THE FINANCIAL SCHEME. TO THE EDITOR.

Otago Daily Times, Issue 2798, 25 January 1871, Page 2

THE FINANCIAL SCHEME. TO THE EDITOR.

s j SIKT A philosopher started &» [ides, that the mass of mankind being hop*iesalymad, put the few comparatarelysaa* people into lunatio asylums, for the sak» or flattering their own vanity, and dscemns? themselves into the belief that they uo ia possession of their right sense?. By similar reasoning, I think it might fe© maintained that the majority of people be&jff invariably dishonest, combine to imprisoS the few comparatively honest persons, suck as thieves, piekpookete, and so avoid a contrast which would be to their disadvantage. This reflection waß forced on me by conversations 1 have held with various persons on the subject of the four million lo&n, 16 is remarkable to observe the uniformity whioh characterises the arguments of those who are in favour of the measure. "We admit," say they, "that New Zealand can never pay the interest of such a sum in addition to our present enormous taxation. Wa know very well that the scheme, if carried out, must ultimately end in bankruptcy^ repudiation, or a grand smash of some kind. And the attempt to levy such further taxesr as would be requisite to pay the interest; must inevitably bring the colony to rain. But we don't see how that concerns us personally. If the money is borrowed, spent and circulated, it will make things wey brisk for a year or two. The day of reckoning won't come in our time. And if we am smart, and. look out sharp, there may be » chance of getting hold of some of the money and sticking to it. Anyhow, we are noft going to make our home in this country, and shall clear out long rafore the day for paying "either the principal or interest. And then, if our nest be comfortably feathered^ we don't care whether the English bondholders are defr uded of their money, orwhether those who remain in New Zealand are utterly-impoverished by pressure of taxation." . '

It is a most sad and mournful (hmg to find : so many people among us who, whilst perceiving the desirability of being prosperous, fail to recognise the necessity for being ; honest. To address to such persons any argument based on considerations of hononsor obligation would obviously be futile; bufcift may be worth their while to consider whether this scheme, even from their poinfc of view, really presents the attractions thej ascribe to it. In a former letter, 1 endeavoured to show that the grand financial scheme is the very counterpart of the system* that has been going on for the last ten years?,, and under which we have drifted to the present miserable and alarming situation. Tie wretched and complete failure we have experienced iB a small recommendation to pc». severe in this Bystem ; and I can conceive na greater folly than persistently to follow a course of whose disastrous effects we have had such abundant and bitter evidence. Hiven looking at the policy of the past as regards its meanest and narrowest results— putting out of consideration the enormous injury to the community—what advantage has it yielded even to a few private indivfc duals ? Since 1860, we have been borrowiaff and squandering at Buch a rate that t£» annual interest we have now to pay is eqossl to the entire amoant of the debt ten year© &e%L A^ d yek where are the men who base profited by it ? Disregarding tke frigbt&&

