THE THEFT OF THE OLD SINKING FUND.
[To THE EDITOR OF TEE " SPECTATOR."]
Sia,—From time to time you have pointed out, and with good reason, the great danger of corruption and chicanery which may follow the introduction of Tariff Reform or any system of Protection. Is the consequent corruption likely to be greater than the present continual pandering by the Govern- ment to large masses of voters and whole sections of agitators P If the "needs " of the Socialistic and Labour Parties are more urgent than the repayment of Debt, their ever-increasing " needs " will presently become more urgent than the payment of interest, and repudiation of Debt will be within measurable distance of an accommodating Government. In truth, the Liberals and their followers, or rather leaders, are in close agreement with the village woman who informed her creditor, the village butcher, that she was not going to spend new money in paying old debts, I should like to see the House of Lords make a determined stand upon this point in the present Budget, and give pause to the crude and reek- less social reform schemes of the Chancellor of the Exchequer, who is rash beyond the dreams of inexperience.—I am, Sir, &c., M. G. T. B.
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