SIR JULIUS VOGEL’S CANDIDATURE.

Temuka Leader, Issue 1178, 17 May 1884, Page 3

SIR JULIUS VOGEL’S CANDIDATURE.

The New Zealand Times concludes an article on Sir Julius Vogel’s probable return to the political life as follows : In some respects the Sir Julius of today is the Mr Vogel who made the celebrated speech which announced his gigantic public works policy in 1879. Now, as then, he is ready to rush into debt ; now, as then, he is anxious to borrow millions. Doubtless, if the colony chooses to borrow millions it can do so. True, its borrowing po ivers are more limited, for when Mr Vogel first induced the Government to borrow largely, our debt was small and the public estate unpledged. Now our debt is large and our estate heavily mortgaged. The interest on our national debt (which grew rapidly whilst Sir Julius was Premier), is at the present day no less than £1,550,000 per annum. The result of all this reckless borrowing was the heart* dcH and the heavy taxation under which the colony is now groaning. Ye- rs ago, when Mr Vogel, as Premier of the colony, was raising and spending millions of money, the colony was apparently most prosperous, and was apparently overstocked with money ; but shrewd men believed that the prosperity was very unreal —that there was nothing stable about it. They said, ‘We are going too fast; bye-and-by there will be a crash.’ The multitude said they were cautious, silly old men, who could not keep pace with the times, and loudly ridiculed the idea of a financial crisis. These shrewd men also said ‘ Presently you will see Mr Vogel, when ho has got the country into difficulties, will go home and leave the colony to get out of the difficulty in which he baslmded it.’ The multitude worshipped Sir J. Vogel, and jeered at these ‘ silly old men.’ Time rolled on, and Sir Julius, who had received from the colony no less than £39,000 in the shape of salary and travelling allowances, resigned the Premiership and went Home to become Agent-General in the room of Dr Featherston, who had just died. The financial crisis came, and the credit of the colony collapsed, but whilst the colony was in difficulties, owing to the reckless way in which it had ' got into debt whilst under his guidance, Sir Julius was enjoying the place of ease and emolument which he had appropriated for himself, and, as a Conservative candidate, was striving to enter tho British Parliament by way of Falmouth. Then those ‘ silly old men ’ rejoiced exceedingly, and said, ‘See how truly we prophesied.’ All this is matter of history; soon we shall see history repeat itself. Sir Julius has returned to the colony, and he is anxious to enter Parliament. If elected, he will strive to form a party, and his policy will be further borrowing. The ‘ silly old men ’ say he will borrow largely, create a fictitious prosperity, enormously increase our taxation, and then, when the crash comes —as come it must —Sir Julius will find important business needing bis presence at tho other end of tbe world. If Sir Julius will enter Parliament and give the colony the benefit of his vast experience and his great knowledge, he will do much good, although all men must dread a repetition of the past. Any large and sudden expenditure on railways, and harbor works, and immigration may bring about transient prosperity, but if the recklessness which characterised the expenditure of the past is repeated in the near future, financial ruin must follow. In addition to its present debt, the colony cannot stand much more. Sir Julius proposes to do away with the property tax—but this much is certain—that large expenditure means further taxation, and, if we borrow largely, we must not only have a property tax, but an income tax and a land tax as well. We devoutly trust 4 the people of the colony will not rush into reckless expenditure. If they do, bitter indeed will be the chastisement of their folly.