The Temuka Leader TUESDAY, JULY, 29, 1884. THE GLADSTONE ELECTION.

Temuka Leader, Issue 1210, 29 July 1884, Page 2

The Temuka Leader TUESDAY, JULY, 29, 1884. THE GLADSTONE ELECTION.

The electors of Gladstone hay# chosen, their representative, but we doubt very much whether the majority of them feel over-proud of him now. In reply to the Rev. T. Jasper Smythe, at Pleasant Point, he said he would vote for borrowing money at 4 per cent and lending it to farmers at 5 per cent, but, when he found himself elected, at the declaration of the poll last Friday he said it was all a bubble, and that cheap money meant dear land. This is most amusing logic. We have heard many objections to the proposal to bring down the price of money, but Mr Sutter’s objection is the most novel of any. Landowners will no doubt appreciate it. He would not borrow money and lower the rate of interest for fear it would increase the value of the properties of his constituents S If Mr Sutter cannot find any greater objection to the proposal than that, he ought to rsconsider bis decision; for surely to increase the value of property cannot be regarded, as a great evil. Property is now almost unsaleable, owing to the high price of money; it pays a capitalist better to lend his money on freehold security than to invest it in land, and so long as that is the caio we cannot" expect to be prosperous. There is only one way by n hich a change can be effected, and that way is to break the neck of the unholy alliance which exists between the Banks to keep up the price of money, So long as the Banks are bound to each other by solemn agreements not to lower the price of money it is hopeless to expect a" reduction .in the rate" of interest, and that compact is bound to last until some other agency is brought into competition with them. It could not be expected of Mr Sutter that he would favor anything that would lower the rate of interest. He is a moneylender, and is not likely to do anything which would reduce his own income. However, the electors of Gladstone made their choice, and perhaps no one ought to find fault with them.

THE DEPRESSION AND ITS REMEDY.

The relationship which exists between the editor of this paper and Mr Twomej renders it rather difficult for us to enter into the latter’s candidature for Gladstone without laying ourselves open to comment. Still a few words may not prove uninteresting. Mr Twomey entered the contest feeling confident of defeat. He was a complete stranger to nine-tenths of the electors ; he was entirly unknown in public life ; he had neither influential rich friends nor trusty poor ones, and consequently could not have hoped to win. Owing to business engagements, he had to put off addressing the electors till a day or two before the nomination, and thus lessened his chances. But he had higher motives than self-aggrandisement in view, and the public very readily recognised it. Before he was two days in the field, men who had never seen or heard of him before were ready to render assistance. Amongst his supporters were a member of the Legislative Council, clergynien of different denominations, owners of landed property, and working men, many -of- whom Mr Twomey never saw before or since. His first speech at Pleasant Point was telegraphed to Christchurch, and in two days afterwards the candidates for Christchurch constituencies wera disclosing it ; and in four day’s after Mr Macaudrew had taken up the bank scheme, and issued a manifesto to the people of Otago on the subject. The object Mr Twomey had in view was to draw attention to his new schemes, and he would hare been very hard to please indeed if ho did not feel satisfied with the amount of attention veteran politicians paid to his first public utterances. As we have said, it is rather difficult for us to discuss his candidature, but at the same lime we do not think tbit it is too ranch to sav that ho turned the current of public opinion into a different channel to that in which it had been previously running. And this h© hid in the short space of a few day?. Before he appeared, the attention of averyone was directed to large estates, and a certain class of politicians were urging that they should be “ burst up,” while another class wera at their wits’ end to defend them. The whole brain power

of public men appeared to bo ab«orbed in discussing this question, and the more they discussed it the more confused it appeared'to get; Mr Twomey pointed out that the evil did not He in large estates. He showed that half a million of people in this colony had territory almost equal to Great Britain and Ireland, which supported a population of 35,000,000, and consequently it was not necessary to make so much noise about one man having a few acres more than another. He laid down a policy for the working men, but atj the same time warned them that their whole dependence was on the farmers, and that they should on all occasions back up the farmers ;, and in short, though not a landowner or in any way connected with landowners, it was evident that he strongly sympathised with that class, because he said the prosperity of: the colony depended on their prosperity. He next pointed out that the cause of the depression was not attributable to taxation, but to an exorbitant rate of interest, which would have to be lowered before the prosperity of the colony could be secured. Ho was the first to call attention to this, and to suggest a remedy, but we are glad to say that many have taken up the subject now, and hopes are entertained that something will be done to lesson the evil. One thing Mr Twomey did. He succeed in turning attention away from the cry of large estates, which was deterring many from investing money in land, to that which is rendering property unsaleable—an exorbitant rate of interest. 8o far he ha# effected some good, and if the matter is followed up we feel confident it will lead to an alteration in the laws which govern our monetary institutions. If poor workmen band themselves together to exact from capitalists fair wages for their labor, a howl of indignation is raised from end to end of the land ; yet no one ever thinks of the “ trades union ” which exists between the Banks to keep up the price of money. The neck of this unholy alliance must be broken effectively, and the only way to do it is to establish a Government bank. The war must bo directed against moneyrings, and not against landowners, for in most instances they are in the hands of the money-rings and must do as desired. It was to direct attention to these matters Mr Twomey entered the political arena, and though only a few days in the field lie made many converts to the new creed. He met, however, with a class who looked askance upon him. His proposal to secure tor working men a homo on the land so as to save them from ruining themselves in publichouses, was looked upon with disfavor by publicans. They saw at once it would, if given effect to, lessen their opportunities for “ lambing down,” and would not suit them. A chorus of zealous, pious Christian publicans, who fatten on the misfortunes of their fellow-colonists, proclaimed that the candidate was opposed to giving any aid to Catholic schools. At Pareora, Mr Twomey' told an entirely Protestant meeting, without being asked the question, he was in favor of thi-. mid he was told' he spoiled mv.,/ thing by being so. In all his addresses he proclaimed aloud his adherence to this principle, yet these pious publicans wantsd*people to believe differently. However, very few of those interested believed those publicans, and then another ruse had to be resorted to. On the morning of the polling day a toady of Mr Sutter’s went round from house to house on horseback, proclaiming that if the votes were split up Mr Anderson would get elected, as the Blue Ribbon Army and Orangemen had combined together to secure his election. Mr Anderson proved the proverbial red rag, a better stratagem could not have been adopted, for sooner than that Mr Andarson should get elected, a great many deserted Mr Twomey and gave their vote# to Mr Sutter, as being the safest. Only for this the difference between the first and third candidates would not have been so great. The powers of the purse and, pewter pot combined together to keep Mr Twomey out and succeeded, but they will not do so always. Considering all these things, we think he did well enough to feel satisfied with the remit. Had ho been a fortnight earlier in the field the result of the poll would hare been different, and as it was, there was nothing in the whole proceedings he need regret.