STATE NOTE ISSUE.

Dominion, Volume 2, Issue 467, 27 March 1909, Page 13

STATE NOTE ISSUE.

Sir, —Mr. Turner complains of my application of the term "twaddle" to his writings on the above subject, and submits his sentiments to tho judgment of the general public on a test, of which tlio following is a precis:—That while New Zealand has depleted itself by 200 to 300 millions in interest on loans, Franco has built up £150,000,000, besides paying away £200,000,000 in gold to Germany. If that is not twaddle I would li!;o to know what is. Again—Paper money (convertible this time) built up France's big reserve. Of course the notorious thriftiness of that nation counts for nought, and tho shadow built up tho substance. In face of such stupendous twaddle it seems small to havo to refer to £80,000 brought over from a neighbouring iStato to financo tho American fleet. A reasonable parallel would bo to build a rumour that there was not a drop of milk in Wellington because a vendor sent out of tho district to fulfil an unusual order, the greatest surprise accruing, too, from tho fact that tho milk was intended for uso within its borders. Money is tho dog—paper the tail — and according to Mr. Turner's tale, tho tail ought to wag the dog.—l am, etc., HENIIY BODLEY. March 20, 1909.