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Wednesday, 4 June 1902

Mr O'MALLEY (Tasmania) - - I desire to enter my protest against the floating of any loans by the Commonwealth. The money will not be required for reproductive works.

Sir George Turner - The honorable member has not seen the Bill yet.

Mr O'MALLEY - But But I know what it means. The Government wish to follow out the old custom of floating loans and passing the burden on to posterity. In every other country the people are endeavouring to pay off their debts, 'whilst we are endeavouring to increase ours. I not only protest against the present proposal, but I shall fight against it and divide the House, not only once, but dozens of times, in order to defeat the measure.

Sir William Lyne - How are we to carry out defence works '<

Mr O'MALLEY - Why Why do not the Government introduce some system for issuing Government paper money, or for taking over that money which is now lying idle in the banks. If they are not sufficiently intellectual to evolve a scheme for themselves why do they not adopt the Canadian system ? In Canada, which is one of the most conservative countries in the world, the Government have adopted a scheme whereby the reserves which had been lying idle in the bank are now being turned to useful ac count. The Government should take steps to bring our banking reserves into circulation. They will have my opposition to the floating of any loans.

Question resolved in the affirmative.

Bill presented by Sir -Georgi.'. Turner, and read a first time.

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