STATE CURRENCY.

Dominion, Volume 1, Issue 301, 14 September 1908, Page 8

STATE CURRENCY.

ADDRESS BY Mil. F. T .MOORE. Mr. F. T. Moore addressed the weekly Socialist meeting in His Majesty's Theatre last night. He explained how to develop "The Possibilities of New Zealand" (such was the advertised title of his discourse) by means of the issuo of paper money by the State. The security for the notes should be, lie said, land values, merchandise,' and gold, and there should be inconvertible State notes, which would be issued for the construction of new railways, and. the holders of which would bo shareholders in those railways. Ho sometimes wished that thr financiers would refuse to lend money to the Government, so that it would bo forced to adopt this policy, by means of which eventually the public debt could be all paid off. The State should buy out the shareholders of the Bank of New Zealand with inconvertible State notes, and pay them 5 per cent, on their money if they invested it in the bank.. This could easily bo done, as the profits of banking were never much less than 10 per cent. When this was effected, other great businesses, such as tile freezing works, could bo acquired by the State. The Union Steam Ship Company could be bought up, and the passenger fares greatly reduced. A vast amount of unemployment was caused by the want bf capital, and the reluctance of bankers to make advances. State currency was the euro for all social ills, and Sir Joseph Ward know this, but because ho was allied with the " fat men " ho did not adopt it. Wore that done, Now Zealand would bo .on the high road to prosperity, and there would be nothing that ,we could not lay hands on and operate in tho interests of people as a whole. (Applause.)