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CHARLOTTETOWN, P,. E.
ISLAND, WEDNESDAY, JUNE 5, 1867,
TBE BERALD
18 PRINTED AND PUBLISHED KVERY WEDNESDAY MORNING
BY
EDWARD REILLY,
EDITOR AND PROPRIETOR,
at his Office, Queen Street.
TERMS FOR THE “HERALD.”
For 1 year, paid in advance, £0 9 0
st ** half-yearlyinadvance,0 10 0
Advertisements inserted at the usual rates.
JOB PRINTING,
Wepnespay, May 8th.
On motion of the Hon. Mr. MeDonald, a Bill to
incorporate the Masonie Hall Company at Alberton,
was again referred to a Committee of the whole
House, reported agreed to without any amendment,
read a third time and passed, ‘
Hon Mr. Haythorne presented a petition of J. D.
Haszard, Theo. DesBrisay, P. W. Hyndman, and
other inhabitants of this Island, praying that an Act
might be passed to incorporate a Company to en-
courage the growth and manufacture of flax.
Ilon, Mr. Bexr: T presume there will be no dif-
fieulty in getting an Act passed for that purpose. I
am pleased to see such a movement made, for it’ is
reported the bill agroed to with.certain amendments,
Hon. Mr. Bauer wbserved that the despatches
were printed and lying upon the table, and he
thought it would be well to name some, day fer the
House to go into Committee upon them. He would
therefore move thatthey be made the order of the
day for Friday next. t ane
‘Hon. Mr. McDonatp did not think it was neces-
sary for the House to go into Committee upon them,
unless it was the infeution of some of their honors
to submit some resolutions and he was not aware
that such was the case. They referred to matters)
which had already taken place, and upon which ac-
The House was then resumed, and the chairman lent. In the year 1847 th
¢ same difficulty was felt--the
‘same embarrassment in business—and the subject was
|>rought before the Legislature. Application was made
to issue a large amoant of Treasury notes, but objection
wae taken to it by a few capitalists, and they petitioned
the Imperial Government not to allow the notes to be
issued, unless on some very safe footing—that there
should always be a fund on hand to redeem them. That
matter was ‘taken into consideration by the Colonial
Minister, and well weighed by him, I was in England
at the time, and had an mterview with him on the sab-
ject; This was followed by a despatch to the then
eutenant Governor, authorising the issue of Treasury
notes, but requiring that a certain proportion of specie
should always be funded for the purpose of redeeming
Jahy amount ofthis paper which might be required, An
Se id
NO,: 35
to settle, while the circumstance of a large amount
being remitted from this Island for a #éties of Yéars
in the payment of rentis an embarrassment to the
money marker. That places usin a different posi-
‘tion from the other Colonies. I remember that, his
‘honor from the city (Mr. Palmer) when be came to
this point of making those notes redeomable, spqke
with considerable hesitation, and I am not surprised
at it, for these notes,must be paid, and { suppose
the further off the evil day is put tie better,” "1 uve
no objection to allowing the petition te lie upon
table, though I am not prepared fo sanction the
prayer of it. B ne
Hon Mr Brrr:
Tam sorry to heir’ hiv hohor
; A : = answer was requested before they would sanction the ; ; ‘ rae
peel pat Bae mee ayn ageoyining yb y 7p and despat 3 | well known that flax, of an excellent quality, can be| 102 had been taken. ‘There was uo matter in them|neasure, I do vot know whether they _weuld, so farjceprose Mimasell it that way. Tt Tdi ot fe pe.
. " grown here. I believe it can be grown as good which called: for avy: la@-ection-oa'the | part|interfero with our Colonial affairs as to insist upon such View fe take of the matter, but I differ from him.
MOON 8 PIIASES.
New Moon, 2d day, 11h. Om, morning, S.
First Quarter, 9th day,2h. 25m., morning, N. W.
Full Moon, 17th day, Oh, 42m., morning, 5.
Last Quarter,25th day, 1h. 15m., morning, E.
: here as in Ireland, or even better. Then when we
consider that a large portion of our population are.
we had something of that kind in operation it would
be remunerative, and it would be an advantage to
the country at large. I therefore hope and trust
that the partics who havo inaugurated this move-
ment will persevere, and that their efforts will be
t. SUN High \Moon/, -, lany necessity for doing so now. “ jissue of treasury notes to a greater extent than is atjin circulation, and inthe meantime a considerable
DAY | DAY WEEK. ; ee ie teal . a - opens I do not know whether it is Hon. Me. Weis thought that if the House went|Present in circulation. I do not think there would be/amount of interest would be saved to the Government,
monn. ‘ rises|scts [Wat efrises. |Q 2 @ intention of t ¢ Company to purchase the flax iui 4 likes. | likely th tion/@EY .ereat danger if they were made redeemable injag hey are now paying Bix ou
; “jas it is taken off the ground, and as similar Com- et "te te e, it was very likely that some action)... in ten years, even uf we bad to adopt the novel ; | & hihi yer Lost. seas everee
: i ho mh mb m | hm | hm |panies do in Canada, but I trust they will do some-|)°" d be takeo, still he had no objection to with-| modo of giving the holders the benefit of interest for) "°rTAh'* ie “overnment would dee fienbis shaior
1 ‘Saturday (4. 177 87 9 26, 8 57,15 20|thing of that kind. rrinpemepae sak ee fost drnaecomt- ie elgg tog omy oy on ams mp bowng guava aged Rink see ae Py wares ony
: 17, 38.10 52\ set 21 : nse were allowed te brig forward a resolation at|tlemen who are better financiers than I pretend to be,|“ireulation. If a largeamount of treasury’ ts
had 16| 39/11 43 ry 36 93 Hon, Mr Hayrirornz: Iam glad that his houor any time it he thought proper to do so. if they put their heads together, could p Ree some bet-jare put in cireulation they ‘will become de 6c
4 Tuovdig 16 pone bid 19 85] 94 has made theso remarke, for I am persuaded that) fron Mr, Lord would not oppose a member of the) ‘et plan. I miners that objections would be raised byjaud fall below par as they did before. ot an
5 \Wed y. 7 16 411 0 8610 26) 96| is an important subject, and well worthy of the!Goverhment, but he thought it was necessary to go into|'2° anke and by capitalists, and, perhane, obstructions/azo they were held ata discount of 15 or, 30 per
6 The we wd 151 42} 1 9811 19]. - 27 attention of the Legislature, not only because flax!Committee upon the despatches, as seme of them were ya be a the way; yet I hope and trast that,|cent., and if at that time there had been a larger
