RETRENCHMENT BY BORROWING !

Ashburton Guardian, Volume VII, Issue 1738, 17 December 1887, Page 3

RETRENCHMENT BY BORROWING !

— __ — » Our readers, we feel sure, will remem • bet with what a flourish of trumpet the Hon Major Atkinson announced to the House, lost m wonder and astonishment, that he intended to effect retrenchment to the extent of They will also remember how studiously he refused to afford the House the slightest information as to the details of his scheme of economics. Unfortunately the Major's record m that particular branch of politics is not a very good one, and many honorable members doubted the sincerity of his sudden conversion from reckless extravagance to the most stringent parsimony. Still so blindly subservent were his supporters, that to entertain the slightest doubt on the matter was regarded by them as something little short of rank treason. Which party formed the more ' correct estimate of the genuineness of his newly-acquired love of econimic profession is now beginning to be apparent- When a few days ago he brought down his measures of financial reform, and proposed reductions m the Governor's salary, the Ministerial allowances,and the members' honorarium, 1 many began to think that he would fol- < low up his scheme of drastic retrenchment by proposing to the settlers that they should contribute to the selfsacrificing that was going on all around, by taxing themselves a little to meet deficiency m the revenue. But no ! Major Atkinson is not the man to risk * his tenure of office by proposing any such unpopular scheme. He has a pleasanter way of meeting little difiicul- i lies — namely, by having recourse to the English capitalists, and he is now seeking the authority of Parliament for \ raising a loan of ,£2,400,000 . Now \ we venture to think that the Premier is j imposing too much on the good nature of his supporters. There are many t members m the House who have been I returned pledged to oppose further borrowing, and who will feel compelled, f either to vote against the measure, or : to insist on a substantial reduction of ! the amount proposed to be raised. It ] would have been a far better course to " have raised the money by additional taxation through the customs and the r land, but this would not suit the Freetraders. It will be seen thus what between that section m the House who are opposed to further borrowing, and the disciples of Cobden, Major Atkinson is m a slight fix. Whether he has chosen the less of two evils the next few days will pmve.