Borrowing.

Auckland Star, Volume XXVI, Issue 4516, 19 November 1884, Page 4

Borrowing.

(To the Editor),

Sir,—While our politicians are busy with their own selfish scheme1", the co!ony is rushing on to sure ruin; it must be clear to everyone that paying interest is a one-sided game, as we get nothing in exchange. M would propose that we set the Government printing press to work and print off paper money equal to the amount that the Government propose to borrow. The paper money will answer the purpose of British gold, and save us the interest. At any rate no harm could be.done by printing as much as is required to pay all liabilities incurred in the colony. The plant that we import, such as railway iron, could be bought with our paper money, but if we pay for that in gold surely there is. no necessity to pay our bone and sinew with borrowed gold. If we borrow gold it will all be sent out of the colony to pay for imports. I think it is high time that wo learned to live on our own resources. If we allow foreign capitalists to invest their money 'here we shall soon hear'of " British interests" in New Zealand that must be protect 3d ; and the fact of our being fools and incapable of governing ourselves (the fact of our falling into the hands of Sir Julius Vogel proves it) will cause British statesmen to have very little scruple of conscience in dealing with us. I am afraid the big landholders are the cause of this borrowing; but they will find that every £ that goes out for interest is one £ less for land value in the colony. It may cause temporary prosperity, but the time must come when our children will be serfs, paying away all the wealth that is not actually consumed by the workers to foreign capitalists, There is. a limit to the wealth-pxo-ducing power of New Zealand, as we have hot much land that is free from the clutches of " British interests." The American depression of 1857 was caused by foreign capital buying up the right to draw all the spare wealth that could be produced in the country, but opening new land and making railways enabled the American people to tide over the difficulty. I hope our landowners will be satisfied by demanding all the spare wealth that can be produced in the colony, and forbear from selling the "right to tax" us to foreign capitalists. If. they can't be trusted, our only plan ia to make them pay interest on the future unearned increment or land value. This interest could be applied towards buying up the paper money circulated in making railways. "British interests" represent 3J millions on our public debt as a yeai-ly tribute; and if we knew the whole amount of wealth drawn out of the colony by the numerous banks and loan companies as interest on their money, it would cstonish us to think how we can pay it. We must, remember that the Liberals our children will have to deal .with will not be the Liberals of 40 years ago. England is fast becoming a nation of moneylenders, and, if I read human nature, willcare very little how we fare so long as they can draw their rents and interests. Kith and kin has very little influence in these days of money-making, as it is called. The fact is, all the "world is gambling to see who shall win the power to tax their fellow creatures, and this at a time when manual, labour could ba almost dispensed 'with, provided we did nothing but necessaiy work. If we wish to make railways we can pay the makers with paper money, and it will circulate as readily as the coin we borrow. If the English capitalists want employment for their capital, let them come out to New Zealand and make a fair exchange in manufacturing or any other trade. Every £of foreign capital we employ strengthens the chain that is dragging our children into slavery.—l am, &c,, Robinson Crusoe, November 9.