; Sone ay oa: ant o-oeni ae] ae grows well here, but because it is iv good demand|of great importance. "The first in point of importance — aor ie ie Knees and fs pions liberal eae issue of treasury notes, it would not have been the
Fri a 3 5! and would be an important branch of local industry,|were those relating to Confederation, and pext, those) 1) a, redbion ae best t fe tt “the Cal ath whe (Case: I fear that if wede not-do something of that
8 {Saturday 14, 43:31 jmora. 29) The capital required {or its manufacture, if the first|"sPecting the military movement. The country had ii it present felt in the Celony, might be kind, the wareante elifiéati'tiebow rs dh
9 |Sunday- TH: 441 @ °T) © 94)” OO) i ee. fe not } | : been pufto.an immense expense for the establishment|"*prve’- ts gee crit
H ; ages, is not large, but to enter into the manufac- ‘ . Hon. Mr, Bern: I am pleased to hear that some/publie contractors, schoolmasters and oth
10 | Monday M4 45) 5 5) 0-56) 81) tare of the finer qualities is, perhaps, beyond our we clang force, and ean it Fee wie % yay steps are beng taken to rattove the commercial dopres-|have to submit to a tary serious loss PHT
11 |'‘Tuesday i4' 46) G@ 2) 1 26) 82) .00n at present. I have seen machines in opera- he args soi ‘Segoe ork mM ey pale mer ge sion of the Colony, for I know that great inconvenience} 71, ic Avnneson :.1 do ent think ther jtsabe on
12 | Wednesday 18} 46) 6 59) 157 33)10n in Irclaud not long siuce, well adapted to. our|year the whole revenue of the Colony was appropriatad|'# felt on account of the citeulating modrum being $01, aay creat risk in issuing £30. 000 240,00
1s lasatlay | is] ar] ail 8 oe] _ paltricousshont £205 that fr wotng i Goma eainl sek hc fan oferta tug es ea fe he Bunty el, Wll therfore oeppert. he praerdt SBE
. (o ? 9 ae the ’ j kg instalments due for the purehas' the Cunard Estate, : i. ei else i
17 |Monday li (ae “|thaa £200 sterling, It is gratitying to know thatliy \non it pes shan ike % deg ht try tolt#sted. .I think there are none of the Colonies but have on the, amouut that would be issued.’ “If a reasén-
18 Tuesday 18, 4911 40, 8 36) 35)the article produced here is of superior quality, and Hoes hy eathter setticketas chem a tite Dg a larger amount of Treasury notes in circulation than|Sble amount were issued, I canpot ‘sed that thé
19 | Wednesday | 13} 49 even.’ 917) ‘36) when its cultivation is better understood, the qual- i and to py Daa it with less Nspepie- jygneet we have. I do not see that there could be any objec-|would be any @ungor of the notes depréciatéd ; hut
20 ‘Thursday 13) 50) 1 0) 9 54) | 36 lity will probably be improved. I am sure the Bill there asa independent member, and Would oppose vo oe ag babies hy , Ore am cinaplation. le pay lif there was an over inoue cod thes ware O8F te
ia Ait a ve ; ed gs 4: will receive all necessary attention in this House, |such a heavy expenditare abs, oe ae les Be aye ruedived’ ak hy rensnty. ta ps} Moh Py is ie a ms * erry ra ry hey would, I
aturda ' .. |ment was all a mockery, It might alarm old avomen f ha # a we bi hink’ 1 wou @a service to the coun 2,
23 rsh 144 49 3 21180, 36] Hon. Mr. Dixawers: I am happy to hear that alput would bave ne effect upon sold old men like yt ‘would be found that they would not be received in pays}; further issue, but the success.of it would. a
5|Company is to be formed for such a purpose. Welself. NaWEN" OF Wubtie Beith hes, Cate Te eee C8. Wien, Tuy tre i
24 |Monday 15} 49 34712 0 toa be ote Rig ebacs ve anand cs 4s 1 Government to cancel them, and find other means tol ¥e'y much upon the amount. issued and the petiod
25 |Tuesday 15} 49 4 36 morn 84|should not ys ra give them aha sanction, but, if the| Hon, Mr. Drxawett was also of opinion that the! discharge their liabilities: 1 do not seo that there could of redemption, 1h 4s snlaties on ante
Sines 4 7 49| 8 33| 2 31| 33| would be a great advantage to the country be-| Pl in the country did not know, bow the public money } Government in the tranenetion’of their business. Per- spoken of; but I am of opiniot that it :
29 [Saturday 1 | Bg|lieve ax ean be grown well.in all parts of the Is-| “2 *Ppropriated, and they had aright to such informa-| haps a few of the capitalists, who are-now able to lend|the reverse. I do uot thi the,
$0 |Susdiy | 18} 49) 9 ” 2 23 Ce Bee gc mg pion poate 0 “|tion. flings eb ee eu labs large sums of money at a very high rate of interest, |®™ objection to an issue of £30,000 or,
ee nce a Ton Mr. Lorp: I would just re mop gielk saaeetaahe Sonmines wane se rs partioal a Shea Saievepiecree t weimastdchenserte as voli otter be. sive We! peprap idee
_- «Mr : . ! w in Go n ntures
Prices Current.
_ fication that such an en
Cmaniorrerown, May 30, 1£67.
terprise is abont to.
taken, and also to hear that the fax growo here
of such superior quality. I am not a practical far-
mer, but I have seon flax growing on the Island, and
uot employed in the winter, it must be seen, that je committee upon them.
~ hy Ane jar
ne mnder- Ceerttvontiated bat the would rear t honor
of the {louse or éf the Goverbinent, and therefore
he did not’see any particular reason for going into
The Governmént did not
intend to submit any resolutions upon Contederation
or any of the other subjects referred to in the des-
patches. He remembered that for some years the
Legislative Council did not go into Committee upou
the despatehes, and he did not see that there was
from Prince County (Mr. Berd) that if we were to
‘play the game of ‘sovernment,” we must asshine some
terms now, but I do not think they would. I do not
make these remarks because I am an advocate for the!
issne of paper except upon a proper footing; but 1,
think if is not imposvible that means should be devised)
to issue a reasonable amount, and the value of the notes
rendered safe and acceptable to the public, Ifoweser,!
this matter did not originate with this House, and I did
not come here prepared to propound any particular
scheme which Would enable us safely to authorise the
If we liad treasury notes issued to the amounsof
half our revenue, I do not see that there is any damg-
er. The revenue 18 paid principally by. the gmer-
jchants, into whese hands those notes would falls and
if it is found that they are belew par, people
hesitate to take them, they the Government can-
cel a portion of them every year. The euntigtbanla
not be subjected to any loss ou. aeconnut of their being
ad ranguis..mammantay. 1. therefinma. Lothinle .
