The Nelson Evening Mail. FEIDAY, JULY 22, 1870.

Nelson Evening Mail, Volume V, Issue 171, 22 July 1870, Page 2

The Nelson Evening Mail. FEIDAY, JULY 22, 1870.

The collective wisdom of the colony, as represented in the New Zealand Parliament, has, with one voice, pronounced in favor of the G-overnment scheme of finauce. Certaiu reductions have been made in the amount originally proposed to be borrowed, but the principle has been fully allowed, and we are now to go into the money market and ask for a loan of some four or five millions. We have already freely expressed our opinions on this matter, and we are not now going to reiterate them — the case has beeu tried before a jury of the country and a verdict has been given in favor of the Colonial Treasurer's magnificent proposals. The question now arises how is this money to be spent, so that the prosperity, which we may naturally look for so long as the expenditure of the imported capital i8 going on in our midst, shall not cease with the last shilling of borrowed money. We have a lively recollection of the celebrated three million loan, the results of which we are now feeliog so acutely. We re- . member how New Zealand was then enjoying the very acme of prosperity, and how suddenly, when the supplies were stopped, she sunk lower and lower until she arrived at her present state of depression. With the remembrauce of these facts before us it is not to be wondered at if we look forward with some anxiety to the future. We are aboufc to enter upon an entirely new era iu the history of our adopted country ; it rests with us to decide whether these islands, with their beautiful and varied climates, and with all their wonderful resources, shall become the homes of a thriving and a prosperous people, or whether this, the youngest and , the finest of England's colonies shallbe utterly and irretrievably ruined. It is. a grave and a serious question, and we sincerely trust that the statesmen who have proposed, and those ■who. have agreed to, the raising of this enormous loan will have the wisdom, the judgment; and the foresight to ensure the borrowed millions being laid out in such a manner as to yield a balance in favor of the colony at the end of the term of fictitious prosperity, which. must necessarily be, created by. the expenditure of so large a ■ sum of imported capital.