The Taihape Daily Times. AND WAIMARINO ADVOCATE SATURDAY, SEPTEMBER 6, 1919. THE VICTORY WAR LOAN.

Taihape Daily Times, 6 September 1919, Page 4

The Taihape Daily Times. AND WAIMARINO ADVOCATE

SATURDAY, SEPTEMBER 6, 1919. THE VICTORY WAR LOAN.

With which is incorporated “The Taihape Posh and Waimarino News.”

I r --::.::~—--* I , . ‘ The war having I€qUilCd all avalable money at; the Sources Of loan‘ raising in Britain, and the Br.-tish Government having in addition to borrow so largely from America :1.“.' to turn the rate of exchange against the British pound sterling, self-I‘€liallC’i? has been forced upon New Zealand in ‘whatever money the Government may find it necessary to borrow. For 5005 or ill—we believe distinctly for 5093 —--the people of this Ycung ’~‘ollllt'l'Y are compelled to make -provision for Itheir own needs and for the upkeep of the Administration of Public artairs. The War with -Germany has left the country with very heavy responsibilities to returned soldiers and to the dependents of those who have made the supreme sacrifice that we who remain‘ may live in peace, free from in-I terference from peoples who would Icrush out the very race to which we belong_ There is now no chance Whatever of it being-*possible to shift our monetary‘ responsibilities on to Britain as we were wont to do in preIwar days. The plain fact confronts [us that we must use our own money to finance our own public. affairs just las certainly as we do to finance our private concerns, there is no loophole of escape. This situation is compelling men, who never gave borrowing for public purposes a thought before Ithey were made aware that the day Ifor self-reliancehad come, to wonder [and calculate. In their examination ‘of what self—reliance means they discover that it is anadvantage to them and to their country that they might: never have realised thepfull knowledge I of but for its practice having become a necessity. They discover that it a commencement to freeing the na—l tional title deeds from the mortgagel held on them by foreign money-lend-I ers; they have recognised that thel people of this little country would, if they could go on borrowing from for-I eign sources, have to send away, I every year, some £10,000,000 of their] earnings as interest to the mortgagees. I In twenty years the full amount of the I £200,000,000 debt would be paid in interest without the principle havingl been reduced by one farthing. Theyl realise the folly of it just as they have I realised the folly of unnecessarily! having a “monkey” on their }ll']Vat:‘. possessions. VVhat is distinctly bad for the private owner'is equally bad for the State. But the State has a; loophole that the private-owner hasl not; the people’s Government ma,vl borrow from the people themselves,l which doesnot impoverish the countryl at all. The State uses the people’sl money and pays interest thereon to} the people and the people collectively‘ do not lose a cent by the transaction. The money is‘ borrowed in the coun‘try; it is spent in the country, none‘ going outside; interest is paid‘ in the country, and therefore the wholel principle and interest goes to keeping up that volume of the circulatingl medium that engenders a freer an"lI greater production of those commodi-I tics which bring more riches, vil't:::il—l 13’ a creation of more capital. Where--I 35 by flying to the foreign moneyl market, the whole £10,000,000 per an-1 num paid in interest is a total IOSs This country is now, however, facedl with the fact that it must use its own I money in meeting its liabilities andl responsibilities. The debt we one to‘ the men who have so nobly served their country is, by its very justnes-s,I Pl'oSSing hoaVily upon us, and it m11.5t1 be met in a liberal spirit. To in some I measure pay this debt, to furnish g;ra_ . tlliticsgg allowances, cost of repatr-ia—l tron, expenses of nursing the w‘.lmd_ed back to health as far as possiblc,l and all other after-war expenses tliatl have accumulated, the State must‘ have ten millions of pounds alm.).t atl once. It is the Victory \Var L’):-.tl, the I last loan in connection with the warl that people will be callcrl upon to subscribe to. It is to remuneratc the men I who fought, to provide for people \vllo I have lost those upon whom they werel dependent, and if there ever was an! occasion for meeting a loan witli generous and" liberal spirit surely thatl occasion is the Victory War Loan, that full prospectus of which appears on .m-I Other page of this issue, over the nams of ‘Sir James Kllen, Minister of Ft. 1181109. The one regretful feature of internal loan-raising for war purpose; 55,- that Some few very wealthy peop]el and concerns have made it necessary‘ fol‘ Parliillnellt to make contribution I ComDlllSol‘y by statutory law. The ma. .J'ol‘it.V of New Zealanders have enthusiastically lent their money to the State, and those Willing patriots wooldl furnish all that is needed, but the Gov.

'el-nment insists that all shall do their .duty, and they have determined that ’if that proportion to wealth is not ‘contributed, action shall be taken to ‘compel it, and if compulsion does ‘have to be be exercised the taken money shall only hear three -per cent. interest, while Voluntarily'Contl'ibuted loans bear interest at 4% per cent, free of income-tax. In this district the compulsory clauses of the Act have no significance, for there are none S 0 Darsimoniously inclined as to cause them to mistake their duty in connection with the purposes which make the £10,000,000 Victory War Loan a necessity Taihape has maintained a place in the Very front rank of generous" contributors towards our soldiers’ needs, and there is no doub:~ about what they will do towards mak. ing the Victory Loan War appeal a gratifying success.