Because, chances are, its contents will be a massive disappointment.
If the letter is what we expect, then its release will kill the story. We'll read it, feel a slight pang of disappointment and turn the page. A bit like finally seeing the monster in the horror movie. It's always better to imagine the monster.
So, as long as we're left to speculate on what it says and why the politicians want to keep it secret, its power is greater. It keeps on doing damage.
Where this letter is doing the most damage is the Government's claim to be the most transparent ever in the history of this country.
And, because that promise is deeply connected to the Prime Minister's kindness brand and her personal ambitions to make politics nicer, it is in effect doing damage to Jacinda Ardern as well.
Every time the Opposition proves that this Government is not the most transparent in the history of this country, they are hammering Jacinda Ardern. Same with this letter. This isn't an attack on Genter alone. It's an attack on Ardern too.
This isn't a risk this Government can afford. The Prime Minister's personal polling has slipped a surprising 10 points in just three months. Ardern is under pressure at the moment, accused of being a part-time prime minister, of meddling in the Ihumātao land protest unnecessarily, written up by some commentators as weary.
But, she is this Government's chessboard king. Without Ardern, they would not be in government. They should be rallying to defend her and her personal brand. If Genter is protecting herself by withholding that letter, she should seriously consider instead sacrificing herself for Ardern right now.
The naivety on display is gobsmacking. Genter's go-to line has been "this is not a big deal".
That demonstrates a complete lack of understanding of modern politics. It doesn't matter if it's a big deal. It matters that it looks like a big deal. And these two words - secret letter - look like a big deal.
What also looks like a big deal is when Transport Minister Phil Twyford and Genter both deny the letter's existence before then admitting its existence. It also looks like a big deal when the Chief Ombudsman agrees to investigate whether the letter should be released. And then it really starts to look like a big deal when several Wellington city councillors go on the record to say they were told by Mayor Justin Lester (which he denies) that the letter was a threat letter.
So yes, it looks like a big deal. A big deal that could be much reduced by simply getting rid of the problem, and releasing the possibly disappointing missive.
Nothing in that letter can be worse than the trouble the letter's causing right now.