A LOAN ON THE SECURITY OF THE LAND FUND.

New Zealand Herald and Auckland Gazette, Volume I, Issue 24, 10 November 1841, Page 2

A LOAN ON THE SECURITY OF THE LAND FUND.

In a late Number of our Paper, we noticerf a speech of Sir George Gipps', in the Legislative Council of New South Wales, stating the financial position of the Government in reference to its liabilities for the current immigration. The question of a Loan has been a theme of much discussion in the Sydney papers. The following is a portion of an article in the Sydney Free Press of 7th ultimo : " In founding a new Colony, as in the case of New Zeaiand, there are various permanent institutions, public works, and public offices, indispensably necessary, not onlv for the formation of the settlement, but for its future growth and prosperity. If all these were to be establis!ied"at the immediate and exclusive expense of the first settlers, not only must their resources be gigantic but their patriotism mnst also be" of the most romantic and sublime description ! But such resources do not generally exist, and such pitribtis n posterity have no right to expect at the hands of the first hardy adventurer-, whose enterprise nviy lay the foundation of a Colony. The contraction of a loan in such oases is only a justifiable expedient for anticipating the contributions of pot terity, whose interests are prospectively and substantially involved in the object of the loan, and who, ii they were in existence, could have no ob • jection to contribute towards such an object. By this expedient the expense, which it would be unreasonable.or impossible to expect one generation exclusively to bear, is distributed over several generations, so as to retard materially their comfort and advancement.