The Press Thursday, March 5, 1931. Repudiation and Thrift.

Press, Volume LXVII, Issue 20178, 5 March 1931, Page 8

The Press Thursday, March 5, 1931. Repudiation and Thrift.

Ip the latest news about polities in Australia it is reported to-day 1 that Mr Theodore, the Federal' Treasurer, de» ngunces the repudiation politoy of Mr Lang*, the Premier of New. South Wales. This would be more impressive if it did not make everyone think of the pot calling the kettle black; but even Bp it adds a little to the lean credit of the reconstructed Scullin Ministry, as determined by the Labour Caucus, that its financier should condemn another ■ for attempting to make workers' believe that debt repudiation would relieve unemployment and social distress and provide ;£ 0,000,000 for the immediate relief of distressed whefltgrowers. Unfortunately, Mr Lang accepts no snubs or checks. Ten days ago in Sydney at the opening 6£ the by-election campaign for the vaoftnt East Sydney seat he was bolder than ever in advocating debt repudiation and captured the working population of Paddington with n statement that "unless the oversea tnoQey interests ff fund Australia's oversea debt upon '' more equitable termi» .©cjvitil fit least "to those which the 'United States " gave to Britain, we will make no " further payments in liquidation of «oui" oversea. interest commitments." TQ ity&g'thbi more convincing hp added tbftt "the $lJp ; 000,OQO- juthorto sent '< across Water shall remam and t( circulate Jnour own country in the "relief of unemployment.' 1 There axe two reasons why Mr Lang's policy is popular amongthe extremists of the Labour Party and their deluded supporters. One is the f*6t that the interest on State loftfyf fe guaranteed by the Federal Government, and the othef is the insanß fancy that repudiation would hurt capitalists Only to thfilfVPAt benefit of Australian workers. Mr Lang said not, & word tO disturb this fancy, ilo not tall his ftUtUsJMP that reputllfttiaw create nfora unW4 jflopwdise the interests of of -Wor&eft who have sp.vi«|ja in the bank (Hid, in jjoliojfiSi Y?lio ' the, AWfltira« lian bondholders Wfy Mr Lang did Jwrt explain} sqi this k Vary important in« formatioili if paty to correct tfcfr gross* error ef the belief that Governments I borrow money predatory " money* " lendfijPd." "Not le»8 than £250,000,000 of AiVefralifl'ft 26AM le held by saving banks> OOWPanies, and friendly socido<»| investments reptjW sent the' several million per* sons. Further;' it has been estimated that small subscribers are the of 11190,000,000 aid £2001000,000 worth of Government W eridouraga nothing to correct, but the small savers and investors who hnvo worked hard for their money* Eycn among Australian unionists and politicians who believe in leaa work for mora inoney and spending all of it. thiir struggle for independence should faff respected and the entity of conwith tK«m upheld} and tl»! 'workers who set up the sUne atandarde toi iind«powdena« r in Atuh tifijjii* or eUowherff, will know that Mr ii iMr ] motf wlAßhlevoils enemy* w%s9 o* repudiation iaM h6he»t toßh *M this mercy of der It' u from Polhi to-day tliai? Qtiftdhi the Finance 1 ci £SsflfltiUte* Cpunsil, Sir 1 (Jfeeygq hato feachod an " agrefemant" on the aub- ! j&St 6j:tlw>alt'tfcc. PoOjUa living ne«r bG aHoV/ed to "&ath^: j (wd »»11 salt" without j htpdWee £raW the ezobe authorities; sjldjiiis is s4id to "ov(flf•rtmVft it possible for the National Congress to assist in Carrying out the RctoidrTab]pr -i proposals. {the i eonapgpid& Beentß smaW aifd m mny p«opto will f^pnde; 1 why hftve so pefe ; I&46j(w<w'isff4et; ba thought Jihott 4$ pw ig that the th« salt ,imasott«i it hfs.hftd a very Jong and history, dtorijig fhioh,' tta the tfjsva fyimmn sftid lwt tyky t ', it .has- " -ft ,vast « hen)tiiff9, poiJnlw - odium" j and > <oh a coiiimodlty vhloh jawiy c|Wi mbke/for themselves ths change of defying the GoverWnent'fe authority. The Government of India, has clung 'to the salt tax because 'it produced ft ssiwly /revenue without 'VoAsiHg Ojn th 4 people; but these very that its incidence was of thti though %ht, «id that the GlovArnment ;uMlsWd. on rqtainiag it, enabled 3andhi mid the other Congress l«g3e?s io seiae on it as a symbol (wg pr6of of Qredt Britain's ttnrelentinf: fjpminattoa to through their »tta«k' on it the demand, for the " <( of independence w «-that is, tpt\ * f aiipH yontrol; over- fl4anoi«l and P9U<sy that it would b<> po?sihls <♦ iov Indian to reduce military jsd , to dWa burden of f fftxfttibni contfoi imports flUph- a wtjMhat'.tbp peasants and '' woriters of Ifndia ha,vd battel* qf d'evoloping thett; li vi|%9 w»a tt 1$ salts/' Which supposes Indian £spql wd flnanpiq.l autonomy, would; st£pdw& l jpipertaui is thst jSandhi to gaof for threatening: til- lepd a raid on a salt depot, thJili ,he did So heaaußQ hp believed the «nd Indian Qovorjamonts Md tfffjjptention of thoir financial 4 control, and' that pny con-: I;$ .that rpspfict, OTPs & it b& fliisallj is JM Or BjMn Wle^etln^ 4. U ' »rfc«-sriK.r t -. «

wants to know "what the functipna '* and powers of p. Domiflion [of India] «< areto be, and Who \e to have effective «pontdpol, of the essential servicer in "any federation," and ha looks for «clew proof—in deed, not only in (t word—that- Britain really means to "recognise India's right and ability to. " control her own national life." If it lr easier to prove this to the Congress by abandoning or partially abandoning the salt t** than by the labours of the Bimon Commission and the RoundTable Conference, and if the .result is to substitute eo-operfttlott for defiance, history will have another example of tho truth that sentiment is much more powerful than roaeon in politiea; but it will be not. less- a relief to ftncl that the Congress is open to any sort of proof at all.