Hawke's Bay Times. Nullius addictus jurare in verba magistri. TUESDAY, FEBRUARY 30, 1872.

Hawke's Bay Times, Volume 19, Issue 1253, 20 February 1872, Page 2

Hawke's Bay Times. Nullius addictus jurare in verba magistri. TUESDAY, FEBRUARY 30, 1872.

'W'hen' the railroad policy was at first proposed it was admitted by even those niost favorable to. it that it was accompanied by considerable risk—that, in fact, its success depended entirely on the judicious expenditure of the borrowed funds. On the other hand, it was never denied by its most warm oppo nents that it was possible so to use borrowed capital as. to develop, the latent resources of the Colony and further its prosperity. The issue on which the opposing parties joined was not the possibility of success or failure, but the certainty of it. The supporters oi' the Ministry argued that those who could initiate and develop grand a scheme could and would carry it out to a splendid issue. The opponents of the Ministry, arguing from past experience, saw nothing but vyaste, extravagance, and consequent ruin in the future. Tt is well enough known that the latter was the view we found purselves forced to take of the question, and we believe that we are of sufficiently sanguine temperament to look for the best results reasonably to be expected from any particular line of action. In the case in question, however, we could not shut our eyes to the lessons of the past. Governmental mismanagement, and the disappointment of the Colony flowing from it, was plainly discernible as the uniform result of e\ ery highflown scheme in the past, and all that was to be looked for in the future. The loan pf three millions had disappeared no. pne could say how, but it had gone like so much spilt milk, leaving, however, a burden pf debt and taxation unknown to the Colony before. The lands con fiscated fiora the natives as payment for tlie cost of quelling the rebellion, and material guarantee against its renewal, had proved a burden and expense to the Colony, instead pf—as linger wise management they might have (lone—recouping a pprfcipn of the cplpnial outlay, and there was no room, for |iope pf bettet management in the future. We were that the Government would be guided by the people's yvpresentathes in the disposal of the

borrowed millions, and that in that we had a guarantee of their being wisely •appropriated. The event has shown the fallacy of this idea, so much so. that x now that it is apparent that a large proportion of the loan will be wasted on non-productive works, the blame is laid on the heads of those vei'y representatives who scrambled for the money, each of tliein being only anxious: to get a share of it spent in his own particular district, and careless whether the result be loss or gain to. the community as a whole. "Whatever truth there may be in this redounds to the disgrace of the Government. If they had a well-con-sidered plan calculated to benefit the Colony, their obvious duty was to insist on the carrying out of that plan in its integrity. Instead of this, we find them, lather than risk the Joss of office and the control of the vast sums of money expected from the loan, weakly conceding to every one who would give them a vote in exchange for such con cession the ZVI inisterial scheme of reproductive works (if such ever existed] for a diffuse expenditure of the money on a multifarious no-system of railway construction throughout the several provinces. We believe that at length the most sanguine of Ministerial supporters are convinced that by no possibility can the plan adopted be made remunerative, and that under the most favorable circumstances possible it involves a large increase to the permanent burdens of the Colony, and consequent addition to the already almost unendurable load of taxation.