Should not complain, ‘relieve the public lectane
would be advanced by adding £40,009 to the circulating
medium of the country.
instead of gold. His: -honor from ‘the
Polos) opuke uf Ure ULner PPOVINCeS NAVI
vee
issue of treasury notes in circulation in proportion
to their revenue than we have, but I do not think
that avy are issued in New Brunswick, = ="
Provisions ; set slare of the responsibility, and keep up a military force) Jion. Mr. Gorpon: For a long time I have
Fe Gy ert oes 4d to 5d {before us, for I think it will be an advantage to the|Cenfederation. Not long since there was an attack | "ve - rt wanes fe t Treasury ven | but I believe nr would oy mere Tevenme for thére
De (ounall) 6d to. {Colony in a few years. If I understood his honor,|made upon, Canada, and what was the result? Some there is a despatch from the Colonial Office upon re-)} wou a saving of £1,800 in interest. — ,
Mutton, per Ibs 5d to —_|the speaker before the last (Mr. Haythorne,) when/|fne young men lost their lives in the defence of their|cord, sayiug that it would not bo allowed. They) Won Mr. Harrnorne: I would just remind his
Veal per es 3d to speaking oo this subject-on @ former éccasion, he|CoUn*t7; Sus the attack was nobly repelled. Thosejconsider tlat paper money is not money,|/honor that the depreciation of treasury warrants to
om 0 : Gd to or ri : J Ctaipe yabine Hand|Parttes were. only waiting for-an opportunity to’ make aluntess there is specie to redeem it. Then if her|}which he alluded was at @ time.wheo the bank of
Butter, (fresh) : = : - sare mae Pe eons rg oP (Scheme Sigg ae Sac — mie ad — a seat apace Majesty’s Government haye told us that an Act for| Prince Edward Island was in difficulty, aud it was
Pint fot! ye "4a “s zd much injured, and if it can be used now it will bea nada, or Wows Scotia, or Wee Branewick. . were & ng genoa a wag deren their mpeg would) rather an exceptional ease; but I would like to hear
hee. per thi, 0d to 10d}saving to the Colony. ye Colony. Me we Nota os prepared v2 de what we a > wise for us to Legislate upon the matter at — — aed se Bortte — measure
“ 8d to 9d . _|could to defend ourselves. ‘The ancients a sayin a bo eir scheme for the redemption of thos 68
eon 3d to 34d Meg pring oe egg goons sea a ~~ which might be applicable in our case, ** the +| Hon. Mr. McDoxarp: I must say that I thivklis to be? Suppose a man brought in a bes Su
Oatmeal, per 100 Ibs. 20s to 265) 4: ctions to dispose of it ret peace” yay y ea helped those who helped themselves.” if we could issue a larger amount of Treasury notes/those small notes aud demanded gold for them, and
8d to 10d Hon. Mr. Pater observed that if there was anything
EES LL TE Ee ae Trl
Eggs, per dozen,
me Grain.
, per bushel, 4s to 5s
rota Day ay — Qs 9d to Ss
, 4 Vegotables.
eas, per quart, .
Sossune, see bushel, 23 9d to 3s
Poultry.
Geese
Tarkeys, each, 5s to 88 6d
Fowls, each, 1s to oo
Dueke, ©
Coafi . 1 — 208 to 80s
sh, per qtl.,
imoortagis pet barrel, 258 to 40s
Mackerel, per dozen,
Lumber.
Boards (Hemlock) 4e
Do * race) 4s to by
Do ne) 7a to 9s
Sbingles, per M, 13s to 18s
Sundries.
Hay, per ton, 100 to 110s
Straw, per cwt., “208 to 25s
‘Yimothy Seed, 18s to 20s
Clover Seed, per Ib., 1s 6d
Homespon, per yard, 4s to 6s
Calfskins, per Ib., Gd to 9d
Hides, por ib., 4d
Wool, 1s to 1s 3d
Sheepskins, 5a to 6s
Apples, per doz., 2d to 4d
; GEORGE LEWIS, Market Clerk.
Fa a ama
COLONIAL PARLIAMENT,
DRBATES AND PROCEEDINGS OF THE
LEGISLATIVE COUNCIL.
Council Chamber,
Turspar, May 7th.
On motion of the Hon Mr. McDonald, a Bill to
incorporate the Masonic Hall Company at Alberton,
was read a second time, committed to » Committee
of the whole House, and progress reported.
A Bill to amend the Act relating to Land Assess-
ment was also read a second time and committed, —
Hon. Mr. Lord in the chair.
‘Hon. Mr. Beer observed that the same rate of
assessment was imposed upon the lots which had
been recently sold, and which wore formerly known
as the barrack ground, as upon other town. lots.
That he considered right and proper, but a door
might be opened to litigation, inasmuch as the par-
ties who had purch these lots had tho privilege
of extending them by building out in the water on
the side‘of the fiver.
_— Hoase resumed and progress reported.
_ » Adjourned till.to-morrow at eleven o'clock,
#
.
Jelause was amended by strikin
tested two samples, and found them to grow well,
though perhaps it is not as good as new seed.
Hon. Mr. Dincwetr: As his honor has -giveo
as some information respecting the seed, perhaps it
would be interesting to the country to know what
price has been set upon it.
Hon. Mr. Harruorne: The price set upon it is
7s. 6d. por bushel.
Hon. Mr. Pat mer: I will also support the prayer
of the petition, and I trust it may lead to some use-
ful and successful experiments. Although I am
not sufficiently acquainted with the production of
the artcle to give an opinion upon it, yet, from all I
can learn, I think it is a branch of industry which is
well worthy of pursuing, as I think it would be a
great advantage to the Istand. I would also give
my support to the apprepriation of auy reasonable
amount for’ the Importation df seed, or for any
other purpose in connection with this projeet, that
would be considered most conducive to tho interests
of the people. ‘2
Petition laid on the table.
(Committee resumed.)
Hon, Mr. Paumer: My attention has been called
to the socond clause in this bill, which imposes a
tax upon the old barrack ground. The provision
mado for enforcing and collecting the tax is not
worded with stifficient accuracy to embrace the bar-
by transposing the second clause and introducing
another short one. I therefore move that the se-
cond clause be struck out of its present place, and)
the following introduced :—
“The land in Charlottetown formerly known as
the Barrack Square, and the-owners and occupiers
thereof shall be liable horeafter to pay Land Assess-
ment under the said Act, in proportion to aren, on
the same footing, and to the same extent, as Town
Lots in Charlottetown.”
“Tor recovery of the said last mentioned assess~
ment thereby imposed, the aforesaid Act of the
Tweoty-seventh Victorian, Chaptor*Thirty-seven, and
all other Acts of the Legislature in toree in any way
relating to the recovery of land assesamonty shall, io
all their provisions and in all respects where appli-
cable, extend to and be binding on the said last men-
tioned land. And the assessmont thereon for the
current year shall become duc and be payable on the
same day as the assessment on Town Lots liable to
assessment ia Charlottetewn aforesaid,”
Amendment agreed to.
On motion of the Hon. Mr. Palmer, the Tast
out the word “re-
“2
$iaar
rack property. I think the bill may be improved sy
in the despatches which was worthy of being discussed,
notice should be given that they would be taken up on
some particular day, so that their honors would be pre-
pared to enter into a discussion. It was taking the
members of the House by surprise to go into a discus-
sion then. There might be some of the despatches
which required comment or an expression of opinion on
the part of the House. For his part, he had no parti-
enlar resolution which he intended to offer, yet if the
despstches were taken up, and a discussion were called
forth, he would probably take part ir it, but he consid-
ered it out of place to discuss the subject matter of them
at that time.
llon. Mr. Beer then, by leave of the House, with-
drew his motion, and gave notice in the order book
that he would eall the attention of the House to the
despatches on Friday next.
Adjourned till to-morrow at eleven o'clock.
° Trursbay, May 9th.
