THE BANKING LEGISLATION.
Pertinent Comment. [Special to the " Star."! WELLINGTON, Sept 2. Commenting on the Banking scare at Auckland yesterday, the New Zealand Times says that Australian experience has proved to the world that the best cure for these unreasonable panics iB to make the national credit available for emergencies. It goeß on to commend the Government for bo promptly passing measures to meet the case, and adds, " The time has come for asking, Why should the national credit be used for supporting a system which breaks down periodically by reason of its own unsoundnesß? If national credit is to be used, let it be used for the benefit of the , people at large, not for the benefit of the section, more or less large, of individuals who have placed their reliance on Boards of Directors, who understand not the things they undertake with learned gravity to expound. The application of national credit in emergencies suggests it 3 permanent employment. The logical outcome of the Legal Tender Act is the establisment of State Banking, on the basis, not of metallic, but of equitable values."
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Star (Christchurch), Issue 4739, 2 September 1893, Page 5
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184THE BANKING LEGISLATION. Star (Christchurch), Issue 4739, 2 September 1893, Page 5
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