Douglas Credit System

Dominion, Volume 26, Issue 285, 28 August 1933, Page 11

Douglas Credit System

Sir, —Mr. E. Boocock complains that he te accused of writing on subjects of which he knows nothing. If any further proof is necessary, there is only need to refer to his letter appearing in your issue of August 26, in which he states that Douglas credit is in opposition to increased production, and in the same paragraph says that he does not pretend to know all about social credit, but he is satisfied to accept the general condemns; tion made by Messrs. Nicolaus and Stuart Wilson. < It is only a waste of time and space endeavouring to enlighten any person who is unwilling to learn, but for the information of others who have not studied the Douglas proposals it is necessary to state that there would be no necessity whatever to issue millions of paper money equivalent to the annual value of production, as the procedure would follow the practice of the present banking system. viz., a percentage of paper currency to the. total amount of the credit issued. .Surely most men (including Mr. Boocock) should know that the actual amount of paper money used in this Dominion amounts to roughly 10 per cent, of the total amount of credit issued, and the same method would be followed under the Douglas social credit proposals. The bulk of the business transacted would be by means of the cheque system as at present. When Mr. Booeock grasps the meaning of Douglas social credit he will then realise the scientific value and stability of this currency form, and when it comes into operation, as it surely will do, he

will then have time to repent the time that he has wasted in endeavouring to prevent its coming to fruition. The Douglas proposals are hard nuts to crack, as all its opponents have discovered. —I am. etc.. ■ A.B.C. Palmerston North, August 26. Answer to Correspondent “Pukeora.”—Town Hall (excluding ring space), 2400; Winter Show Stadium. 4000.