Page 2 Advertisements Column 2

Temuka Leader, Issue 1200, 5 July 1884, Page 2

TO THE ELECTORS OF GLADSTONE. GENTLEMEN,— I beg to offer myself as a Candidate for the representation of your Constituency in Parliament. Major Atkinson attributes the Depression to extravagance , Sir Julius Yogelto want of confidence in ourselves. I say the cause of it is that fanners, in their desire to secure homes, bought land too dear, and afterwards had to mortgage it for as much as it was worth at too high a rate of interest. Since then prices have come down, and now they find it difficult to pay interest on their borrowed capital. The money which farmers would spend with tradespeople is going into the pockets of a few money-lenders, not for general circulation hut for reinvestment in laud on similar terms, and hence the depressed condition of trade. The prospects of ever getting high prices for grain are not bright, and, consequently, while farmers are kept crushed down % the overwhelming weigh! of an exorbitant rate of interest I cannot see the slightest hope of prospeiity, since our whole dependence is on the laud. There is a combination amongst, the Banks to keep up the rate of interest, and thus they and the moneyed classes have secured a monopoly. It is to bring down the rate of interest that attention should be dir* e’ed, and the way to do it is ibis :—By the Quarters of the Banks they are allowed to issue three pounds in paper to every pound in co : n they possess ; that is, threefourths of their money may be paper and the other one-fourth current coin. If it is considered safe to allow Banks to do this, no mail can maintain that it would be unsafe for the Government to do it, and I therefore propose that the Government shall establish a Bank of its own ; hoi row one fourth of the sum necessary to tane over the mortgages on land, issue paper morfey for the other three-fourths, and lend the money to the farmers at 5 per cent. The security of the' existing Banks is the limited liability of their shareholders ; the security of the Government Bank would he the lands of the colony. A? I ask for the latUr only the powers given to the former, my proposal must be reasonable and safe. The effects of this would he ; Ist, to secure to farmers an enormous sum annually ; 2nd, to release and put into general circulation the money now locked up in freehold securities, render money plentiful, and bring down the rate of interest ; 3rd, to secure to the State enormous profits, which would help to lighten taxation ; 4th, to stimulate trade and commerce ; sth, to promote local industries through money becoming so plentiful, that its owners would find a necessity for investing it ; 6th, to keep within tlie colony vast sums of money going out of it uowin the shape of interest; 7th, to give a death blow to an exorbitant rare of interest,’ Bth, to regulate the money market so that Banks would not be pushing money on people when they had it plentiful and putting on the screw when hard times came ; 9th, to secure power to -the Government, so that the money-rings could not resent any curtailment of their privileges by crush : g the people, as they did in Victoria a few years ago ; and, 10th, to establish prosperity on a fium and permanent basis. How to effect this is : —lst —Buy out the Bank of New Zealand, take over its officers and place it under the direction of a Board independent of political influences, and thus the machinery would at once he in working order. As Government and farmers’ accounts are that Bank’s mainstay it would be most willing to sell when these were taken into the Bank I propose. As its property consists of cash (about one and a half millions) and buildings there would be no difficulty. 2nd. —Restrict the Bank to the accounts of farmers, local bodies, etc., and leave merchants and tradesmen to other Banks. This would induce the other Banks to carry on business and obviate the necessity of having much to do with foreign exchange. If these Banks attempt to bring discredit upon the paper money, refuse to renew their charters or cancel them altogether. That would make ve«y agreeable neighbors of them. 3rd —Make • the paper money a legal tender within the colony. 4th—Enable fanners to pay off their present mortgages and borrow from (he Government Bank. The resources of such a Bank would be enormous. Its capital would be one-fourth in gold, and it would have, to work upon the revenue, the Post Office Savings Bank, and the In.-r.rance Department moneys, local bodies’ moneys, farmers accounts, etc, etc. The profits of such a Bank would soon wipe out our national debt. To settle people on the land, let the Government buy five or six acres from the present owners, and lease them for life at a rental of 5 per cent, on the purchase money to agricultural laborers desirous of settling in such homes. Keep such homes 200 acres apart, and render the teases terminable on the tenant being convicted of certain offences against his neighbors. The latter pro vision would he recessary to enable fanners to remove bad neighbors. This would give fanners the advantage that men permanently settled in their midst and dependant on them, would work more dcligently and better than comers and goers ; that they would know whom they were employing, instead of having to take, sometimes" doubtful characters under their own roof ; and that they would have efficient labor always at hand. The laborers, instead of paying 10s a week in towns for houses, would get six acres of land for about J‘3 a year, where they could work when unemployed and bring up their children accustomed to country life. The unfortunate single men, who now ruin themselves owing to a want of a home, could settle on these plots and marry. I have some other schemes miniatured yet for the want of infnrma tion which I hope to get soon. Legislation has been running so long in the same ruts, that it has sunk very low into the mire, so low’ that any one may be pardoned for offering new suggestions, and making an effort to get this the finest and most fruitful land—out of her present difficulties. If these suggestions meet your views 1 am ready to represent you ; if not, I have no desire for parliamentary honors at present, and rny only object in coming forward is to bring these matters into public notice. My views on general politics are liberal. As my business depends mainly on farmers they will recognise, I trust, that my interests are indentical with theirs.

J, iL TWOMEY. Leadee, Office, Tomuka, June 23, 18