THE GOLD STANDARD

Dominion, Volume 16, Issue 223, 8 June 1923, Page 5

THE GOLD STANDARD

Sir, —May I congratulate your correspondent “Currency” on his contribution to the discussion on gold standard and land values, and I hope Mr. M. D. Hunt will apply himself to the very pertinent questions addressed to, him. The fact is, of course, that the whole trend of industrial and commercial organisation to-day is in the direction of the formation of combinations or trusts, and whilst we see on the ono hand tho flourmillers forming their “Distributors, Ltd.,” and the brewers their combine, and wo take it philosophically, the community and the Welfare League cry out loudly against the “one big union.” “Currency” makes a statement in reference to the fact that 80 per cent, of the people have only 5 per cent, of the wealth, and he is countered by another correspondent, “Exchange, who states that the wealth produced in 1913 in the United States of America was divided 87-77 per cent, to the workers and 23-33 per cent, to capitalists. On the face of this one begins to wonder where all the millionaires come from, how the cotton and oil kings must be wondering where the next coppers are coming from to buy the evening paper or to pay for the ’bus ride. It should, however, have struck my friend “Exchange” before lie published this piece of information that tho comparison is odious —very odious —for the simple reason that the proportion of capitalists to labourers (to use tho common terms) is about one to (say) 5000. I should ask my friend which he would prefer to bo one of (say) 100 workers getting ; 75 per cent, amongst them or one of (say) ten capitalists sharing 25 per cent, between them ? Out of £lOO the workers would get 15s. each, whilst the capitalists would receive £2 10s. each. This allows the oil kings and tho cotton kings to take taxis homo instead of ’bus rides.— I am, etc., BLUE PETER.