On motion of the Hons Mr. MeDonald, a Bill to
amend the act relating to land assegsment. was read a
third time and passed, ' a
A message was brought from the House of Assembly
by the Hon. Attorney General, with a bill to continue
and amend certain acts therein mentioned relating to
education, . The said.bill was read @ first time and or-
dered to be read a second time to-morrow.
Hon, Mr, @auen presented a petition of certain in-
habitants of Charlottetown, praying the i.egislature to
authorize the isste of Treasury Notes, to relieve the
commercial depression which was experienced for want
of a sufficient circulating medium. In presenting the
tition his honor said:—I think the subject matter of
thé petition is well worthy of the consideration of the
Legislature, as it ie s question of some importance. I
do not know exactly what the sentiments of the pe-
titioners are, as the petition has just been placed in my
hands, but I observe that it is namerously and _respect-
ably signed, and I hope it will meet with a favorable
reception. I believe your honors will agree with the
petitioners that there is a great incoavenience felt for
want of a circulating medium, and the means. of earry-
ing on the business of the country, 1 know it is owing
in a great measure to a combination of circumstances
which we could not prevent. The ted depression in
the ship building business, the pure of large pro-
prictory estates during the past year, and the dullness
of, the market for gigi tr produce, have all con-
tributed to produce this result, and it calls for the con-
sideratién of the Legislature if anything can be done to
relieve this pressure. “I eannot but agree with tho po-
titioners that the issue of Treasuary Notes would, in
some » assist in relieving the cL We
have’only a small amount of treasury notes, £11,506, 1
believe, in circulation; and Ido not see any necessity
for keeping that species of ‘circulating médiuni so low,
B ase woncer omen Se wo not double or,
treble or even quadruple tha»amoynt. In the other
Provinees, if ihy memory serves well, they have a
mach larger amount, in rtion th their revenue, in
diteulation than we have. only difficulty we would
have to. aneounter would be to some es by
it would be a convenience, not only to the Govern-
ment, but to the community at large. Tho amount
at present in circulation is only about three shillings
per head of the population, and twenty years ago,
I suppose, it was equal to mnch more than that. I
have not looked carefully iuto the matter, and
am not prepared to say what relative proportion it
bore to the popolation, but I think it mast have been
much greater. I believe that even the small amount
of treasury notes at present in circulation is found
to be of great convenience in making exchanges 1n
vatious ways, for they sometimes save gold to the
Banks. A person sometimes presents a check at
the Bank and receives payment in treasury notes,
whereas, if he took the notes of the Bank, they
might be returned and gold demanded. The seheme
suggested by his honor from the city (Mr. Paltaor)
toissue notes for ten years and pay interest upon
them for the last two years, is oae which I have not
heard before, and am not prepared to say how it
would work. Tf a large amount were put in circu-
lation, and not redeemable for ten years, I am afraid
they would become depreciated. Still I think a
scheme might be devised, by which they might be
issued with safety to the Government and to ihose
who hold them, In Canada they issue a large
amount under the control and supervisions of the
Government, and they are found of great convenience
both to the Government, and to the country at large.
I suppose any measure of this kiad would require
to come from the other branch of the Legislature,
but still it would be well to have an expression of
opinion from members of this House, as our views
will go forth, and some measure might bo founded
upon them which might be beneficial to the conutry.
owever, I am not prepared to give a decided opin-
ion upon the matter at present.
Hoa. Mr. Harrnonne: I think a subject of this
great importance should not be discussed in this
hasty and rather irregular manner. It should only
be bronght up after due deliberation, and after pro-
per notice had been given. It appoars that the ob-
ject contemplated is something like what is propos-
ed in other cases of a similar nature. The general
panacea for a depression jn trade isan extraordinary
issue of paper. The petitioners, it would appear,
wish to turn the Goverament into a banking estab-
lishment. Tt has béen said that a large amount
would circulate without injury—that it would be re-
ceived at the treasury in the payment of duties, aud
paid out again to those who take Government, con-
tracts, &c., but it must be remembered that those
potes wonld ultimately return, and must be cou vert~
ed into gold and billy of exchange, and when they
arrive at their last destination, perhaps they would
not be received. Therefore 1 think it is not advia-
able to:issue # | amount of treasnty notes. As
pealod” and inserting the word “ repeated.
‘ - ‘ i
™~
hi would be, converts abe res-
be ‘ Liss Wy pariea we sludere ys rele or its equiva-
é #
suppose they were not redeemable, what would :be
the case? I would like to hear that explaineds +
: Hon. Mr. Pacer: I believe, your honors, that
it is not expected that any scheme is digested and
would be pronounced here to-day. It has been said
by myself and others, that it has not undergone
any consideration, and that any measure of . that
kind cannot be initiated in this House, therefore we
cannot be expected to prepound any particular
scheme. I feel just as much at a lossy as any” of
your honors in speaking to the point; bat Teannot
agree with his honor who has just sat down, and I
also regret to hear such ideas from him, as his sen-
timents are generally liberal and commendable.
His honor says that an additional issue of paper is
the general panacea for depression in trade. . Well,
there is no doubt of that.remedy being Trequent}
resorted to. If there was-no tightuess there woul
not be so much want of additional cireulating® me-
dium, It is true that a very largo amount: of ‘ctr-
rent paper money is not very desiaable if it €ab be
avoided ; but his honor must recollect that we have
fully £60,000 Treasury warrants afloat aod bearing
interest, and our appropriations this year ibe
£60,000 or £70,000 more, all bearing interest. “Why
should this be less objectionable to the Colony, or
more secure to the holders, than Treasury pores is-
sued ov the faith of the Government? I do fot
say that we should issue Treasury notes to, redeem
the warrants now extant, but let all Treasury war-
rants issued iu future be subject to: redemption. jn
Treasury notes,to be issued as the ee ee may
deem expedient. Or if we 5 give the
holders the privilege of taking Treasury Warranta in
exchange for their notes ata certain ‘rate of
what greater ovi! would that be than issuing the
rants now? ‘IT approach this subject with creat dit.
dence, for I do not profess to be intimately
with the dificult points of finanee matteré,
be sorry to enter beyond my
xeheme, bat L do not think tt is
sibility for this Island to’ msne asury
such security as would be as safe and acteptable to
holders as any paper monay held by the people.
not speak of Government debentures,’ as they are Pp
vided for by special enactments, and would not’ bé of-
fected by an additional issue of notes. Bat ae it was
observed, no particular notice was given of this” t
coming betore the louse, and it haw eee waves
the petition be laid on the table. It will therefore
competen’ to take it up at a fature day, and your
ean come prepared to discuss it more ea ‘This’
tor has net originated with me, but with
of Charlottetown, from whom I have not had any
diveetions respecting it, yet I felt it te be'my ‘to
give expression to my sentiments in etch why as
a representative of their interests: Tt a
islation whieh will require much ‘time,’
| mall that will be*necesdary,
to the other Colonies, they have no Land Question
¥ *
tipon, and if any” “comes
branch of the: / Pwilt ‘give
cersicn Ghw .yeonce Te eiwe is
tet hey 9c) oa
ccanyae
. Ide
‘VOL. IIL
RIE - alii: sgmiee 9s
set tav@ art
: i nn tn ia mana
SS
CHARLOTTETOWN, P,. E.
