LOANS AND SINKING FUNDS.

Evening Post, Volume LXXIX, Issue 111, 12 May 1910, Page 2

LOANS AND SINKING FUNDS.

» TO THE EDITOtt. Sir, — Tho article on this subject h your issuo of Tuesday was doubtlew rea* by many with mixed feelings of curio sity and disapproval at tho absurdity oi Sir Joseph Ward's proposal, not that ii is not of value iv itself— for it should be carried out, if not in the stated tin« named, then in as short a time as pos 6ible — but at the absurdly impossiblf method proposed to be used, in carrying it into effect. Sir Joseph is not sincer* in this or ho would long ago have sup. ported and established tho only stint method or tho most practical one to I achieve so desirable a purpose, namely, 6elf-help, by cessation from oulsido borrowing, by moans of creating a Stata bank of issue on a gold basis of value, by which, if construct ed on proper lines, could through its note issue based on tha gold and other products of tho Dominion, find its own money inside it6elf, in which case not only would it bo possible to pay off tho national debt, but so regulate the currency question, as within ourselves, as would largely, if not entirely prevent the unfortunate occurrence of what is known as hard times and financial upheavals Sir Joseph has always set his face against any proposal of the kind which would prevent us from further 'sinking this country in debt to outside monoy-lendere. Ho is fond of turning from the question with his. familiar answer: "It won't do. Wo will offend so , ana so. You don't, understand tha subject, ote. But never yet ha,s h© put forth a good reason against it. Now he realises that tho business acumen of this Dominion demands such a ohange in the management of its currency as will maka for its best interests, and thus it brings him to the footlights with a plausible promise of as much real value as a Dead Sea fruit. He should know by this tima that the workers, including all business, of this land are not to bo further deceived—that they know just sufficient of practical business to lead them to differ from him unless he adopts the only prac tioal and business-like course as herein named to deal with this very important and colossal subject.— l am, etc Wellington, Hth May^lS BANK "