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The Pamphlet Collection of Sir Robert Stout: Volume 82

The Good of the People

The Good of the People,

however much it may be contrary to an existing condition of things, is of practical importance, and ought to be carried into effect at once. I will now supplement the authorities adduced by referring to the opinions of two members of Parliament, given on the currency in the committee of the Imperial Parliament which sat in 1858, the accuracy of which opinions has been fully verified by subsequent events. Mr Spooner said:—"The only remedy for the evils in question (extreme and rapid fluctuations producing alternations of prosperity and adversity) will be found in having a domestic circulation not liable to be influenced by the state of foreign exchanges—the creation of a national paper money, suitable for the disbursements and receipts of the Government; the issue to be limited to the amount required for these puroses." Mr Cayley said:—" Our system, both of money and trade, is one of credit, and based on confidence. What therefore is wanted for the benefit of commerce is that confidence should remain unshaken. Confidence has never yet been shaken, except under a heavy drain of gold and then only because gold is the sole legal tender in the last resort; and what therefore is wanted for the support of confidence is a legal tender that never threatens to be unallowable; in other words, a legal tender always attainable in an amount equal to the due fulfilment of all the financial engagements of Our national exchequer. If then Government would only provide a sufficiency of legal tender money for duly facilitating their own receipts and disbursements, the parties engaged in agriculture, manufactures, and commerce would have no difficulty in finding an ample medium for the equitable fulfilment of all the other monetary engagements of this nature." A well-known writer, Mr James Platt ("Money," 1881) states his opinion in reference to the legislation of Sir page 18 Robert Peel thus:—" There can be no doubt his ultimate intention was to provide for the supply of notes for the whole kingdom from a single central Government office as soon as possible." I submit that a case for the establishment of a National Bank of Issue has now been substantiated. I propose, therefore, that the Government shall establish a State Bank of Issue to supply a paper currency sufficient for our wants in