Che Examiner.

“THIS IS 'TRUE LIBERTY,

Vor. I.]

CHARLOTTETOWN,

P. E. ISLAND, SATURDAY,

WHEN FREEBORN MEN—HAVING TO ADVISE THE PUBLIC, MAY SPEAK FREE.” —Eurirripes.

JANUARY 1],

1848. [No. 22.

SATURDAY, JANUARY I, 1848.

a

THE CURRENCY.

We insert on another page the Despatch which has: been received by His Excellency the Lieutenant Go-' vernor, on the subject of the Financial concerns of this! Island. A short epitome or analysis of the subject of). this Despatch we shall give below. We beg our read-| ers to observe, that we purposely defer giving an opi-' nion as to the merits or demerits of the operations pro-| posed; and we think it best to do so at present for two). reasons: First—because it requires study and deliber- ation to place before the public any reasonable conclu-| sions onan abstruse subject, ee much examina-| tion into detail;—and secondly because the subject | ought to be entered into with feelings of a calm and’ dispassionate character which we confess we do not at present enjoy, for the threat of the Colonial Minister contained in the Despatch, of what is to be done or left’ undone by the Lieutenant Governor by way of coercing | our Legislature—has at present a strong hold upon our) mind. We think this threat entirely uncalled for. It. surely would have been time enough to have made it if the Legislature—having had a plan Jaid before them by authority—had taken either an obstinate or disres-| vectful view of the subject, or had continued to exhibit the same want of intelligence that has heretofore cha-) racterized on this head the schemes of Messrs. Paliner and Pope. The use of the names of these gentlemen in the Despatch is certainly to us a matter of great sur- prise. We very well remember their repeated vituper- ations on the subject of a document signed by many jnfluential persons, and transmitted to England, as they | complained, by Sir H. V. Huntley, with a view of coun- teracting a request of the Legislature for a sanction of afurther issue of inconvertible paper. We remember

sening it. If they disapprove of the plan propounded

. . . | ° . . will not tell that their scheme required a repayment in'—the country at one time showing their preference of

ten years, and interest at ten per cent., and would have occasioned an addition to the public debt instead of Jes-

by Earl Grey, then they will at once be in collision with ‘the Home Government. Far be it from us to attempt to unravel the tortuous windings of a time-serving poli- cy. The scheme suggested by Messrs. Pope and Pal-' mer, in the Legislative Session before the last, was, to ‘issue 15,000. of inconvertible paper. Now, what is the| |plan promulgated in the Despatch? It is this: Notes payable on demand, if presented for payment to the amount of 50/., to an extent sufficient to meet the ex- isting Treasury Warrants, are to be issued in lieu of then a sum of money adequate to meet the demands which this will produce on the Treasury will be borrow-

ed,—the Despatch does not say on what security, on | what interest, or to what amount. It is not proposed to ‘alter the value of the Currency; nor is it stated how the,

existing Treasury Notes, not payable on demand, are | to be disposed of.

Now, it must be evident to any person of the least | perception, that the propositions of the Colonial Minis- ‘ter are in direct opposition to the opinions held by these |’. ‘two famous fiuanciers—Messrs. Palmer and Pope. W ol are told that these gentlemen and their friends have not | ceased for several days past to exhibit a vanity the most) ‘silly, and duplicity the most contemptible, in reference | to this Despatch, assuming the authorship of the scheme | ‘which it promulgates. Any person who will read the’ Despatch attentively—compare some of its suggestions with the Report of the Commissioners, submitted to the, Legislature in January last—recall to his yesélibstion| the opinions propounded by Messrs. Palmer and Pope, in their places in Parliament, and it must be seen how) miserably false is the foundation on which the assump- | tion is based.

|

But let us quit this part of the subject for a moment. |

ito incurre

one or the other, and at all times overruling atan elec- tion that selfishness and class legislation by which, at present, all our movements are controlled. Sucha sys- tem, too, is best calculated to lighten the cares of the Head of the Government—and, above all, to strengthen the bond of union between the Sovereign and the Peo ple.

Since writing the foregoing observations, we have received the following Letter, to which we give a place without note or comment. The clear and able manner in which our correspondent reviews the question of the Currency, cannot fail to ensure for his remarks an st- tentive consideration.

TO THE EDITOR OF THE EXAMINER, Sir;

I trust that you will consider it no useless occupation of a small space in your Paper, if I venture to offer some ‘short observations upon the very important Despatch relative to the Currency, which has just been published for general information.

Every one who has given consideration to this sub- ject, having a complete knowledge thereof, must have

‘elt that the energy and enterprise of the Colony has ‘been straitened and repressed by the unsound and un- ichangeable character of its paper currency. To this, ‘indeed, may be traced the disinclination to enterprizes 'which are freely entered upon in other communities, Banks of deposit and discount, Marine and Fire Assur- lance, &c., might, and I have little doubt would, have ‘had an existence here as elsewhere, if there had not been a latent impression that the foundation upon which all such Institutions must ultimately rest was false and hollow. That with an unsound Currency and unsettled ‘views upon such a vital question, it was most hazardous sponsibilities of long duration.

