the notes, and this remaining
$1,000,000 utilised as a law. It
A
cost perhaps 1/2 per cent,
there would be some
profit from notes lost and
destroyed,
The Banks here estimate
that their note circulation
earns them one per cent. of their 1/3 per cent is a duty paid to the Government, the other
third
represents
the work
18 note
But how
many
Lack? many why
remain $500,000
10.
the
required for public
so,
might either be raised by
if it were
found that
cover notes were still in
demand
291
demand in the same way
as suggested above.
11.
I am aware that there
is considerable objection
to raising money by means
of notes. But in this case where the primary object is
to remedy
a severely-felt public
inconvenience,
what substantial argument
can be
urged against their use?
It
may be said, that
a loan would have
been repaid. There is nothing to prevent the Colony putting aside every year precisely
the sum it would have paid
and investing that