CHEAP MONEY SCHEME.

Press, Volume LVIII, Issue 11084, 1 October 1901, Page 6

CHEAP MONEY SCHEME.

Jlr S. a Joßy, i#a, letter too long for insertion in • full,. -^-writes*-: to combat "RolandV allusion to.Mr 1 Newlyn as the originator oi the farmers' cheap money scheme. In the course of ■α-long letter,, -Mr. Jolly claims that' he . originated the scheme himself at Kyle South Kakaia, in 1881. He "told tfhe farmers that if they converted the debts of New Zealand Harbour Boards, and local bodies, and the private debt of the people into tihree per cent., they would save £2,000,000 a year in Interest." He goes on to say: "If scheme had been carried out for the last sixteen years, there would have been a saving of £32,000,000, instead of about £4,000,000 being , saved, and a possible £28,000;000 lost to us. If this amount had been saved, tihen fully 80 per cent, of those that have gone through the court would never ihave 4rtwi to do so, and the distress among, tlhe working, classes -would never have arisen. , *, Mr Jolly,further claims to have ..invented' a railway scheme, which "the Kew South Wales Government have , been working, and which they say is the best paying gaaw they ever tackled." The West Coast railway is; he says, another of Ms schemes; likewise tlhe old age pensions fund, State farms, and other schemes with which other (people's names have been connected. He quotes Sir George Grey as having said to him in 1884: "Wie had not got a single thing to work upon until you came out and gave ne .' a- - full head of knowledge. - And. now that we» have it,.. we haven't got the,'brains to make use of it. . . It is something wonderful bow a working man like yon can handle figures thte way you do, You are a mystery and a wonder to them all," And Sir George added that Mr Jolly's defeat when standing for Parliament : tnat same year was "New Zealand's loss*" ', for: if elected he "would have had a united New Zealand at his back to support him as a leader."'