~ *3oss to the public, where is even a solitary who has " made his pile " out of : this system of reckless expenditure ? ; But there is another consideration that "merits attention, - According to the view -openly expressed by those in^its favour, the „ Loan. .Bill owes- all its attractions to the f siet ■ of its 'being a well-planned promising scheme for robbing the. English capitalist. Its supporters say, •• We admit that it is nothing short of robbery* but the men who are endeavouring to carry it out are going to rdb •others for our'benefit, which is exactly what we wont; but they are not going to rob us;." There is a charming simplicity and -trustfuli ness in the idea thus enunciated, which en- ' *»ety overlooks the fact that persons hired to rob are generally very impartial as to "whom they steal from, and manifest litijle compunction in turning round on their employers, when circumstances are favourable, ; and helping themselves to whatever they din •? lay fingers on. \ '. It therefore the Four Million Loan Bill be "(as the majority of its supporters proclaim it) a deliberately planned scheme of robbing the public bondholder, they ought to be very careful indeed into what.hands they entrust '?;.$.? direction. If it be, as they say, simply! a \7."^U devised swindle; they may experience ■ aOme difficulty in finding men at once roguish enough and honest enough, to put it through :^% success. They -will, want L spare one t ; ;.;'ntter!y unscrupulous as to robbing others, - but who will be governed by the strictest ■- ;aense of honour in his dealings with them. •■, . And such a character is exceedingly difficult to find. Rogues, as above stated, will be po -confoundedly impartial, and manifest no more reluctance in swindling one person than M ■....«.:• j If the, people of NewZealandhave really made up their mind that it is useless to per;;«evere In a course of honest industry, and'thjit , £ the only chance ; for them is' to go in boldjy .and atake their all on one gigantic swindle, they can try their luck. If they have so little -confidence in the resources of their adpptejd .country,.andso littlerelianoe on'their Lowjn abilities and energy as to believe that the best, t&rag they could dp is deliberately^to adopt' • a policy which pretends to nothing more ■than offering a temporary alleviation at tne price of future, but certain destruction, they 0 can,attempt it... But the chances of even being /able'to. carry out the' scheme—much' snore of its succeeding—are very problem . matical. People in England are not absolute !" fools. However much mistaken self-interest may blind the people of New Zealand, they , r 'may rest asured that the moneyed classes ~ «$ nbme, are, quite, able to see through the ' shallowartifices by which, it is sought to. them. But even suppose theattempt i -to:- be so far successful—suppose "' the | ' Uritißb. public gulled into advancing the fout millions—it would still remain quite" art ©pen qmestion whether New, Zealand would derive any advantage fromth'e expenditure of the money. One or two gambling adventurers might possibly make their market ~«nt of.itu . Fora few dexterous.wire-puller^ | ; there 'might perhaps be- the chance of com* \ missions, pickings, or';.-"' lubrication," but.if | W may judge by the [experience of the past, the result to the mass of the community ■would be nothing but ruinous disaster. I ■ But with all these uncertainties, one thinji; -; is absolutely certain aiid; inevitable. Before - '.-tjhe scheme can be tried—before it can be i. put in operation, or even attempted—it is an indispensable preliminary for the entire Go^ -vernment of New Zealand; the administraj >|ion of her revenues and resources, to be enj trusted to'the hands of men whose chief recommendation seems- to be that they thoroughly, qualified, to devise, and carry out; swindle.! „..:..- } ' ""people who do not^ee the suicidal folly of Sauc'B.Ta step Seservetd be victimised, and it is Idle to waßte fpityior^sympathy for the; «ajanu^6s^t,are.^^;fo 2 b :^them.-, ■> . j '"Boine people,' howevery are' possessed by! tvaoh. extraordinary infatuation that they fail; " fto see tiiat any one who professedly makesithis| > business to rob for others, is quite certain toj -ateal for himself..-.••fit;would seem as if the; Tpe'ople of Otagp had ney,er. heard of snob, a; "thing aa .a .public;functionary embezzling! {public money. And they'hardly realise that; 'lor one clear and well established instance of, itheffc, there are a dozen undiscovered casesi •«£„'", Inbnqation." s This, too, should be', in mind that whilst the losb by sheer1, ftheft is limited to the amount stolen, the nn-j ■principled political adventurer is compelled1 by his very position to waste ten times aaj _ Jauch as he pockets. ' . . ./.■■/. :,.,'-.■/! 1 '■- -^'"Yoor'readers are doubtless familiar with] fable of the goose that laid the golden; "eggs. The question to be decided practically amounts to this—whether the people of New; -Zealand (will consent to the killing of their .sooae. The chance of finding golden egga in ia at best very doubt? dl•'•;; but it may be! as certain, that if the sentence of i dsath be passed, our politicians will take! very good care 't&t. the public get nothing; I^4he^Bti^lam t M&o., n \ - ''.y' : ■....;; " ,-.]'i:'x^"'.".-MAkrSR EfaMPHREY. |