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The Pamphlet Collection of Sir Robert Stout: Volume 73

Conclusions

Conclusions.

The conclusions I arrive at therefore are:—
1.That the State in this count should be authorised to issue, and should have the entire control and regulation of a domestic currency declared to be a legal tender for payment of debts and taxes in New Zealand.
2.That that currency should b[unclear: e] paper one of 10s notes and upwards based and issued to colonists upon specific security of real property, and other property of a tangible and identifiable kind, to an amoun[unclear: t] exceeding one-half value.
3.That one State Bank shoul[unclear: d] formed to carry out those objects which shall be non-political; its officers directly accountable to Parliament, and its business subjec[unclear: t] strict audit by the audit office; that the Bank shall lend those currency notes on overdraft operative accounts to be drawn out and paid in as required, interest at say 5 per cent per annum being charged on the daily Cr. balance, but no interest t[unclear: o] allowed on any Cr. balance.
4.That the Bank should also carry on such other business usually done by private Banks, as ma[unclear: y] found useful to the communit[unclear: y], necessary.
page 15

You will observe that in treating this subject I put out of sight every consideration except the interest and benefit of the Colony as a whole. And no monetary system will ever be a right one, or a safe one, if regarded from any narrower point of view. Our banking business ought not to be conducted by private institutions for profit, but by a public institution to aid and advance the interests of our country and its people.