Tan monstrous proposal made by Sir George Grey, to tax the English bondholders, is hardly worth entertaining seriously, as to attempt such a step would clearly be the moat flagrant dishonesty, Ous good effect which might follow a threat to do anything of the kind would be the impossibility of further borrowing, bat that object would be gained at too grait a oast. The Post, in referring to the subject, states: —An unusual spectacle was witnessed in the House, and it was as gratifying as it was unusual. The Premier and the leader of the Opposition, speaking as the mouthpieces of their respective parties, united in condemning Sir George Grey’s proposal to attempt to tax the foreign holders of New Zealand bonds. There can be no doubt that such an action would be illegal and unjust, amounting to a breach of faith approaching the limits of absolute repudiation. To make the attempt would be to irretrievably destroy the credit of New Zealand and to shake all confidence in the honor and probity of its colonists; to even seriously discuss such a proposal would be to introduce into the English commercial mind a feeling of insecurity and suspicion which could net fail to seriously affect and injure the interests of the colony. Sir George Grey is evidently subject to some hallucination on the subject. He does not see what the real consequences of what he proposes would be. If he did we are certain he would be as earnest as Sir Harry Atkinson and Mr Ballance are in reprobating that proposal. We cannot doubt that tho honor and credit of the colony are as dear to him ns to them, but fortunately they are more clear-sighted than he is on financial questions, and their conduct afforded a pleasing proof of true patriotism rising superior to all mere party considerations.
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Gisborne Standard and Cook County Gazette, Volume III, Issue 345, 31 August 1889, Page 2
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308Untitled Gisborne Standard and Cook County Gazette, Volume III, Issue 345, 31 August 1889, Page 2
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