ISLAND, WEDNESDAY, JUNE 5, 1867,
TBE BERALD
18 PRINTED AND PUBLISHED KVERY WEDNESDAY MORNING
BY
EDWARD REILLY,
EDITOR AND PROPRIETOR,
at his Office, Queen Street.
TERMS FOR THE “HERALD.”
For 1 year, paid in advance, £0 9 0
st ** half-yearlyinadvance,0 10 0
Advertisements inserted at the usual rates.
JOB PRINTING,
Wepnespay, May 8th.
On motion of the Hon. Mr. MeDonald, a Bill to
incorporate the Masonie Hall Company at Alberton,
was again referred to a Committee of the whole
House, reported agreed to without any amendment,
read a third time and passed, ‘
Hon Mr. Haythorne presented a petition of J. D.
Haszard, Theo. DesBrisay, P. W. Hyndman, and
other inhabitants of this Island, praying that an Act
might be passed to incorporate a Company to en-
courage the growth and manufacture of flax.
Ilon, Mr. Bexr: T presume there will be no dif-
fieulty in getting an Act passed for that purpose. I
am pleased to see such a movement made, for it’ is
reported the bill agroed to with.certain amendments,
Hon. Mr. Bauer wbserved that the despatches
were printed and lying upon the table, and he
thought it would be well to name some, day fer the
House to go into Committee upon them. He would
therefore move thatthey be made the order of the
day for Friday next. t ane
‘Hon. Mr. McDonatp did not think it was neces-
sary for the House to go into Committee upon them,
unless it was the infeution of some of their honors
to submit some resolutions and he was not aware
that such was the case. They referred to matters)
which had already taken place, and upon which ac-
The House was then resumed, and the chairman lent. In the year 1847 th
¢ same difficulty was felt--the
‘same embarrassment in business—and the subject was
|>rought before the Legislature. Application was made
to issue a large amoant of Treasury notes, but objection
wae taken to it by a few capitalists, and they petitioned
the Imperial Government not to allow the notes to be
issued, unless on some very safe footing—that there
should always be a fund on hand to redeem them. That
matter was ‘taken into consideration by the Colonial
Minister, and well weighed by him, I was in England
at the time, and had an mterview with him on the sab-
ject; This was followed by a despatch to the then
eutenant Governor, authorising the issue of Treasury
notes, but requiring that a certain proportion of specie
should always be funded for the purpose of redeeming
Jahy amount ofthis paper which might be required, An
Se id
NO,: 35
to settle, while the circumstance of a large amount
being remitted from this Island for a #éties of Yéars
in the payment of rentis an embarrassment to the
money marker. That places usin a different posi-
‘tion from the other Colonies. I remember that, his
‘honor from the city (Mr. Palmer) when be came to
this point of making those notes redeomable, spqke
with considerable hesitation, and I am not surprised
at it, for these notes,must be paid, and { suppose
the further off the evil day is put tie better,” "1 uve
no objection to allowing the petition te lie upon
table, though I am not prepared fo sanction the
prayer of it. B ne
Hon Mr Brrr:
Tam sorry to heir’ hiv hohor
; A : = answer was requested before they would sanction the ; ; ‘ rae
peel pat Bae mee ayn ageoyining yb y 7p and despat 3 | well known that flax, of an excellent quality, can be| 102 had been taken. ‘There was uo matter in them|neasure, I do vot know whether they _weuld, so farjceprose Mimasell it that way. Tt Tdi ot fe pe.
. " grown here. I believe it can be grown as good which called: for avy: la@-ection-oa'the | part|interfero with our Colonial affairs as to insist upon such View fe take of the matter, but I differ from him.
MOON 8 PIIASES.
New Moon, 2d day, 11h. Om, morning, S.
First Quarter, 9th day,2h. 25m., morning, N. W.
Full Moon, 17th day, Oh, 42m., morning, 5.
Last Quarter,25th day, 1h. 15m., morning, E.
: here as in Ireland, or even better. Then when we
consider that a large portion of our population are.
we had something of that kind in operation it would
be remunerative, and it would be an advantage to
the country at large. I therefore hope and trust
that the partics who havo inaugurated this move-
ment will persevere, and that their efforts will be
t. SUN High \Moon/, -, lany necessity for doing so now. “ jissue of treasury notes to a greater extent than is atjin circulation, and inthe meantime a considerable
DAY | DAY WEEK. ; ee ie teal . a - opens I do not know whether it is Hon. Me. Weis thought that if the House went|Present in circulation. I do not think there would be/amount of interest would be saved to the Government,
monn. ‘ rises|scts [Wat efrises. |Q 2 @ intention of t ¢ Company to purchase the flax iui 4 likes. | likely th tion/@EY .ereat danger if they were made redeemable injag hey are now paying Bix ou
; “jas it is taken off the ground, and as similar Com- et "te te e, it was very likely that some action)... in ten years, even uf we bad to adopt the novel ; | & hihi yer Lost. seas everee
: i ho mh mb m | hm | hm |panies do in Canada, but I trust they will do some-|)°" d be takeo, still he had no objection to with-| modo of giving the holders the benefit of interest for) "°rTAh'* ie “overnment would dee fienbis shaior
1 ‘Saturday (4. 177 87 9 26, 8 57,15 20|thing of that kind. rrinpemepae sak ee fost drnaecomt- ie elgg tog omy oy on ams mp bowng guava aged Rink see ae Py wares ony
: 17, 38.10 52\ set 21 : nse were allowed te brig forward a resolation at|tlemen who are better financiers than I pretend to be,|“ireulation. If a largeamount of treasury’ ts
had 16| 39/11 43 ry 36 93 Hon, Mr Hayrirornz: Iam glad that his houor any time it he thought proper to do so. if they put their heads together, could p Ree some bet-jare put in cireulation they ‘will become de 6c
4 Tuovdig 16 pone bid 19 85] 94 has made theso remarke, for I am persuaded that) fron Mr, Lord would not oppose a member of the) ‘et plan. I miners that objections would be raised byjaud fall below par as they did before. ot an
5 \Wed y. 7 16 411 0 8610 26) 96| is an important subject, and well worthy of the!Goverhment, but he thought it was necessary to go into|'2° anke and by capitalists, and, perhane, obstructions/azo they were held ata discount of 15 or, 30 per
6 The we wd 151 42} 1 9811 19]. - 27 attention of the Legislature, not only because flax!Committee upon the despatches, as seme of them were ya be a the way; yet I hope and trast that,|cent., and if at that time there had been a larger