We have now placed before us a document which, if it meets with the attention and favourable consideration

[t is our earnest desire that Sir Donald Campbell should | which it so well deserves, will enable us to rectify much regarding this document ; but, be it observed, this was enter on his administration without embarrassment, and. that is erroneous and embarrassing in our present posi- 8 document open to inspection—a thing in a form which without hindrance. It is at the same time our enxious tion, and infuse life and vigor into our future operations. admitted of refutation and invited controv ersy j but what wish to shake off the thraldom in which we, and no less The first part of this valuable Despatch is occupied js to be said of two men, without commission, without our Governors, have hitherto lived; and we likewise ‘with remarks upon the erroneous system hitherto follow- authority, having their names placed in such a Despatch well know the necessity of a revision of our monetary ‘ed, and confirms the opinion held and expressed by as that before us. Lord Grey has indeed, no doubt, the system,—the present plan las too long been cherished many parties here, that the present depreciation is only right to consult whom he pleases; but if he wished to. by the usurers who have fattened on it. How in the'a necessary. consequence of that erroneous system. It raise a storm against his proposition—to excite angry, world the important subject of this Despatch is to be then adverts to two remedial courses—the one having feelings on a subject requiring the most cool and dis- brought before the Assembly, with the administration for its object the restoration of the currency to its esleae passionate discussion—he could not hsve hit on a more of affuirs constituted as it is at present, we cannot sur-'standard—the other, the fixing it at the present well un- suitable expedient than the mention of the names of mise. We hail with pleasure an improvement in the derstood and easily calculated rate, to be accompanied these gentlemen. The people of this Island have their constituent parts of the Exenye Government, by the with cautionary measures for the prevention of its fur- liberties as well as their pockets to look to—and if these admission of a few members who reflect the thonghts ther depreciation. Lord Grey then states his opinion, persons styled Delegates, the particulars of whose much ‘and opinions of the esi generally; yet so long as its ‘that the latter course is the most advisable; stating at boasted interview with Ear! Grey cannot be known—| constitution remains unchanged in principle, so Jong as) ‘the same time the grounds upon which he oe that thought they had reason to complain because an openly it is irresponsible to the people and to the Crown, it is| opinion. signed and openly transmitted Memorial interfered with next to impossible that such a subject as the one we} Upon the first of these (the supposed pressure upon their favourite project—how much more reason have the |are treating of, can have a good or safe result. If we the finances, which an attempt at restoration might pro- people generally to complain of an interview, the parti- had that Responsible Government which can alone car- duce) it is not necessary at present to observe. But it culars of which can never be authenticated. All that ry us through diificulties, some party or other would js very desirable that we should carefully consider all can be known is, that the Legislative bodies have been possess authority cuough to meet the coming crisis. the difficulties and complications which such restoration openly superseded, As to the views and suggestions) Whatever ensued would be the act of the Government, would necessarily involve ;and how impossible it would

too, the low personal attacks that were made by them

| of Earl Grey, it is difficult to determine whether they which, if itcould not carry through, it must be super- ‘be so to adjust the practical workings ofany law enact-

met with the approval or condemnation of the Delegates seded. As it is now, we will suppose—(for though we ed fer the restoration of the Currency to its original —a little chimble-rig process has been resorted to, no know we shall have the new system of Government con- standard, so that it should not inflict or be made the in- doubt, aad they will confine themselves under the one ceded to us, yet we cannot say when)—that a Message strument for inflicting injustice and wrong, and of caus- or othe cup, as they may find the wind sits best for in the old style goes down to the Assembly, and a Bill ing litigation and dissension in the community.

their interest, or is best suited to perpetuate for their) will be concocted, not by a responsible Minister butan The present rate of the Currency has now had 2 du- allies the chance of gain or the dominion of party. It\irresponsible committee, in which every man’s crude ration of nearly twelve years, with but very trifling is «ifficult to guess whet they will be at; it is certain theories must be introduced—one set of men favouring variation. It may, therefore, be supposed that the cir- they have some rare materials for their workshop. If one clause, and another set of men contending for a culation has unobservedly become graduated and level- tlere be an issue of notes, though payable on demand, different one, ’till the whole becomes first a heterogenous ed to the circumstances and requirements of the Colony.

they will try to gull the public into the belief, that they/ mass, and finally an abortion; whereas, the constitu-| have already recommended an issue of notes, but they tutional system of Government will consolidate into two: will not tell the public that the notes they recommended parties the various persons who have nostrums to pro-. were not pavable on demand. If it be proposed to bor-| pose, and these will each be a phalanx whose previous Tow money, they have recommended that too; but they, consultation will have fixed the nature of their measures,

A cycle of twele years is along period in money en- gagements, and it may be justly concluded that the great mass of pecuniary obligations at the present day, have been contracted, either in the present currency, or ina currency having a well-understood and easily settled