The Loan Bill Passed.

Wairarapa Standard, Volume XIX, Issue 1867, 6 August 1886, Page 2

The Loan Bill Passed.

The Loan Bill was read a third time and passed in the House of Representatives on Monday night. The Government, however, did not have their own way iu the matter. TUoy wanted the loan to be L 1,500,000, but that amount was cut down to L 175,000, so that the actual figure of the loan authorised is L 1,325,080. There was a rather interesting debate on the motion for the third reading of the Bill. It was perfectly understood iu the House that tlie Bill must be passed and the loan raised, because the money was absolutely needed, aud unless forthcoming, existing engagements on the part of the Government could not be fulfilled. It was a case of " Needs must when the Devi i drives." The Government was iu a hole, and if Parliament would not sanction a loan then public works would he stopped, engagements could not he met, and the credit ol the colony would suffer. The House took that view of the case, and passed the Loan Bill by fifty five to seven votes. Yet this was not dune without an energetic protest on the part ol the heroic seven who funned the minority. Mr Wakefield, wlm led tliis hand, emphatically declared that he was dead ag-mist ail further borrowing. He denied that it would be disastrous to stop borrowing. He did not agree that it would be disastrous to reduce public works. If to morrow public works were stopped the people would apply themselves to other pursuits, and consequently more money and more labor would be applied to reproductive woiks Burrowing bad been the curse of the colony, aud had had a most demoralising effect" There were properties in this colony to the extent of over L 200.000 held by loan companies. Further, borrowing had led to a loss of independence and thrift, and had raised a higher standard of living than people oould afford. Other speakers did not " go in bald headed ” against borrowing, but while admitting the necessity of the present lean, any future borrowing must be of the most restricted character, aud that the process of •• tapering off ” would have to be ligorouiiy adopted. We really don’t know

how for hou members were sincere in those professions of their desire to pu'l up in the borrowing line. On one point, however, we are perfectly certain—which is this. If Sir Julius Yogel should remain in the Ministry, and get the better of Sir Robert Stout on the question of borrowing, he will most certainly come down to Parliament next year with a demand for another loan of a million. There will never be a surcease of borrowing till Vogel is either out of the Government, out of the colony, or out of the world.