Note Issue Proposed
Sir, —Now that the Government has decided that inflation is necessary, and have put up the exchange rate for that purpose, it may be in order to suggest that it is not inflation that is causing dissentions, but the method adopted. Had the Government issued Treasury notes, made them legal tender, and redeemed Treasury bonds with them, the exchange would have gone up automatically. The State would then have decreased its liabilities and interest payments, would not have had to guarantee the banks against loss, would not have undermined the Ottawa agreement, and would have been fair to all classes of the community. If 125 is considered the best exchange rate, sufficient notes should be issued to make that the true rate, and no more. It is not too late to do this. Whv not?—l am, etc., WYNFORD O. BEERE. ■Wellington, January 25.
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Bibliographic details
Dominion, Volume 26, Issue 104, 26 January 1933, Page 11
Word Count
146Note Issue Proposed Dominion, Volume 26, Issue 104, 26 January 1933, Page 11
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