Volume 01: Production and resources of the northern and western districts of New South Wales, 1854 [ca. 1850-1857] - Page 623

First That it is the duty of Government to take measures to guard against the possible effects of the increasing production of the Gold mines upon the holders of the national securities

Second That the contract with the holders of the
national securities ought to be substantially fulfilled.

Third That the contract substantially was to pay them annually the twentieth, or other undeclared fractional part of the real value received.

Forth That the community has no interest in defrauding the fundholders to serve the payers of the taxes, as would be distinctly visible if every man was a fundholder in the same proportion that is a tax payer.

Fifth That the allegation that the fundholders have been overpaid in consequence of what is
denominated "Peels Bill" is a mistatement, dependant upon a reckoning all who have been overpaid, and taking no account of all who have been underpaid, the truth being that on taking both together, there is, on the lowest estimate a balance of eight millions & a half which, on an equitable adjustment, would be due to the fund holders.

Sixth That if the discovery of new gold mines should go on, it will lead to a domination[?] in the value of the precious metals, like that which occurred in the reign of Elizabeth and periods subsequent, in consequence of the discovery of America.

Seventh That it is no argument against the imminence of the result that commercial men show no symptoms of alarm, because, to the general operations of Commerce, it is indifferent whether gold is dear or cheap for the simple reason that every man pays it away at the same rate that he receives it & vice versa.

Eighth That the arrangement which forms such a cause, would be made in the property of the fund holders, and all the old creditors & mortgagees, ought to be prevented by the same means which so far applied, were effectual in the time of Elizabeth, namely, by application of the principal [principle] of a [?] rent. Ninth That the application of that principle would be affected by the issue of a paper currency not convertable [convertible] upon demand, but issuable only to such amounts as should be from time to time directed by act of Parliament, on evidence produced that the price of [?] had, for the average of a certain period been below Shillings per quarter; any intravention of such acts in respect of issuing more than therein directed, to be dealt with in cases of forgery, the amount of such authorised issues to be debited to the Exchequer and applied to the consolidated fund - Tenth

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Volume 01: Production and resources of the northern and western districts of New South Wales, 1854 [ca. 1850-1857] - Page 623

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Volume 01: Production and resources of the northern and western districts of New South Wales, 1854 [ca. 1850-1857] - Page 623

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