CHEAP MONEY.

New Zealand Times, Volume LVI, Issue 2277, 6 August 1894, Page 2

CHEAP MONEY.

TO TUB EDITOR. Sib, —In tho political pinking last night there are passes which, no doubt, were intended to be very deadly, which when examined with calm common sense will appeal- to be . quite harmless ; when, for example. Sir Robert Stout said that the borrowing policy of the Government is a strain unknown in any country in the world except in war time. We have no need to go out of New Zealand for a parallel. When wo come to look back from 1846 to 1876 we shall find that in tho space of 30 years the Government of New Zealand borrowed SO millions. That was a very great pressure, and that at nearly 5 per cent. Yet the country bore the pressure and paid the interest, and during that time sheepfarmers and others borrowed somewhere about 90 millions, and I suppose they paid tho interest, and at the same time became the autocrats of tho Colony. Whilst this was going on tho tradesmen who borrowed money, if they could get it at all. had to pay 10 per cent. It was likewise during this time that so many absentees made large fortunes in the Colony and went to England to spend tho proceeds in riotous living. If New Zealand could do such things as these when her exports where almost nil, when w-e had to borrow the money to make our railways, when wo had no roads nor bridges, nothing but the wilderness and the Maori war, no rich men nor great estates to tax, what on earth is to prevent us from doing much more now ? There is nothing but that greedy desire to keep these large estates owned by some residents and by absentees from being taxed to pay the interest. Is it not time the small farmers and the labouring men had their innings, at least, in so far as to keep them from poverty and the wretched misery thathas existedinthia splendid productive Colony ? Never was a time when money was more needed, and never a time when it could be got so cheap. I sincerely hope when better times do come that the people will settle down to industry aud thrift, and they will never have to bear again what they have the few last years. The greatest anomaly and misfortune that ever could happen to auy city is that its representatives, after being sleeted, always use their political power against those that placed that power in their hands. Mr Duthio used no deceit nor cant to procure his return. Can the others who professed to be Liberals say as much ? Talk of purity of election and purity of administration! I have hoard it said the devil can appear like an angel of light, and after the experience wo have had I can thoroughly believe it.—l am, &c., John Plimmeb. August 2, 1894.