; Sone ay oa: ant o-oeni ae] ae grows well here, but because it is iv good demand|of great importance. "The first in point of importance — aor ie ie Knees and fs pions liberal eae issue of treasury notes, it would not have been the
Fri a 3 5! and would be an important branch of local industry,|were those relating to Confederation, and pext, those) 1) a, redbion ae best t fe tt “the Cal ath whe (Case: I fear that if wede not-do something of that
8 {Saturday 14, 43:31 jmora. 29) The capital required {or its manufacture, if the first|"sPecting the military movement. The country had ii it present felt in the Celony, might be kind, the wareante elifiéati'tiebow rs dh
9 |Sunday- TH: 441 @ °T) © 94)” OO) i ee. fe not } | : been pufto.an immense expense for the establishment|"*prve’- ts gee crit
H ; ages, is not large, but to enter into the manufac- ‘ . Hon. Mr, Bern: I am pleased to hear that some/publie contractors, schoolmasters and oth
10 | Monday M4 45) 5 5) 0-56) 81) tare of the finer qualities is, perhaps, beyond our we clang force, and ean it Fee wie % yay steps are beng taken to rattove the commercial dopres-|have to submit to a tary serious loss PHT
11 |'‘Tuesday i4' 46) G@ 2) 1 26) 82) .00n at present. I have seen machines in opera- he args soi ‘Segoe ork mM ey pale mer ge sion of the Colony, for I know that great inconvenience} 71, ic Avnneson :.1 do ent think ther jtsabe on
12 | Wednesday 18} 46) 6 59) 157 33)10n in Irclaud not long siuce, well adapted to. our|year the whole revenue of the Colony was appropriatad|'# felt on account of the citeulating modrum being $01, aay creat risk in issuing £30. 000 240,00
1s lasatlay | is] ar] ail 8 oe] _ paltricousshont £205 that fr wotng i Goma eainl sek hc fan oferta tug es ea fe he Bunty el, Wll therfore oeppert. he praerdt SBE
. (o ? 9 ae the ’ j kg instalments due for the purehas' the Cunard Estate, : i. ei else i
17 |Monday li (ae “|thaa £200 sterling, It is gratitying to know thatliy \non it pes shan ike % deg ht try tolt#sted. .I think there are none of the Colonies but have on the, amouut that would be issued.’ “If a reasén-
18 Tuesday 18, 4911 40, 8 36) 35)the article produced here is of superior quality, and Hoes hy eathter setticketas chem a tite Dg a larger amount of Treasury notes in circulation than|Sble amount were issued, I canpot ‘sed that thé
19 | Wednesday | 13} 49 even.’ 917) ‘36) when its cultivation is better understood, the qual- i and to py Daa it with less Nspepie- jygneet we have. I do not see that there could be any objec-|would be any @ungor of the notes depréciatéd ; hut
20 ‘Thursday 13) 50) 1 0) 9 54) | 36 lity will probably be improved. I am sure the Bill there asa independent member, and Would oppose vo oe ag babies hy , Ore am cinaplation. le pay lif there was an over inoue cod thes ware O8F te
ia Ait a ve ; ed gs 4: will receive all necessary attention in this House, |such a heavy expenditare abs, oe ae les Be aye ruedived’ ak hy rensnty. ta ps} Moh Py is ie a ms * erry ra ry hey would, I
aturda ' .. |ment was all a mockery, It might alarm old avomen f ha # a we bi hink’ 1 wou @a service to the coun 2,
23 rsh 144 49 3 21180, 36] Hon. Mr. Dixawers: I am happy to hear that alput would bave ne effect upon sold old men like yt ‘would be found that they would not be received in pays}; further issue, but the success.of it would. a
5|Company is to be formed for such a purpose. Welself. NaWEN" OF Wubtie Beith hes, Cate Te eee C8. Wien, Tuy tre i
24 |Monday 15} 49 34712 0 toa be ote Rig ebacs ve anand cs 4s 1 Government to cancel them, and find other means tol ¥e'y much upon the amount. issued and the petiod
25 |Tuesday 15} 49 4 36 morn 84|should not ys ra give them aha sanction, but, if the| Hon, Mr. Drxawett was also of opinion that the! discharge their liabilities: 1 do not seo that there could of redemption, 1h 4s snlaties on ante
Sines 4 7 49| 8 33| 2 31| 33| would be a great advantage to the country be-| Pl in the country did not know, bow the public money } Government in the tranenetion’of their business. Per- spoken of; but I am of opiniot that it :
29 [Saturday 1 | Bg|lieve ax ean be grown well.in all parts of the Is-| “2 *Ppropriated, and they had aright to such informa-| haps a few of the capitalists, who are-now able to lend|the reverse. I do uot thi the,
$0 |Susdiy | 18} 49) 9 ” 2 23 Ce Bee gc mg pion poate 0 “|tion. flings eb ee eu labs large sums of money at a very high rate of interest, |®™ objection to an issue of £30,000 or,
ee nce a Ton Mr. Lorp: I would just re mop gielk saaeetaahe Sonmines wane se rs partioal a Shea Saievepiecree t weimastdchenserte as voli otter be. sive We! peprap idee
_- «Mr : . ! w in Go n ntures
Prices Current.
_ fication that such an en
Cmaniorrerown, May 30, 1£67.
terprise is abont to.
taken, and also to hear that the fax growo here
of such superior quality. I am not a practical far-
mer, but I have seon flax growing on the Island, and
uot employed in the winter, it must be seen, that je committee upon them.
~ hy Ane jar
ne mnder- Ceerttvontiated bat the would rear t honor
of the {louse or éf the Goverbinent, and therefore
he did not’see any particular reason for going into
The Governmént did not
intend to submit any resolutions upon Contederation
or any of the other subjects referred to in the des-
patches. He remembered that for some years the
Legislative Council did not go into Committee upou
the despatehes, and he did not see that there was
from Prince County (Mr. Berd) that if we were to
‘play the game of ‘sovernment,” we must asshine some
terms now, but I do not think they would. I do not
make these remarks because I am an advocate for the!
issne of paper except upon a proper footing; but 1,
think if is not imposvible that means should be devised)
to issue a reasonable amount, and the value of the notes
rendered safe and acceptable to the public, Ifoweser,!
this matter did not originate with this House, and I did
not come here prepared to propound any particular
scheme which Would enable us safely to authorise the
If we liad treasury notes issued to the amounsof
half our revenue, I do not see that there is any damg-
er. The revenue 18 paid principally by. the gmer-
jchants, into whese hands those notes would falls and
if it is found that they are belew par, people
hesitate to take them, they the Government can-
cel a portion of them every year. The euntigtbanla
not be subjected to any loss ou. aeconnut of their being
ad ranguis..mammantay. 1. therefinma. Lothinle .
