The Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coasts FRIDAY, MARCH, 12, 1886. VOGEL'S BORROWING POLICY.

Manawatu Standard, Volume XI, Issue 1656, 12 March 1886, Page 2

Manawatu Standard (PUBLISHED DAILY.) The Oldest Daily Newspaper on the West Coasts FRIDAY, MARCH, 12, 1886. VOGEL'S BORROWING POLICY.

We. tare .not, surprised' t6 see Vq&EK^s , borrowing o policy, is set forth m his speech m Auckland recently, receive ! general cond^mnatiomz Tlfes Colonial? STreasurfer advised iis to go m for borrowing, and try and emulate New South Wales. The! New -Zealand Watdhman poinfs, out that Sir Julius overlooked tile 5 * deplorable fact that- we -are already so far ahead of thai colony m that respect, that while only ten peri cent, of its L reyeftu(B/fromi.taxation gbes to pay interest on borrowed money, no less than the of^69^el| oent of^olrs^is already tb,us ap^opHajed^ We Slave jspent ten millions of borrowed money dicing the last ,seven years, and. mo matter what Government is m office iwe shall |[rgba^y spirit at leist as much m the next similar period, aria no doubt, with much the same id. suit, unless trie unearned increment is appropriated for the Stjate-v namely, ; that .of enormously enriching the owners of .more/especially cjty and suburban properties, and proportionately increasing; the burdens of the rest of the comriiiinity. The Watchman proceeds to . ipoint out that how the unemployed arerrto receive a golden harvest froM £fie annual- expenditure of one and a-half millions of borrowed money fpr'tne future^ when^ ttuJ * two and-ja-half sp^ntlist;;y^ bi^^Bpade nb im- ; pression upon the duu?"times,iis, to say the least, not very : J cleaii. So longasour laws, jjllow landowners to appropriate wages, m the form of unearned incremented indirect taxation, just '^s^ \j^ljiey are increased by the .expenditure ojf borrowed' mbneyj you <can no morfe improve the condition of the rest of the community by our public Works policy, or a l'rplective tariff,) than you can succeed m filling a bottomless tub, by ; diligently ladling water m at the top. It may get landowners outjpf their present dilemma, and enable them to transfer their burdens on to other shoulders, bu£~ when the borrowed millions are once' gone*' and -our credit, impaired, we may indeed expect the deluge,— such : a ; .general • and,, 'complete collapse as will put the present depression into the shade fijr , ever. Sir Julius' Voqej. attfißuYes bur present, depression- to. pyerj caution ; although; as Myß a hbon pointed putto his constituents last week, wethave borrowed Men i rriillions m the last seven .years, and no less than three and a-half" In the 'last * eighteen months,^Without -perceptibly relieving the sufferings of: the unemployed: There is much; food for serious reflection m the above remarks. Sir JuUus did not enter upon the question of the inevitable reaction that must follow the expenditure of the borrowed millions as surely as the sun rises and sets. There is no doubt but that had not huge blunders been committed, and had there been less outlay on political railways, unnecessary public works, and- unproductive and costly undertakings of one

kind and atiothei". the miUidtid «1* rcitiiy borrowed should . Juvve been amply . sufficient to complete., .the main trunk lines.. With all our Dorrowing, all our vaunted progress, all ojjr vast resources, look &t oiir present position. t.Tp to the n,eck m mortgages, property at the lowest • value ; ever reached, aiitV unsaleable at that, depression ever^wliere, jan\\ tbe cry of the unempjoyed^hejafa m all our chief centres The- bone and sine|v of ouif j^6pula|ion ar^ jcl/arfn£ outv dnK"m'any are'fof ced' to remaiir becrfuse they^Jiaye ngt the jneans Jo., go."~ Alid^yet Sir Julius wishes to see the Colony again commit itself .to.a.barrjo.wing,policyJ-;^c«4oeß»not> feel |he pmch r of the hard times. ■'YVJhat dqes. hi kpa*, Of k th ! evdefjreciation m the value of property ? j We don't believe he owns a ! foot of reaj estate m New Zealand, or ever didt i He iwill live y the t fat 6f i the 'land, : matter who suffers. Is there anything patriotic about , him ?- Bo;rrow T / mg ;' will not increase ther n^arkct {>i ; ices pf our wool, , meat, j and talow. Let usj .find outside,, markets' for our staple . prbducts r: , and not listen to the special pleadings \ of a maa who, only^is>hap|iyV"^en | bditrs IKe^ order of^ 'Me^Jay^ not caring one jot who have to pay the liiteVeitJ' : ''v-^^Jiave*fiurel^^lea^njj|^ : . bitter lessonfrom the frujts of jrecKless'borrowing and reckless spending. ( )Ve believe the country will s i|efu§e ; "to have its terrible ; load of' present taxation still further incteased | until repudiation JbecpmeB r ths final, and! peremptory resource. | ;, ■ ' ' ' ' ' •■■^■■■^' i : * — i .-!-.. a