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Updated: May 22, 2025
In the other article on the subject of post-war debt contributed to the last number of this Journal, an "Ex-M.P." plumped for a somewhat novel variety of the Levy on Capital, in the shape of a Compulsory Loan, bearing no interest and repayable in 100 years. Each individual citizen to be made to subscribe to the extent of 20 per cent. of his possessions.
Under these conditions the laws of chance will ensure correct representation, so long as the electorates do not contain less than five seats. The above facts furnish a complete answer to the arguments advanced by Mr. J.W. M'Cay, ex-M.L.A., in a series of articles in the Age against the application of proportional representation to the Federal Senate.
The approximate value of £1000 nominal of the Compulsory Loan stock would be, according to "Ex-M.P.'s" calculation, in the year of issue £7 12s., money being worth 5 per cent. and assuming that rate to be current during the remainder of the term.
The factories of Middleton, which had manufactured Sir Asher Aaronsberg, ex-M.P., and nearly all his wealthy guests, were to his artistic eye an outrage upon a beautiful planet, and he was still in that crude phase of juvenile revolt in which one speaks one's thoughts of the mess humanity has made of its world.
The advocates of the Levy, and "Ex-M.P." in his advocacy of a Compulsory Loan for repayment of debt; assume that it can be done once and for all and never again. "Take one-fifth of a man's savings away as an emergency measure not to be repeated, and he will at once endeavour to save it back again." But how will you persuade him that it is an emergency measure not to be repeated?
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