The Stockwhip.

Prologue.

A paper written by a farmer in the interests of farmers is, we believe, a novelty. Equally so is a paper written by a mortgagor in the interests of mortgagors. This paper claims to be so written. But we intend not only to advocate the interests of farmers and mortgagors, but the interests of all kinds of producers. And we write not only as a New Zealand colonist, in the interests of New Zealand, but also as an Englishman, in the interests of the United Kingdom of Great Britain and Ireland and of her colonies.

"England expects every man to do his duty." It is the duty of a farmer to enquire into everything which decreases the production of the soil. At the present time there is nothing which does this so effectually as the Spirit of Greediness, which on the one hand, in the shape of Freetrade, wants and gets its daily bread and meat and many other things at less than cost price, and on the other hand, in the shape of Usury, by extortionate rates of interest, or excessive rents, wants and gets far more money than the present prices of produce can possibly justify. The editors and proprietors of newspapers are usually town men, who are either hand in glove with, or dependent upon the bankers, bank shareholders, money-lenders, money-lending agents, lawyers, and merchants, who,

In matters of business
Are just like the Dutch.
They love giving, too little,
And getting, too much.

This fact, we believe, accounts in a very great measure indeed for English newspapers having so long advocated Freetrade, and even refused to admit any Protectionist correspondence to their columns. Many of the interests of the above classes are quite opposite to those of the producers. In the United Kingdom bank shareholders have increased their profits by dealing with foreign countries, by opening foreign branches, by foreign loans, and by commissions on payments to and from foreign countries; money lenders have increased their interest by foreign loans; lawyers have increased their business by the home depression page 2 resulting from Freetrade ("lawyers live by our misfortunes," as one of Sir Walter Scott's characters sagely observes); and merchants have increased their profits by importing com and meat without paying taxes upon them, like the farmers have done upon (or, out of) the corn and meat which they produced. Yet it is not difficult to show that the interests of producers are really far more the interests of the people, than are the interests of the merchants, lawyers, and money-lending classes. The money which is paid to the farmer for the corn and meat he produces is distributed by him amongst all classes in the shape of rent, tithes, rates, taxes, wages, and payments to tradesmen and mechanics. The money which is paid to the home manufacturer is chiefly paid in wages amongst the artisans. But nearly all the money which is paid to the importing merchant is sent away out of the country.

In grasping after the Shadow of Cheapness, England has been and is, sacrificing the Substance of her Wealth. In order to get a Cheap Loaf, she has been and is, sacrificing her Harvests.

Freetrade, by cheapening too much the prices of produce, takes away the employment and lowers the wages of labourers and artisans, for whose sake alone, as consumers, it is supposed to be so desirable to have food as cheap as possible. But if to have everything cheap in a country means prosperity, then at the present time New Zealand should be the best country in the world for the labouring classes. During the past year, best wheat has sold as low as 2s. 6d. per bushel, best beef at 2d. per lb., and best mutton at three half-pence per lb. Owing also to the prevalent depression all kinds of manufactured and imported articles of use and luxury have been selling at far less than cost price. Yet New Zealanders know well that if farmers could get double the present prices for their com and meat, it would mean prosperity lor all classes in the colony, whereas the present low prices mean wide spread distress amongst nearly all classes, excepting the money-lending fraternity and their agents and the lawyers.

There are two sides to every question, and for just the same reason as British merchants object to Protection, because it would tax and lessen their business and their profits, so the money-lending fraternity and lawyers of New Zealand object to the establishment of a State Bank, because it would lessen their business and their profits.

When St. Paul preached the gospel at Ephesus, there was "a certain man named Demetrius, a silversmith, who made silver shrines for Diana, and he called together the workmen of like occupation, and said, 'Sirs, ye know by this craft we have our wealth, ...' So there was a powerful opposition against St. Paul's preaching at Ephesus.

In like manner last session, when the Hon. John Bathgate brought his State Bank of Issue Bill before the Legislative Council, he met with a powerful opposition. This opposition, however, was not so honest as that of Demetrius the silversmith. If it had been, the members opposed to a State Bank of Issue would have said, " Sirs, by this craft of money-lending we have our wealth, and we object to any State Bank legislation because a State Bank reducing the rates of interest, and mortgage, and legal expenses and commissions on loans would decrease our profits. Or, " we do not wish, or do not dare, to do anything which the money-lending fraternity and lawyers of New Zealand would consider to be in conflict with their interests."

