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[Page 4]
[See 33.01 for Banks's draft of his proposal for establishing a colonial currency]
By the representation of those who have lately arrivd from New South Wales, it appears that Spirituous Liquors are the real measure of property & there & the Notes of Individuals almost the only circulating medium.
Spirit is sold there to the Retailer and to the Consumer who has permission to purchase it wholesale, at about 10s a Gallon, the same Spirit is retaild by the Licencd Dealers at 20s a Gallon, and this price may be recoverd in the Civil Court on Plea of Debt.
This is however only the nominal value of a Gallon of Spirits, as Articles of Produce whose actual Money price is much higher may always be procurd at a cheaper rate by the medium of Spirits than by that of Coin or of Bills, a Sheep, rated at the money price of £3 is often purchasd for one Gallon of Spirits and other kinds of produce in a proportion similar or nearly so.
To remedy this very disagreeable state of the Colony two things are necessary, first to permit a more adequate proportion of Spirit to be