Should not complain, ‘relieve the public lectane
would be advanced by adding £40,009 to the circulating
medium of the country.
instead of gold. His: -honor from ‘the
Polos) opuke uf Ure ULner PPOVINCeS NAVI
vee
issue of treasury notes in circulation in proportion
to their revenue than we have, but I do not think
that avy are issued in New Brunswick, = ="
Provisions ; set slare of the responsibility, and keep up a military force) Jion. Mr. Gorpon: For a long time I have
Fe Gy ert oes 4d to 5d {before us, for I think it will be an advantage to the|Cenfederation. Not long since there was an attack | "ve - rt wanes fe t Treasury ven | but I believe nr would oy mere Tevenme for thére
De (ounall) 6d to. {Colony in a few years. If I understood his honor,|made upon, Canada, and what was the result? Some there is a despatch from the Colonial Office upon re-)} wou a saving of £1,800 in interest. — ,
Mutton, per Ibs 5d to —_|the speaker before the last (Mr. Haythorne,) when/|fne young men lost their lives in the defence of their|cord, sayiug that it would not bo allowed. They) Won Mr. Harrnorne: I would just remind his
Veal per es 3d to speaking oo this subject-on @ former éccasion, he|CoUn*t7; Sus the attack was nobly repelled. Thosejconsider tlat paper money is not money,|/honor that the depreciation of treasury warrants to
om 0 : Gd to or ri : J Ctaipe yabine Hand|Parttes were. only waiting for-an opportunity to’ make aluntess there is specie to redeem it. Then if her|}which he alluded was at @ time.wheo the bank of
Butter, (fresh) : = : - sare mae Pe eons rg oP (Scheme Sigg ae Sac — mie ad — a seat apace Majesty’s Government haye told us that an Act for| Prince Edward Island was in difficulty, aud it was
Pint fot! ye "4a “s zd much injured, and if it can be used now it will bea nada, or Wows Scotia, or Wee Branewick. . were & ng genoa a wag deren their mpeg would) rather an exceptional ease; but I would like to hear
hee. per thi, 0d to 10d}saving to the Colony. ye Colony. Me we Nota os prepared v2 de what we a > wise for us to Legislate upon the matter at — — aed se Bortte — measure
“ 8d to 9d . _|could to defend ourselves. ‘The ancients a sayin a bo eir scheme for the redemption of thos 68
eon 3d to 34d Meg pring oe egg goons sea a ~~ which might be applicable in our case, ** the +| Hon. Mr. McDoxarp: I must say that I thivklis to be? Suppose a man brought in a bes Su
Oatmeal, per 100 Ibs. 20s to 265) 4: ctions to dispose of it ret peace” yay y ea helped those who helped themselves.” if we could issue a larger amount of Treasury notes/those small notes aud demanded gold for them, and
8d to 10d Hon. Mr. Pater observed that if there was anything
EES LL TE Ee ae Trl
Eggs, per dozen,
me Grain.
, per bushel, 4s to 5s
rota Day ay — Qs 9d to Ss
, 4 Vegotables.
eas, per quart, .
Sossune, see bushel, 23 9d to 3s
Poultry.
Geese
Tarkeys, each, 5s to 88 6d
Fowls, each, 1s to oo
Dueke, ©
Coafi . 1 — 208 to 80s
sh, per qtl.,
imoortagis pet barrel, 258 to 40s
Mackerel, per dozen,
Lumber.
Boards (Hemlock) 4e
Do * race) 4s to by
Do ne) 7a to 9s
Sbingles, per M, 13s to 18s
Sundries.
Hay, per ton, 100 to 110s
Straw, per cwt., “208 to 25s
‘Yimothy Seed, 18s to 20s
Clover Seed, per Ib., 1s 6d
Homespon, per yard, 4s to 6s
Calfskins, per Ib., Gd to 9d
Hides, por ib., 4d
Wool, 1s to 1s 3d
Sheepskins, 5a to 6s
Apples, per doz., 2d to 4d
; GEORGE LEWIS, Market Clerk.
Fa a ama
COLONIAL PARLIAMENT,
DRBATES AND PROCEEDINGS OF THE
LEGISLATIVE COUNCIL.
Council Chamber,
Turspar, May 7th.
On motion of the Hon Mr. McDonald, a Bill to
incorporate the Masonic Hall Company at Alberton,
was read a second time, committed to » Committee
of the whole House, and progress reported.
A Bill to amend the Act relating to Land Assess-
ment was also read a second time and committed, —
Hon. Mr. Lord in the chair.
‘Hon. Mr. Beer observed that the same rate of
assessment was imposed upon the lots which had
been recently sold, and which wore formerly known
as the barrack ground, as upon other town. lots.
That he considered right and proper, but a door
might be opened to litigation, inasmuch as the par-
ties who had purch these lots had tho privilege
of extending them by building out in the water on
the side‘of the fiver.
_— Hoase resumed and progress reported.
_ » Adjourned till.to-morrow at eleven o'clock,
#
.
Jelause was amended by strikin
tested two samples, and found them to grow well,
though perhaps it is not as good as new seed.
Hon. Mr. Dincwetr: As his honor has -giveo
as some information respecting the seed, perhaps it
would be interesting to the country to know what
price has been set upon it.
Hon. Mr. Harruorne: The price set upon it is
7s. 6d. por bushel.
Hon. Mr. Pat mer: I will also support the prayer
of the petition, and I trust it may lead to some use-
ful and successful experiments. Although I am
not sufficiently acquainted with the production of
the artcle to give an opinion upon it, yet, from all I
can learn, I think it is a branch of industry which is
well worthy of pursuing, as I think it would be a
great advantage to the Istand. I would also give
my support to the apprepriation of auy reasonable
amount for’ the Importation df seed, or for any
other purpose in connection with this projeet, that
would be considered most conducive to tho interests
of the people. ‘2
Petition laid on the table.
(Committee resumed.)
Hon, Mr. Paumer: My attention has been called
to the socond clause in this bill, which imposes a
tax upon the old barrack ground. The provision
mado for enforcing and collecting the tax is not
worded with stifficient accuracy to embrace the bar-
by transposing the second clause and introducing
another short one. I therefore move that the se-
cond clause be struck out of its present place, and)
the following introduced :—
“The land in Charlottetown formerly known as
the Barrack Square, and the-owners and occupiers
thereof shall be liable horeafter to pay Land Assess-
ment under the said Act, in proportion to aren, on
the same footing, and to the same extent, as Town
Lots in Charlottetown.”
“Tor recovery of the said last mentioned assess~
ment thereby imposed, the aforesaid Act of the
Tweoty-seventh Victorian, Chaptor*Thirty-seven, and
all other Acts of the Legislature in toree in any way
relating to the recovery of land assesamonty shall, io
all their provisions and in all respects where appli-
cable, extend to and be binding on the said last men-
tioned land. And the assessmont thereon for the
current year shall become duc and be payable on the
same day as the assessment on Town Lots liable to
assessment ia Charlottetewn aforesaid,”
Amendment agreed to.
On motion of the Hon. Mr. Palmer, the Tast
out the word “re-
“2
$iaar
rack property. I think the bill may be improved sy
in the despatches which was worthy of being discussed,
notice should be given that they would be taken up on
some particular day, so that their honors would be pre-
pared to enter into a discussion. It was taking the
members of the House by surprise to go into a discus-
sion then. There might be some of the despatches
which required comment or an expression of opinion on
the part of the House. For his part, he had no parti-
enlar resolution which he intended to offer, yet if the
despstches were taken up, and a discussion were called
forth, he would probably take part ir it, but he consid-
ered it out of place to discuss the subject matter of them
at that time.
llon. Mr. Beer then, by leave of the House, with-
drew his motion, and gave notice in the order book
that he would eall the attention of the House to the
despatches on Friday next.
Adjourned till to-morrow at eleven o'clock.
° Trursbay, May 9th.
