On Monday and Tuesday the House of Commons indulged in
a full-dress debate on the Chancellor of the Exchequer's proposal in regard to the Sinking Fund. One of the most interesting speeches was that made by Mr. Courtney, who with great force put before the House the essential arguments for paying off Debt. In the first place, the repayment of Debt produced a war fund, for when war broke out the money previously employed to pay off Debt could be used to pay the interest on a new loan. The repayment of Debt was equally vital from another point of view. We could not hope to keep our commercial supremacy for ever, but must look forward to a keen straggle with our competitors in which all our energies must be used unchecked. But under such circumstances it behoved us, while we were still prosperous, to do what we could to diminish the burden of Debt, and so save the next generation from what might be a fatal handicap. We cannot deal adequately with the subject on the present occasion, and will only say here that we think Mr. Courtney exaggerates the dangers of our dropping behind in the commercial race.
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