Such being the case, it is not surprising that the editors of some of the New Zealand newspapers should consider discretion to be the better part of valour, and should have nothing to say about the establishment of a State Bank, or should refuse to admit correspondence on the subject to their columns.

In March last we wrote a letter to the Lyttelton Times on the subject " National Bank," challenging the opponents of a State Bank to show some better reasons against it than that given by Sir Julius Vogel, namely, that the large companies are very powerful, and that any measure introduced into Parliament which they would consider to be in conflict with their interests is not likely to pass. The Editor of the Lyttelton Times did not even deign to acknowledge the letter. We then wrote him a note, asking if he had received the letter; but he did not answer the note. We then sent a copy of the letter to the Editor of the Press, who published it, but none of the money-lending fraternity accepted our challenge, nor did the Editor have a word to say upon the subject. We then wrote a pamphlet which was published in Christchurch, December 3rd, 1885, entitled, " The Condition of New Zealand : A Challenge to Sir Julius Vogel, K.C.M.G., and to the Money-lending Fraternity and Lawyers—By Lieutenant Farmer, Q.C., late of Her Majesty's Horse Marines, now a New Zealand Settler." This pamphlet contained a copy of the letter refused by the Lyttelton Times and published in the Press, and we also remarked therein that both of these newspapers seemed to be like our representatives in Parliament, afraid to advocate anything which would be in conflict with the interests of the banks and money-lending fraternity.

We think that the Editors of the Lyttelton Times and of the Press place themselves in a very absurd position in having nothing to say for themselves on a question of such public importance as the establishment of a State Bank. A State Bank is either right or wrong. If it is right it means a saving of millions of money to the Colony; an enormous decrease in the rates of page 4 interest and taxation which now oppress colonists, and a corresponding increase in the wealth and taxbearing powers of the colony. If it is wrong there must surely bo some good reasons to give against it.

It appears, however, that the Lyttelton Times does not wish the people to be well informed on the subject of a State Bank, and does not wish them to understand that the right granted to the banks, of issuing their own bank notes to the nominal value of about one million pounds, on payment of a tax of two per cent, to the New Zealand Government, is equivalent to the loan of a million sterling, at two per cent, interest from the people of New Zealand to the banks, the Government holding no security against the notes. This is equivalent to a loan to the banks of nearly £2 per head for every man, woman, and child in the colon). Again, as all the gold and silver coin in New Zealand does not amount to two millions sterling, this million of notes which the banks are allowed to issue, represents more than a third of the entire circulating money of the colony. Meanwhile the people of New Zealand are borrowing money for public purposes, on public security, from and through these banks at 4 per cent, interest and upwards; and for private Purposes and on freehold security, a all sorts of extortionate rates and charges. Yet the money (so-called!) for which the New Zealand Government and people pay these rates of interest, excepting the two millions of coin required for circulation, is simply paper representing other property, and is no more or less money than the debentures, or page 5 title deeds to land, upon the security of which the Government and people of New Zealand get—not money—because they don't want much—but cash credit—from the banks.

We do not want more money in the colony at present, but we do want much lower rates of interest for money lent on freehold security, and much less expensive ways of getting it. These are things which a State Bank could do. But these are just the things which the money-lending fraternity and their agents and the lawyers do not want done. They are like the dog in the manger, they cannot make anything out of their money themselves, and they will not lend it to anyone else at such rates of interest as will allow of the borrowers making any profit. They will not reduce the rates of interest themselves, and they would like to prevent the establishment of a State Bank because that would reduce the rates of interest. They like the idea of a State Bank in New Zealand just as much as a village butcher or baker likes the idea of an opposition shop.

Considering, therefore, the Lyttelton Times and the Press of Christchurch to be the advocates and dependants of the money-lending fraternity and lawyers, we bring out the Stockwhip as an advocate of the farmers, mortgagors, and people of New Zealand.

We challenge the Press which professes to make efforts to keep the people well informed, either to advocate or oppose the establishment of a State Bank.

We challenge the Members of both Houses of the New Zealand Parliament to show " any just cause or impediment " why a State Bank should not be established. Or else to show why, as they are paid by the people of New Zealand, and not by the banks, they should study the interests of the banks, and not of the people.

We challenge the lawyers and barristers of New Zealand to show that the establishment of a State Bank would not greatly benefit the people of New Zealand.

