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The Pamphlet Collection of Sir Robert Stout: Volume 69

Gold in the Bank of Amsterdam

Gold in the Bank of Amsterdam

when looked for was found to have been spirited away, and when the disturbing ideas attaching to the importance of gold and silver coinage are banished for good and all, we may expect to have a currency founded on a true basis, and one that, as knowledge extends, will be "understanded of the people." We might as well repudiate the use of either fire or water because of the destruction wrought by a conflagration, or the devastation caused by an extensive inundation, as condemn the use of paper money because its excessive issue has brought about financial disaster. Then what of the constant practice of these colonies in borrowing foreign capital? Mr. Bagehot averred that what will be the effect on incipient civilizations by the facility with which these loans are asked for and granted "no untutored mind can say." page 17 There are not wanting men of great political insight in these colonies who say that the refusal of loans from outside capitalists would be one of the best things that could happen to the public; but then, what would become of the money-brokers at home and abroad? Why the Australian colonies, unlike most other countries, should have no