The Temuka Leader. THURSDAY, APRIL 3, 1890. ANOTHER LOAN.

Temuka Leader, Issue 2028, 3 April 1890, Page 2

The Temuka Leader. THURSDAY, APRIL 3, 1890. ANOTHER LOAN.

It is really amusing to note the screaming of Conservatives at the present time with reference to the prospect of Sir Julius Vogel's return to the colony. The last we heard of Sir Julius Vogel was that he was in a very precarious state of health, and that he had no intention of returning to political life in New Zealand, The yery fact that he has not left England yet shows that this must be pretty well correct, as if he had any intention of re-entering political life here he would doubtless have returned by this time. The Conservative papers affect to disregard these facts; they still sat up Sir Julius Voget so as to knock him down again. They have an object in this: Sir Julius was associated with Sir Eobert Stout and Mr Ballance, and they are trying to discredit these politicians by trotting out the old bogey—Sir Julius Vogel and extravagance. There was, according to them, no extravagance except that which was carried on by Sir Julius Vogel. It is useless to remind them that he did not borrow one-fifth of the amount Sir Harry Atkinson has borrowed ; that he was absent from the colony during the years of extravagance, and that really and truly he is not responsible for any of it. The article in the Timaru Herald, of yesterday, on this subject is most amusing. It is chiefly a rehash of an article which appeared in the Auckland Star, garnished here and there with a few remarks on the necessity of economy. The Star's remarks are intelligible enough ; we know what they mean. Ita object is to discredit Sir Harry Atkinson, so that Mr John Bryce shall be our next Premier, but the Herald wants to tack on to this an onslaught on Sir Robert Stout and Mr Ballance, and make it appear that they are determined to go in for further borrowing. During the last election Sir Robert Stout proposed to borrow £2,000,000 in ten years; Sir Harry A tkinson replaced him, and borrowed £2,000.000 in ten months. He said in his financial statement that he could carry on the business of the colony for three years without any fresh loan, but notwithstanding this he borrowed £2,000,000. It was said then that the money was borrowed to help the Bank of New Zealand, and events which have since occurred leave very little room to doubt it, The Bank of New Zealand was then apparently substantial, but since then it barely escaped bankruptcy, and without doubt it was to assist it the money was borrowed. The Herald screams that the question at the election will be " Loan, or no loan ? " Who is talking of a loan ? Neither Sir Robert Stout nor Mr Ballance has advocated a loan, eo far as we know; the Lyttelton limes, certainly the most pronounced, the ablest, and the leading organ of the party, says that it will not support the borrowing of any more money under any circumstances. What is the screaming for then P Mr Bryce is the great apostle of economy; he is the coming leader, we are told, and Mr Scobie Mackenzie is one of those who are bound to coalesce with him. And what did Mr Scobie Mackenzie say recently? Simply that Sir Harry Atkinson had so exhausted the Treasury that no one living could carry on the affairs of the country without another loan. If Mr Mackenzie is correct, what then? It simply does not matter to us who is Treasurer, the result will be the same ; we must haye another loan, come what will. For our own part, we unhesitatingly say that we are determinedly opposed to further borrowing. We agree with the Lyttelton Times that there should be no more borrowing under any circumstance. Oui opinion is that we ought to carrv on without it, even if taxation had to be doubled ■ but will the Conservatives agree to this ? Not they ; some of them have railways to build yet to increase the value of their land, and they will not be satisfied till they get them. One thing is plain. No party has so far pronounced in favor of another loan, aad the screaming about it is the essence of senility.