As one of the advocates in the great case impending : State Bank versus The Money-lending Fraternity and Lawyers; and the equally great case, Agriculturalists, Pastoralists, and Manufacturers versus Merchants; we intend to use the lash of ridicule to the best of our abilities. Nature sets us the example of wrapping up good grain in chaff. Having ourself grown many thousand quarters of wheat, we have a considerable stack of chaff yet remaing on hand. We intend to pour it upon the devoted heads of the opponents of a State Bank, and of Protection, in return for the clouds of dust they have been throwing in the eyes of the people. " Joking decides great things, stronger and better oft than earnest can " (Horace x Milton). We therefore add to our reason, rhyme, and to our rhymes, more reasons.

Correspondence.

To the Editor of the Stockwhip.

Sir,—Lieutenant Former lias thrown down the gauntlet and challenged Sir Julius Vogel to give a reason why a State Bank should not be established. Sir Julius Vogel appears to be back-ward in accepting the challenge; perhaps he finds it difficult to give a reason. But I think I can find a reason why the Govern-ment do not wish to sec a State Bank established. It is taken from a letter which Sir George Grey some time ago wrote to the chairman of the New Zealand State Bank League. Sir George says:—"The capitalist companies in fact return the majority of the House of Representatives, and the majority of that House appoints the Legislative Council." Now, who are the largest capitalists in the colony? Why, the Banks: and that these Banks are benefitted by the accumulation of the people's money in the hands of the Government (which money would be lodged in the State Bank if it were established) I will now prove. Sir George refers to an act of Major Atkinson's, who, " when he had the power of lending £225,000 belonging to the Government Life Insurance, in place of lending it to 1500 freeholders at a low rate of interest, lent it all to one Bank, on the security of that Bank's receipt. The Banks at an advance lent it to capitalists, and the capitalists at a further advance lent it to the people, who, by rights, should have had it at first hand and at first cost." Now, whose money is it for which the people are made to pay this heavy interest ? I may again quote Sir George Grey, who says:—"It is the peoples own money, collected from the people, and kept for safe keeping in the hands of the Government." Yet the Government, simply on the security of a receipt, place it in the hands of a Bank that may fail. Will the electors of New Zealand allow their own money to be lent to foreign capitalists on no better security than a receipt, that these foreign capitalists may lend it again to the people on good freehold securities, and at a high rate of interest, which interest (less that low rate paid by the Bank to Government) arising on the loan of the people sown money, is being drained out of the country to enrich foreigners (i.e., English bank-shareholders) and to impoverish ourselves.

Then Sir Julius Vogel's answer to Lieutenant farmer's challenge may be given in his own words :—" We must not do any thing which these large companies will consider to he in conflict with their interests; for it is essential to remember that these large companies are very powerful, and that any measure they oppose is not likely to pass."

But will the people of New Zealand endorse this sentiment, and suffer these big companies of foreign money-lenders to grow rich on the manipulation of the people's own money ?

Fiddle-De-Dee.

Pawkins the editor sat in his chair,
With a bumptious, important, self-satisfied air,
And a letter he read with arguments fair,
The writer of which was desirous to dare
The bankers and lawyers and mortgagees,
To show why a National Bank shouldn't please
—Not them—but, the people.
(Sometimes however, "Salus populi suprema est lex"
Is a quotation calculated an Editor to vex.)

But Pawkins the Editor says, says "we,"
Our valuable journal's the propertee
Of a wealthy and powerful companee,
And the banker, the lawyer, and mortgagee
Love the present rates of high usuree,
And a National Bank they don't want to see.
A National Bank ! Bah ! ! Fiddle-de-dee ! !!

And our Sir Julius Vogel, K.C.M.G.,
The New Zealand Colonial Treasurer, he,
Who's a very great statesman, (according to "we")
And as bold a financier as often you see;
Says, that he wishes no conflict may be
With the interests of such a big companee,
Or companies, who now make such a jolly big fee,
Or fees,—by means of generous usuree.
A National Bank ! Bah ! Fiddle-de-dee!
We mustn't tease the mortgagees!

No man's so blind as he who will not see,
So deaf as he who will not hear can be!
And as far as a State Bank goes, it is our policee
To be gazing far away,—into infinitee.
What! State Bank Notes ! A forced currencee!
To bring down interest from ten per cent, to three!
We dare not quarrel with our bread, our butter, and cheese,
By so upsetting the bankers, the lawyers, and mortgagees,
And so we'll meet your arguments with Fiddle-de-dees!

A National Bank ! Bah ! Fiddle-de-dee!
"Our reasons explain for our disdain !"
You may write again, again, and again;
We mean to restrain with our might and main
page 8 All correspondence that would give unnecessary pain
To the tender heart of the mortgagee!
Understand then quite plain, if you write again
The fire shall retain the paper you stain.
(But "we" shall not respond, and no doubt he'll despond,
For what can he do ? Some poor Cockatoo!

