The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-03-08
A NEIGHBOR's TROUBLES.
OTTAWA, March Canada is running in

to s17i G75.s3i. Except in 1871. every year be-
tween these two dates brought an addition to
the debt. The greater part Of the money has
been borrowed 10 construct public works with.
including the Intcrcoonial Railway. the Pacific
Hallway. aud the enlargement Of the ST. Law
renee canals Loans have been made from time
10 time in England. and n largo part of the pro-
Goods has been lent to Canadian banks. with
and without interest and has by them been
thrown into the cauldron Of commercial spncu-
laton. at Increased rates of interest. Excess
siyc imroriations followed; in their track came
the inevitable rcvulsion. and amid the wreck
and ruin. bankruptcies in the last three years
figured up to about $50 100000 In the same pc
Rod the ordinary annual expenditure has gone
up from s13 800 900 to s233lG. 900: and now the
ordinary revenue no longer suiliccs. In the two
years ending with June last the deficit was
SO 3G1 600. against which may be- placed invest
ment ON account of sinking fund. 81 G5O.OOO.
With no addition 10 the sources Of revenue and
an undiminishcd expenditure. II il not impos-
siblc there may be Il slight deficiency at the end
Of the current year. during tho first seven
months of which sl3.l34.235 were received.
against sl2 49j 279 last year. IL both ends meet
at the end Of this year, II Is as much as can be
reckoned on: aud we cannot tell what will hap
pen next year. for the Minister of Finance does
not propose to obtain any additional ways and
means 1t is therefore on the cards that there
may be- succession of deficits for four years.
though such result is perhaps not probable.
During the same period. from 1867 to 1877 in
elusive. the rate of interest on the public debt
has been decreasing. and the average is now
only 4.74. The Minister of Finance has n shad
owy hope Of being able to refund the debt 10y
converting the remaining five and six per cents
into fours. but he will probably find the deficits
Of the last two years stumbling block in his
path. Indeed. from the doubtful way in which
he refers to conversion. 1t Is not certain that he
will attempt II at present. Tho reduction OF the
average rate OF interest from 555 to Ala has
been owing more to the decline in the general
rate of interest IN the great money marts Of the
world than TO any increased attractiveness Of
Canadian securities.
The old battle between free trade and protec-
ton is bcing fought out ON Canadian soil.
Sixty years ago 1t was u common complaint
with American manufacturers that the United
States WIS being made sacrifice market for
English goods to-day Canadian manufacturers
COMPLAIN that Canada is n sacrifice market for
American goods. Then American manufac-
turers claimed protection against English
goods now Canadian manufacturers claim pro-
lection against American goods. In this state
=, - -, A. ,,' -,
,, ,,.,'i,I, re- .,.I,.'..,.s ,,,I,, ,h,,ns,l,,.
heard sixty years ago: and the politicians ap-
proach tn" question with some timldity Tn"
present Government In its tarin legislation
refuses TO tax" into account any other con
-idcration except how mueh revenue Gun b.
obtained. II r,j"cts incidental protection"
equally with direct. The Opposition con-
dennis this policy hut Institutes to declare
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an .on,.thin,, thor. N.vsr,hnless tho ,nri,r
,,,.stiop has bncopo "A marty question md IN.
rnnsnrvntivns nrc roisingt i'm thn minds NJ ,h,,
nnnufncturers homes which are destined IN M,
dis,ppointed.
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