BARTER AND INTEREST.
May I, through vour courtesy, congratulate C. R. McDonald 011 his recent letter under the above heading? He clearly points out why this country is in debt and how we get into debt. We owe £425.000,000 and have to pay £27,000,000 per year interest to private individuals. Then we wonder why we are taxed and set up all sorts of bogies but the right one. We have the goods and require other poods in exchange. Here the great financiers step in, with the medium of exchange, money, and charge interest on it through ail eternity, making it impossible for nations to pay off the principal. The lesson to learn is: That the State only should have the right to create and control the medium of exchange. G. B. McDonald pave one illustration, here's another: In this little country the descendants of the people who gave their lives in the Maori wars are paying interest to the descendants of the people who lent the money. I wonder how many times this debt has already been paid in interest, and why the descendants of the people who gave their lives, and those not yet born, should be taxed in perpetuity to meet this burden? G. DYSOX.
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Auckland Star, 4 September 1939, Page 6
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207BARTER AND INTEREST. Auckland Star, 4 September 1939, Page 6
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