The anxious curiosity excited by Mr. Theodore's scheme last Saturday
gave way to alarm on Monday when Mr. Lang, the New South Wales Premier, submitted a scheme of his own which was a new version of his doc- trine of repudiation. Let it be said at once that neither Mr. Scullin nor Mr. Theodore gave the least encourage- ment to it. Rather, their reception of it would have chilled the enthusiasm of anyone more easily discouraged than Mr. Lang. The proposals were, in brief, that the State Governments should pay no further interest to British bond-holders until Great Britain dealt with the Australian oversea debt as she has already dealt with her own American debt ; that in Australia the interest on all Government loans shall be reduced to 3 per cent. ; and that the Commonwealth Government shall substitute for the gold standard a currency based on the estimated wealth of Australia in the primary and secondary indus- tries. At the first whispers of dismay Mr. Lang trucu- lently declared that the New South Wales Government would adopt this policy whatever the Commonwealth Government did. * * * *
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