Some weeks passed away and then one fine day
Pawkins the Editor sat down in his chair,
And opening a packet gave a start and a stare;
" That letter of Maori's," why what have we here ?
"The Condition of—"; confound that pamphleteer!
It would have been better
To have printed his letter;
Why didn't we print it ?
A poor Cockatoo ! A poor Mortgagor!
How dare he write thus of our great Legislator!
Let him sow!
Let him mow!
Let it snow!
Let him hoe!
Let him owe!
Let it blow!
Let his interest grow!
May the merchants, the lawyers, and mortgagees
Take all his profits in commission, percentage and fees.

Confound that pamphlet! I'll just trampl' it!
I'd like to smash it; I'd like to crash it;
I'd like to hash it; but that would flash it.
I'd like to chastise it,
But that would advertise it.
What can I do?

Pawkins the Editor jumped up out of his chair,
As mad as a wetted hen, as cross as a bear.
He knitted his brows, he tore out his hair.
"'Tis the sport," says Shakespeare, "when the engineer
Is hoist with his own petar."

Now any one may read in the Lyttelton Times
(Although it is not written in rhymes),
April twenty-eight, eighty-five the date;
"The day is far distant when a learned body could successfully remark,
'I am Sir Oracle, let no dog bark !'
The most dogmatic and infallible decision
Will meet now with nothing but derision
If its unsupported by proper arguments and reason."

This piquant sauce of the Lyttelton Times' Editor's
Was no doubt extremely good for the health of the University Senators,
Who wished to insist
That nothing should be missed,
While girls and boys should list
To Swift's Tale of a Tub, and together should read
In Terence's Plays, and in Voltaire's Candide.

There was a letter from "Pater," and one from "Scrutator"
The letter from "rater" declared that such literature
As Terence's Plays wasn't fit for our days,
And that 'was debasing, defiling, disgusting;
page 9 But "Scrutator," he thought, that girls wore nought,
That boys ought to be taught, such books ought to be bought,
Their beauties be sought, and that no infection need be caught.

Said Mr. Editor, "Why doesn't some Senator try
To make some better reply ? Educated people do cry,
Because they can give no better reason, you see."
(Than Fiddle-de-dee, Fiddle-de-dee!
Indeed if you want a degree,
You must just read Terence's Adelphi!)

Moral :
Says the Ingoldsby bard, "It's uncommonly hard
If an Editor can't draw a moral."
"What's sauce for the gander is sauce for the goose,"
Is a very old proverb, and will do for our use.

If an Editor cannot reply,
And cannot give a reason why,
Educated people will certainly cry,
Its because they can give no better reason, you see,
Than Fiddle-de-dee! Gammon and Spinach ! Fiddle-de-dee!

"Moneys to Lend."

Joynt and Acton-Adams, Williams and Millton,
Izard and Loughnan, and John Shackleton,
R. W. Fereday, and Williams and Deacon,
And W. B. Percival, have "Moneys to Lend"
The aforesaid Solicitors their advertisements send
To the Press, or the Lyttelton Times.
They have Moneys to Lend ! Moneys to Lend!
In various sums from fifty pounds, and
Upwards as high as five thousand;
But if you want less, there's a private pawn office,
The which does profess, to charge 25 per cent, less
Interest than Pawnbrokers charge
Upon Pledges!
(Then what do the Pawnbrokers charge ?)

This Canterbury Loan and Investment Company are willing to grant
Ladies and Gentlemen a Loan, who don't want to visit their Uncle or (H) aunt.
To such, a Confidential Messenger will willingly be sent,
So that there should be no unpleasantness in getting the money lent.
And for the benefit of those who don't want to borrow money at all,
They say they'll "Receive money at interest, repayable at call."

Then there's the Atlantic Loan and Discount Office,
M. A. Raphael, the Manager;
And the New Zealand Land Mortgage Company,
With Sir F. Whitaker, Director;
page 10 And there the Mutual Loan and Discount Agency, opposite
The Zetland Arms Hotel;
And the Victoria; and the London Loan and Discount
Agencies as well.
All these Companies hare Moneys to Lend!
Moneys to Lend !! Moneys to Lend !!!
Now, isn't it easy to comprehend
How a National Bank would mortally offend
All those Solicitors and Companies who have Moneys to Lend ?
Because it would tend, the Rates of Interest to send
Down to three per cent., you see!
Fiddle-de-dee! Fiddle-de-dee!
Then the Lawyers too, you see, Would get a lesser fee!
And the Pawnbroker, He—Well, he wouldn't love me!
Fiddle-de-dee! Fiddle-de-dee!

