THE LOAN ACT BUNGLE.

Otago Witness, Issue 1890, 10 February 1888, Page 10

THE LOAN ACT BUNGLE.

The hoity-toity tone which, according to>t 0> Wellington correspondent, the Ministers^ adopting over the awkward position thatk arisen under section 19 of the Loan Ac^ to say the least of it, very unbecoming * the first place, seeing that this unforf^ section was introduced by Ministers ti>T selves, they would be far wiser to express^ regret at having made a very careless ois& than to attempt to throw the blame npojtv obstructiveness of the House, and thr^ members with a kind of bill of pains * penalties on that account. But the qu^ of whose fault it was is of small import^ as compared with that of the action to\ taken in consequence. The ground W the Ministers announce through vatjs special correspondents that they i^ to take up is quite untenable, and . is surprising that a Treasurer of § Harry Atkinson's experience should entertained it for an instant. ]■• wording of the law is perfectly C l^ Every prospectus, notice, or advertise^ " inviting applications for any loan iss», " before 31st March IS9I shall con£ " particulars of this clause," i.e., the da;, providing that no loan except the KoJ; Island Trunk, the Public Revenues, and^ port and Greymouth Harbour Boards l^ shall bo issued in the United Kingdo; It is therefore clear that if the %^ Island Trunk loan i 3 raised before fy liament meets and alters this Act, tj, pledge not to borrow further must be attach* to all prospectuses of the loan, and it g^ without saying that such a pledge must \ adhered to. There is no moral doubt tig owing to the omission of the million lrs itself amongst the exceptions the clat does not express what Parliament rueantt do, but where the letter of the law is i plain and unmistakable it is impossible!, go behind it and attempt to override itfc evidence as to its being a mistake. ■ once this disregard of what the la, says on the ground of the law v meaning what it said were allowed, tl whole fabric of legislation would soon \ undermined. The first duty of Ministers; to obey the law, however mistaken, unfe tunate, and even stupid it may be, ands whatever inconvenience to themselves 5 anybody else. The idea that Ministers ir to " take no notice " of an Act that is h convenient, and to be allowed to set asii the law on the ground of a " clerics, " error," is manifestly untenable, and its pr, mulgation with such authority we regard 1 a grave and mischievous indiscretion. It L bad enough that the respect due to the la; should be lowered by such an exposure p carelessness in framing the law, but that (b chief law-makers should set an example t law-breaking would be very much woia Inconvenient as it may bo, we see nothing k it but to call Parliament together ncr month to amend the Loan ■ Act before ait loan is placed upon the English market, roils the Government can depend upon raisiij the whole million they require within, fe Colony ; and, desirable as that is, the Gcvernment would be unwise to allow thecselves to be driven into a corner. Besida the question of violating the sanctity of fc law, that of the public faith is involved, ad it is needless to point out how necessary! is to exercise the most scrupulous care « that point.