THE ALBERTA BONDS

Press, Volume LXXII, Issue 21863, 17 August 1936, Page 4

THE ALBERTA BONDS

so me aniToa or tbs mass. Sit, —The discusison which has arisen with regard to social credit in Alberta shows that we are still a long way froth understanding the nature and purpose of social credit. A scheme of this nature was in operation, I am told, in several French municipalities during the war. I should be pleased if any of your readers can give me further information regarding this Scheme, but as I understand the matter, notes were issued by these municipalities which were current within their limits, but could not be used outside the particular district that issued them. This appeals to me as a means of getting certain necessary work done in the absence of money available for that purpose. In other words, the notes issued had no real monetary value, and were merely a demand on the community for service. If so, this illustrates the point I wish to emphasise, namely; that the corollary of social credit is social service. If notes of any sort are used to facilitate this, it should be clearly understood that these notes are devoid of real monetary value, however valuable they may be from other points of view. South Africa, on the other hand, has achieved a very large measure of prosperity at the present time owing to the fact that she has produced gold in such quantities that she has been able to pay off her war debt, and reduce the income tax. She has, in fact, been able to produce real money. For, Whether we like it or not, money is still based on the idea that it is a commodity. As such it has an international value, which no social credit issue can possibly have. Hence the need for discrimination. If it should be found that an issue of social credit money will produce beneficial results in a given good and well, but this issue should* be quite distinct from ordinary currency, and would entail on the community that made use of it merely service. There are many people, however, who are not willing to render their share of social service until they are compelled to do so by means of taxation, nor do they wish, to any great extent, to avail themselves of the services of others, which, of course, they could do with social credit money. What they want is money, real money, and as much of it as possible. That being so, it would be better to let them make it as best they may, but at the same time to make it clear-that the community has a right to develop to the full all the resources of materials and man power that it possesses, and that every individual has a responsibility in this direction. —Yours, etc., ANALYST. August 14, 1936.