The Loan Proposals.

Star (Christchurch), Issue 5219, 27 January 1885, Page 3

The Loan Proposals.

. > TO THE EDITOR OF THE STAR. Sir, — I suppose there is nothing very : unusual in a little dissatisfaction being expressed with the decrees of the gods. In our own estimation, at least, we are often wiser than these Olympian magnates, and we even know for a fact that they often made sad blunders, resulting in mischief which it took them no end of trouble to repair.^ I do not, of course, consider that we have compromised ourselves in any serious degree by the decision of Friday last. It is not the comparatively email Bum of £25,000

which will effect our absolute ruin, although, goodness knows that we hare already erred euough in that direction to have taught us more discretion. It is not the loan itself so mvich as the spirit which dictated it that constitutes the danger ahead. Of the 2108 votes recorded in its favour, I venture to say that not even the odd 108 represented opinions in favour of the measures proposed to be effected out of it. Very many, in my hearing, of those most zealous for the loan declared them- i selves most emphatically to be opposed to any or all of the works specified, only in our present stagnation there appeared to them to be urgent necessity for money being raised and spent, — their only regret being that four times the amount had not been proposed, although no suggestion was made as to its allocation. Let them curb their impatience a little, no doubt their full hopes will be realised before long, if only the vendors of the drug are cautious enough to modify and disguise its effects until it has taken sufficient hold upon the system. \ You charge me with a little obtusenees on the point of finance. Well, I do not profes6 much acuteness on euch a catchy question, but I think I can manage to penetrate thus far into it. The money, I understand, is to be raised locally. It is already in circulation then, and will require to be withdrawn probably from Borne useful and more beneficial industry, and diverted into this new channel chalked out for it by our City Council. Is that the only good it is calculated to effect ? If so, I am more than ever reconciled to my blissful ignorance of the sinuosities of finance. Of course, I regard the question as settled so far. My only object in writing to you now is to enter my individual protest against such an unwelcome liability, and to charge you with the duty of seeing that when this loan comes to hand it is not absolutely squandered to make room for another. — I am, &c, RATEPAYER.