THE NEW SOUTH WALES BANKING BILL.

Waikato Times, Volume XLI, Issue 3345, 5 December 1893, Page 7

THE NEW SOUTH WALES BANKING BILL.

,oThe Jtoking Bity says a Sydney writer, ;,,, ffakp haste, ? It > has; not . been ; revived by the Opposition with the docility which the Premier had become accustomed; to'expect. Even Mr Reid, : who generally can find some plausible pretext for supporting a Government measure, declares that he will oppose this .one, 1 unless its duration is limited to a V; brief period,, This, would be a; very good .reason ioropposing it altogether. The briefer the period during which such a measure ismade the law of the land, the better. Therefore the best thing of all would bejthat itshouldnoti become law at all. However, some who are pretty r a^? f *be, opinion that the Bill Quietly dropped, Scl this seems yetjebest thing that could happen; The Bill violates at least three important oanonsrlMs reason of the die--68 between citizens who;dwellin the ceuntrg andthosTwho ■we in the town. Thelatter wiirhave a' long start of theformer in getting- gold for their notes when the!next< banking ;• flurry; along. Itis / * jfe^ffflw! B fy wwtoj citizens " aforesaid to accept as cash certain stamped pieces of paper which mayor may orf be worth faface, .value., .Had, such a measure been passed a couple of years ago ,the npteapf Mr T.' S, [Richardson, of the "Sydney Deposit Bank." would,have■ been made legal tender; along with the 1 'rest.: Mr Richardson 1 is 1 now "doing 1 : very long ago his "shinplaeters" wer,e MlgM*P* :; out: by Goveiinenfc post ? ?W B "ITW oaDk B on precisely the Wfj^P^B ßS &°te oimote reputable inpraSjiM jrlnaliy'itJsabsurd, by ml gross capital of the banks, |gfougfrtomost .casesf the greater part of enjoyed outside thei colony. |»wbat[iiße is it to make the notes a first bank's unless pretaken that the issue bears some pwpwwon those within the Government has no jurisother assets; Takelwo dnejhas a capital of a million; all the colonyand therefore MWng a Lominttlly av million <pounds has also amil-; but )■• only one hundred thousand employed within the balance being employed in the ether coloniesand in Great Britain. Now,' by . thifi precious measure' one bank ; would be ! sß Stft B» Has many notes within the colony as the other, and the people would be equallycompeliedto accept these notes as J solid sovereigns; although : not one-tenth as well supported by solid assets! The State is not entitled to make any notes legal tender unless it also takes tbercspbn- , sibility/oflpaying thoset notesl if default should be made by the bank or banks. If the State commands us to takeanen* graved and more-or-less evil-smelling and dirty piece of paper for a sovereign or five '. ere W as,'the case ,may, be, it is (morally bound" to "see that' we sufferno loss by the transaction. And if it wishes to suffer.no loss itself it must see that the issue of notes within the colony is strictly limited to the amount of the bank's solid assets within the'cdlony, less a liberal margin for realisation. "'