New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-22
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Whiiewavism Is rapidly ripenIng and the har
vest threatens 10 be one 81 ruin for Englands
most ancient colony" loan. placed al dis
count and at a high rate Of Interest. was us
means a few weeks ago Of saving the colony
from default and recelvership. The Govern
ment proclaimed that as great triumph OF patr-
otto craftsmanship. II was Pyrrhc triumph
A few more ike II will utterly undo the colony
Yet those few more are exactly what have got
10 be secured. II possible. Ii Is n bit doubtful
whether they can be. at least under the White
way regime Within the last week London bank
crs have complained that the Newfoundland
Government has broken faith with them, and
have seriously considered cancelling such part
OF the loan as Is not yet filed. II Is scarcely
probable that they will take so extreme step.
II they should. the colony would be ruined But
the mere fact that their doing so has been sug-
gesrcd and talked about is omlnous That they
had provocation for 1t indicates to what de-
porabe pass the "whteway gang has brought
the affairs OF Newfoundland
These thrifty patriots regalned control Of the
Government mt time when the most cautious
procedure and rigid economy were essential.
They loudly proclaimed themselves the saviors
Of the State. Everything under their benign
the world would rush In eagerly with proifered
loans The revenues would be vastly Increased.
nsurng Il handsome surplus Sir William
Whitcway himself telcgraphcd TO London an in
dignant contradiction Of some current rlmors
of a deficit That was. however, before the loan
WIS secured, and while desperate efforts were
being made 70 secure II. They got 1t ut last,
enough TO pay the July coupons and perhaps to
keep the Government going until the next cou-
pons fall due six months hence. But they had
to take II at ~ cents on the dollar and AT per
cent interest. They could have got II at par and
thus saved 100000. and at 3 per cent interest.
II they would have consented to the appointment
Of a Royal Commission TO investigate the affairs
OF the colony. But they would not consent
Such an investigation might have interfcred
with their personal comfort, and called for ON
barrassing explanations. Finally the Budget
came cut and showed beyond dispute that the
finances OF the colony were In worse shape than
had even been suspected, and that Sir Williams
protestatlons to the contrary had been the sheer
est b,nconbe The revenue for the six months
ending June 30 was only $4,000. or Just half
OF what 1t was for the corresponding time last
year, and even the enormously Increased taxa
ton will scarcely bring 1t for the whole OF 1895
to within 100000 OF what II was last year. And
last year there was deficit Of 100000.
Amid such circumstances. what have the
Whtewayites done? They have "economlzed"
That Is TO say, they have made considerable re-
ductions IN the appropriations for schools roads.
relief Of the poor. etc. Money hitherto thus put
into circulation among the people will be with
held from them and sent abroad TO pay interest
due TO foreign bondholders more effective
means OF still further distressing the people and
demoralizIng business could scarcely have been
devised. Then. having thus economical" they
became utterly proHigate In their appropriations
for their personal profit. They ran the contin-
gent expenses Of the legislative session up to
some thousands of dollars more than the a.