Dear Sir,

At this time in the history of Victoria, it is clearly a duty to speak plainly, as the leaders of commerce, of finance and of politics are thoroughly discredited.

The Premier has requested that I put in writing some statements relating to the public affairs of Victoria and, with directness, I venture to do so:

• # It is not in the nature of taxation levied upon the fruits of human industry to bring relief to an impoverished and over-burdened State such as Victoria – just as a greater weight placed upon a horse certainly will not ensure his better progress. Additional taxation means greater burdens upon the people.

• # Retrenchments and dismissals, in order to economise State revenue and repair deficits, however necessary and right, cannot make the country prosperous.

• # Legislation which will tend to cheapen land, and enable those of small means who need land to make the most of their capital without having to resort to money lenders, is the best for any country; the appropriation of ground rents would have this effect.

• # The feverish speculation in land has proved adverse to the best interests of the State. What explanation can be given of the fact that under your ministry all the most objectionable and disastrous effects of such a movement have been legalised and promoted?

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After he had interviewed the Hon. William Shiels, Premier of Victoria, reporter William Hopkins penned the above open letter in a now-defunct Victorian newspaper on 29 June 1892.

The 1893 to 1897 depression ensued the following year: commerce, finance and politics had ignored Hopkins’ thoughtful warning.