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The Pamphlet Collection of Sir Robert Stout: Volume 65

Our Domestic Circulation

Our Domestic Circulation,

leaving to the banks their legitimate business of regulating the foreign exchanges. I had prepared a Bill for that purpose, to be introduced last session of Parliament, but, as you know, Parliament was prematurely dissolved, and I did not effect my purpose. I did not expect that this measure would have been at once carried, but I hoped the subject would be fully ventilated, public attention drawn to it, and that the Government would have been compelled by the force of public opinion to take it into serious consideration. I will not now trouble you with the details of that proposed measure, because if these are imperfect or unworkable they are capable of being readily amended. It will be sufficient if I state the leading principles of the Bill under which all the details would have been duly regulated. First, the Governor in Council would be authorised to establish a bank for the purpose of conducting the financial business of the colony, and of supplying a paper currency, with power to appoint all necessary officers, and make all rules and regulations required for the proper management and working thereof—the bank to be a corporate body under the name of "The N.Z. State Bank of Issue;" the Agent General to be the agent for the bank in London, and the Bank of England banker there. 2. Circulating notes of not less value that one pound sterling to be issued in exchange for specie, bullion, approved drafts on London, Government debentures or stock or other usual securities affording undoubted margin and in payment of salaries, wages, and other page 19 debts due and payable by the Government in the colony in terms of any Appropriation Act. 3. The notes to be