How to do it.

The Lyttelton Times reports that there are twenty-five thousand people who say
That they are determined to have the East and West Coast and Nelson Railway
But then some people say, Why, how are we to pay ?
For our foreign debt to-day, On which we send away
Interest, amounts to fifty millions and more.
New Zealand is bleeding at every pore,
And if the rates of interest don't get a good bit lower,
We shall soon have nothing left in our basket and store;
So it would be a great pity we shouldn't put in our oar,
And try to prevent Sir Julius from running us on a rocky shore.
They say, he'd like now to borrow eight or ten millions more,
And to go to his friends on the London Stock Exchange therefore,
Who have Moneys to Lend ! Moneys to Lend!
Save us from our Friend!
And the Money they'd send,
For 'twould only be paper.
Messrs. Meiggs & Sons were really quite willing
That we in New Zealand should spend every shilling,
And the friends of Messrs. Meiggs & Sons seem so very rash,
They'd sacrifice the interests of New Zealand "just to make a splash"
For them the dash, the flash, and the cash!
For us the flash, the crash and the smash!
New Zealanders of every degree, Pray listen to "we,"
Let us join in a League, And stop their intrigue!
If against a State Bank they'll no reason assign,
Let us not whine and repine,
But "jine" and combine
In the League for a National Bank!

Political-Econo-Money-Mania.

Tit-Bit.

Once upon a time a gifted workhouse master in England England bethought him of a simple expedient whereby to test the fitness of a pauper candidate for the Lunatic Asylum.

A large tub was placed beneath a pump. There were two large holes at the bottom of the tub, which would carry away water faster than the pump could supply it. The plugs were taken out of the holes, and the candidate for honours was requested to fill the tub.

If he pumped away without observing or caring that the water ran out of the tub as fast as he pumped it in, the candidate passed his examination successfully, and obtained his degree. (N.C.P., non-compos mentis !)

We believe that most political economisers would pass easily.

The Biter Bit.

There is an old story of a 'Jew and a Quaker being shut up together, the result of which was, that the Quaker eat up the Jew and didn't leave a bit of him. That was a long time ago, but the Quaker being very tough survived till quite recently. He, however, met with his match at last. Having had the temerity to take the lease of a farm in England a few years ago, the result was that the Quaker was eaten up by his landlord, just as the Jew had been eaten up by the Quaker so long before. Since then, however, the late Quaker's landlord was compelled to mortgage his farm, and curiously enough the result of this was that the mortgagee eat up the landlord, just as the landlord had previously eaten up the Quaker, and the Quaker the Jew ! Strange to say, however, (according to the last 'Frisco mail) the mortgagee became involved in a lawsuit, and the result of this (as every one might be quite sure) was that his lawyer eat up the mortgagee, just as the mortgagee eat up the landlord, and as the landlord eat up his tenant, the Quaker, and as the Quaker eat up the Jew.

This story is quite true ! It is suggested that some talented individual should write a new children's tale book, and call it "The Cannibal Islands," and introduce this story in the place of "This is the House that Jack built." Of course the lawyer would be carried off to the Cannibal Island and there meet with Poetic Justice !

Reviews.

The Temuka Leader, December, 1885. says :—The National Bank question is still gaining ground. We have now a pamphlet before us written on this subject, though its title would scarcely lead to that conclusion...........Its literary style is certainly very clear, incisive and pleasant. Every sentence shows that it has been written by an educated, able, well-read man, capable of reasoning closely, and of putting his thoughts in an intelligible manner before his readers It is well worth perusal, and we hope to sec it widely circulated."

The Evening Herald, Dunedin, January 5th, 1886, says:—The writer of the pamphlet advocates very strongly the establishment of a State Bank of Issue, and points out the manifold resulting advantages, especially as regards the farmer. The pamphlet is smartly written, and the facts referred to set out in a quaint and vigorous style........His remarks are terse and pungent, and well worth perusing by all concerned."

The Marlborough Express, January, 1886, says :—"The question of State Banking has long been a matter of interesting theoretical discussion, and anyone who has read the Hon. Mr. Bathgate's pamphlet on the subject cannot, fail to see that it is becoming a matter of practical pounds, shillings, and pence importance to every settler in the colony.........The work of education is being well done by such pamphlets as that, before us, and we hope it will have a great circulation."