The Argus at KellyGang 6/6/1878
THE EFFECTS OF BLACK WEDNESDAY
TO THE EDITOR OF THE ARGUS
Letter
Sir,-It would be a great mistake to suppose that it is only the large capitalists who have taken alarm at the revolutionary act of Black Wednesday and at the incendiary language of the Chief Secretary during the last few weeks . For while it is true that our insurance companies, acting, as they are bound to do, with caution and circumspection, as fiduciary agents for their share- holders and insurers, are investing their accu mulating capital on mortgage in New South Wales, instead of in Victoria, and thus in- creasing the wage fund of the former and diminishing that of the latter colony, it is equally true that the savings of other classes are being withdrawn from our local institutions and transferred to what are regarded as more secure investments outside of Victoria. I can speak with confidence on this subject, as one of the directors of a society which receives deposits. Last week I signed a cheque for £300 to be paid to a depositor, who assigned, as his reason for withdrawing the amount that "with levellers at the head of affairs, the colony is going to the dogs." In another instance, a governess drew out a small sum, representing the thrifty accumulation of years, in order to send it for deposit to a bank in Adelaide. I could give many other cases which have come under my own observation, were it not that by doing so I should be only intensifying the distrust and dismay which are penetrating the minds of the thoughtful and prudent men in all classes of society, and which are not likely to be removed so long as this colony is cursed by the rule of men who make it their boast that they possess no special ability, and that they are wholly un- connected with its great interests, that is to say, with those productive industries which have made it what it is -Yours &c
A HARDWORKÍNG MAN
June 5.
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