On motion of the Hons Mr. MeDonald, a Bill to
amend the act relating to land assegsment. was read a
third time and passed, ' a
A message was brought from the House of Assembly
by the Hon. Attorney General, with a bill to continue
and amend certain acts therein mentioned relating to
education, . The said.bill was read @ first time and or-
dered to be read a second time to-morrow.
Hon, Mr, @auen presented a petition of certain in-
habitants of Charlottetown, praying the i.egislature to
authorize the isste of Treasury Notes, to relieve the
commercial depression which was experienced for want
of a sufficient circulating medium. In presenting the
tition his honor said:—I think the subject matter of
thé petition is well worthy of the consideration of the
Legislature, as it ie s question of some importance. I
do not know exactly what the sentiments of the pe-
titioners are, as the petition has just been placed in my
hands, but I observe that it is namerously and _respect-
ably signed, and I hope it will meet with a favorable
reception. I believe your honors will agree with the
petitioners that there is a great incoavenience felt for
want of a circulating medium, and the means. of earry-
ing on the business of the country, 1 know it is owing
in a great measure to a combination of circumstances
which we could not prevent. The ted depression in
the ship building business, the pure of large pro-
prictory estates during the past year, and the dullness
of, the market for gigi tr produce, have all con-
tributed to produce this result, and it calls for the con-
sideratién of the Legislature if anything can be done to
relieve this pressure. “I eannot but agree with tho po-
titioners that the issue of Treasuary Notes would, in
some » assist in relieving the cL We
have’only a small amount of treasury notes, £11,506, 1
believe, in circulation; and Ido not see any necessity
for keeping that species of ‘circulating médiuni so low,
B ase woncer omen Se wo not double or,
treble or even quadruple tha»amoynt. In the other
Provinees, if ihy memory serves well, they have a
mach larger amount, in rtion th their revenue, in
diteulation than we have. only difficulty we would
have to. aneounter would be to some es by
it would be a convenience, not only to the Govern-
ment, but to the community at large. Tho amount
at present in circulation is only about three shillings
per head of the population, and twenty years ago,
I suppose, it was equal to mnch more than that. I
have not looked carefully iuto the matter, and
am not prepared to say what relative proportion it
bore to the popolation, but I think it mast have been
much greater. I believe that even the small amount
of treasury notes at present in circulation is found
to be of great convenience in making exchanges 1n
vatious ways, for they sometimes save gold to the
Banks. A person sometimes presents a check at
the Bank and receives payment in treasury notes,
whereas, if he took the notes of the Bank, they
might be returned and gold demanded. The seheme
suggested by his honor from the city (Mr. Paltaor)
toissue notes for ten years and pay interest upon
them for the last two years, is oae which I have not
heard before, and am not prepared to say how it
would work. Tf a large amount were put in circu-
lation, and not redeemable for ten years, I am afraid
they would become depreciated. Still I think a
scheme might be devised, by which they might be
issued with safety to the Government and to ihose
who hold them, In Canada they issue a large
amount under the control and supervisions of the
Government, and they are found of great convenience
both to the Government, and to the country at large.
I suppose any measure of this kiad would require
to come from the other branch of the Legislature,
but still it would be well to have an expression of
opinion from members of this House, as our views
will go forth, and some measure might bo founded
upon them which might be beneficial to the conutry.
owever, I am not prepared to give a decided opin-
ion upon the matter at present.
Hoa. Mr. Harrnonne: I think a subject of this
great importance should not be discussed in this
hasty and rather irregular manner. It should only
be bronght up after due deliberation, and after pro-
per notice had been given. It appoars that the ob-
ject contemplated is something like what is propos-
ed in other cases of a similar nature. The general
panacea for a depression jn trade isan extraordinary
issue of paper. The petitioners, it would appear,
wish to turn the Goverament into a banking estab-
lishment. Tt has béen said that a large amount
would circulate without injury—that it would be re-
ceived at the treasury in the payment of duties, aud
paid out again to those who take Government, con-
tracts, &c., but it must be remembered that those
potes wonld ultimately return, and must be cou vert~
ed into gold and billy of exchange, and when they
arrive at their last destination, perhaps they would
not be received. Therefore 1 think it is not advia-
able to:issue # | amount of treasnty notes. As
pealod” and inserting the word “ repeated.
‘ - ‘ i
™~
hi would be, converts abe res-
be ‘ Liss Wy pariea we sludere ys rele or its equiva-
é #
suppose they were not redeemable, what would :be
the case? I would like to hear that explaineds +
: Hon. Mr. Pacer: I believe, your honors, that
it is not expected that any scheme is digested and
would be pronounced here to-day. It has been said
by myself and others, that it has not undergone
any consideration, and that any measure of . that
kind cannot be initiated in this House, therefore we
cannot be expected to prepound any particular
scheme. I feel just as much at a lossy as any” of
your honors in speaking to the point; bat Teannot
agree with his honor who has just sat down, and I
also regret to hear such ideas from him, as his sen-
timents are generally liberal and commendable.
His honor says that an additional issue of paper is
the general panacea for depression in trade. . Well,
there is no doubt of that.remedy being Trequent}
resorted to. If there was-no tightuess there woul
not be so much want of additional cireulating® me-
dium, It is true that a very largo amount: of ‘ctr-
rent paper money is not very desiaable if it €ab be
avoided ; but his honor must recollect that we have
fully £60,000 Treasury warrants afloat aod bearing
interest, and our appropriations this year ibe
£60,000 or £70,000 more, all bearing interest. “Why
should this be less objectionable to the Colony, or
more secure to the holders, than Treasury pores is-
sued ov the faith of the Government? I do fot
say that we should issue Treasury notes to, redeem
the warrants now extant, but let all Treasury war-
rants issued iu future be subject to: redemption. jn
Treasury notes,to be issued as the ee ee may
deem expedient. Or if we 5 give the
holders the privilege of taking Treasury Warranta in
exchange for their notes ata certain ‘rate of
what greater ovi! would that be than issuing the
rants now? ‘IT approach this subject with creat dit.
dence, for I do not profess to be intimately
with the dificult points of finanee matteré,
be sorry to enter beyond my
xeheme, bat L do not think tt is
sibility for this Island to’ msne asury
such security as would be as safe and acteptable to
holders as any paper monay held by the people.
not speak of Government debentures,’ as they are Pp
vided for by special enactments, and would not’ bé of-
fected by an additional issue of notes. Bat ae it was
observed, no particular notice was given of this” t
coming betore the louse, and it haw eee waves
the petition be laid on the table. It will therefore
competen’ to take it up at a fature day, and your
ean come prepared to discuss it more ea ‘This’
tor has net originated with me, but with
of Charlottetown, from whom I have not had any
diveetions respecting it, yet I felt it te be'my ‘to
give expression to my sentiments in etch why as
a representative of their interests: Tt a
islation whieh will require much ‘time,’
| mall that will be*necesdary,
to the other Colonies, they have no Land Question
¥ *
tipon, and if any” “comes
branch of the: / Pwilt ‘give
cersicn Ghw .yeonce Te eiwe is
tet hey 9c) oa
ccanyae
. Ide
