Fix this text
THE BANKING POWER
Fix this textWITH Some FINAL GENERAL OBSERVATIONS
Fix this textThe Commonwealth Constitution, in Section 51, confers
Fix this textpowers on the Parliament to make laws for the peace, order, and
Fix this textgood government of the Commonwealth with respect to
Fix this text(xii) Currency, coinage, and
Fix this textlegal tender.
Fix this text(xiii) Banking, other than State banking; also
Fix this textState banking extending beyond the limits
Fix this textof the State concerned, the incorporation of
Fix this textbanks, and the issue of paper money.""
Fix this textThe interesting thing about these powers is that
Fix this textwhile they are in some ways narrow, and in one way (the meaning
Fix this textof banking) somewhat vaguely defined, the Commonwealth has,
Fix this textunder them and over a lengthy period, been able to build up a
Fix this textmany
Fix this textrelatively far-reaching and in most
Fix this textways adequate system of
Fix this textmonetary and exchange control. This, you may at once say,
Fix this textdemonstrates not the growth of power, but the exercise of power.
Fix this textThis is true enough. But the real significance of the matter
Fix this textappears when we add this measure of control over monetary matters
Fix this textto those other great developments under Section 96 and Uniform
Fix this textTaxation and the Financial Agreement which I have endeavoured to
Fix this textexplain in my earlier lectures. If we do this, we will see
Fix this textclearly the sources and nature of the Commonwealth’s paramountcy
Fix this textin the fields of revenue, capital provision, and (with some
Fix this textreservations) monetary and credit control.
Fix this textTrade and
Fix this textCommerce
Fix this textwith other
Fix this textcovatives, and
Fix this textanon the
Fix this textHates
Fix this textThe exercise of these
Fix this textpowers asmay
Fix this textby the
Fix this textbe aspecte
Fix this textFinancial
Fix this textAgreement
Fix this textunder lect
Fix this text105 A, and
Fix this textis susped
Fix this textto section
Fix this text99 sat
Fix this textquar
Fix this textto the
Fix this textfreedom
Fix this textInter state
Fix this texttrade.
Fix this textAda7
Fix this textIt's easy and takes two shakes of a lamb's tail!
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