In 1896 the public debt per head was $50.96, whereas on June 30th, 1903, it was $47.97 — a reduction of $3 per head. Taking the special reduction of debt through provincial accounts readjustment into consideration, the net debt per head at the close of the last fiscal year was $47.37.
It is worthy of very special note that while the Liberal Government increased the debt at a very much smaller ratio than their predecessors, they spent in the last seven years sixty-five millions on capital account for beneficial public works and services, as against only thirty-seven millions spent on that account by the Conservatives in their last seven years. More than half of the said thirty-seven millions was provided by additions to the debt. As a matter of fact, the Conservatives sank the country deeply in debt to pay for their capital expenditure. Under their regime we had to discount the future heavily every year.
Surpluses.
It has long been the practice (indeed since Confederation) in striking the balance of the annual national accounts, to set off the revenue against the ordinary expenditure — capital expenditure being treated as special. Judged by this standard, the Liberal showing is an exceptionally good one. During the seven years they have been in power there was a net surplus of revenue over ordinary expenditure of $41,380,092. Contrast this with a net surplus of only $1,937,410, during the last seven years under Conservatives.
The Liberals advocated a tariff for revenue, and it is quite apparent from these figures that they designed one that produced the desired results.
How Has The Money Been Spent?
This, as we conceive it, is the only important question now left for consideration. The increased revenue to meet the increased expenditures was obtained, as we have shown, without adding to the burdens of the people. And the next question that naturally suggests itself is, was the money wisely expended? To this the answer is most decidedly “Yes,” and we further state that the expenditure has defied the criticism of the Opposition. Speaking in the House of Commons on October 21st, 1903, the Hon. W. S. Fielding, the Liberal Minister of Finance, in reply to a motion of the Opposition condemning the increased expenditure, made the following pertinent remarks:—
