the Spray, the Swan, and another, are ashore at the Grey, and if so, as the sea is uncommonly rough, they will probably become total wrecks. The races were a great success, and gave universal satisfaction. The weather was heavenly, and every one seemed to enjoy himself. The course, which w.is along the beach, might perhapa have been better, but still it was the best that could bo had, and it is hoped that the next meeting will be run on turf. The Egraont, having left for Nelson without dischargirgr her cargo, has caused considerable inconvenience to consignees, and if no dependence can be placed i-i these larg-> steamers waiting off the port a sufficient time to enable then* to lighter goods they have engaged te deliver, persons will do well to ship only by vessels that can enter the river."