WHY NOT A VOTE OF CREDIT?
[TO TEE EDITOR or TRU "SPEOTATOR.1 Stn,—A fortnight ago you published an article entitled" Why Not a Vote of Credit ? " Many people are asking, Why not a loan ?' The next and succeeding generations are concerned ; if we let down the Navy now, they will suffer. In 1889 our situation was unsatisfactory: Lord George Hamilton's pro- gramme, based on a principle of deferred payment, was adopted, and safety was restored for twenty years. That state of safety has now disappeared, and the case is worse : larger scheme is needed, and heavier expense must be incurred. Perhaps it is impossible to pay for all that is required of us out of income; if the only alternative is to increase the National Debt, it cannot be helped. It will be cheaper than risking a war in which we may be defeated, and, if so, must be ruined. As trustees for posterity, we should not be justified in imperilling their prospects by denying their
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