The Nelson Evening Mail. THURSDAY, FEBRUARY 7, 1878.

Nelson Evening Mail, Volume XIII, Issue 33, 7 February 1878, Page 2

The Nelson Evening Mail. THURSDAY, FEBRUARY 7, 1878.

Given sufficient time and the errors and wrongs of this world will invariably right themselves. The process is of the slowest slow, but has against this defect the virtue of certitude to recommend it. A proof of this is noticeable at present in the voluntary reaction that is taking place throughout the colouy in reference to the reckless borrowing that has been the first fruit of the Public Works and Immigration policy. In initiating this grand scheme for forcing the growth of the country the Colonial Frankenstein raised a monster he was quite unable to control, and the vagaries of his creation were in no way checked by the precipitate flight of \ the master to the London Agency. The newly developed power to borrow acted upon the corporate bodies of New Zealand iv a manner similar to that caused by the first taste of blood to carnivorous cubs; it made, them thirst for more, and it was difficult to restrain them in the attainment of their desires. In consequence of this nearly every small community in the colony has borrowed money for public works regardless of consequences. Towns with a population of a few hundreds have required expensive protective works, and the inhabitants identifying themselves with the reckless spirit of the time have conceived the happy idea of borrowing such trifles as possibly one hundred thousand pounds without troubling themselves in the smallest degree about the ability of the locality — in which the money was to be expended — to repay the same or even the interest thereon, and to such an extent has this pernicious system obtained through the reprehensible encouragement afforded by the Government that the prospect for the colony as a whole began to wear a very gloomy aspect. It is, therefore, satisfactory to notice that a check upon the absurd and extravagant borrowing powers delegated to counties and municipalities is at length being exercised, so that in future no matter how much power may be given by Parliament to raise money, borrowers will have to find tangible and sufficient security ere they can obtain the circulating medium required. Au instance iv point is the futile attempt made by the authorities of Hokitika to float a loan, anent which we are informed by the Wat Coast Times that " the three bauking institutions who were asked to tender for the Borough loan of £35,000 have notified, in a most unmistakeable manner, that they have no intention of entertaning the advance, or even a portion of it. Esch institution has adopted its own course of conveying the same meaning. The Bank of New South Wales simply ignored the Council's communication, and made no reply. The Union Bank evidently considered that, as a matter of courtesy to the Corporation, au acknowledgement of the receipt of their application ought to be forwarded, but beyond that they did not press the faintest opinion upon, or intention of, either applying for, accepting, or declining the loan itself or the Corporation's banking account. The Bank of New Zealaud, who, by the way, are bankers of the Council, left no misunderstanding whatever as to their intentions in the matter. They contented themselves, if not the Council, with simply stating that the bank was • not desirous to tender for the account.' " Although this result must be very annoyiug to our Hokitika neighbors, we cannot help thinkiug from a general standpoint it is extremely satisfactory, insomuch that it proves that the limit of heedless and unjustifiable borrowing has been reached, and hope can now be entertained that something like real economy may find a place in the administration of the public estate. Like the Vagrant mention 2d in Pickwick, who, unable to borrow, was compelled to work, the rulers of small communities throughout | the colony will now be able to turn their undivided attention to the natural resources of their respective districts with a view to rendering themselves self-supporting.