Monetary System

Dominion, Volume 27, Issue 34, 3 November 1933, Page 13

Monetary System

Sir, —It is to be hoped, for the sake of New Zealand’s reputation for sanity, that our Government will not land this country in the expense and ridicule of an inquiry into the monetary system. -The sensible people of this country—and, fortunately, they are the large majority of our population—-need no reminding that not one of the 66 nations represented at the recent London Economic Conference will have anything to do with the Douglas scheme, which was allowed by its New Zealand devotees to lie decomposing for fifteen years until our borrowing of real money was stopped because we were already overdrawn. If the Douglas scheme is such a marvellous cure, why did not its advocates bang their drums in 1917, when Major Douglas safely, delivered the fallacious infant to the world? When it is necessary to replace our monetary system the work will be done in London. We have yet arrived at the state of being able, in regard to monetary policy, to null up above our door the slogan, “We lead; others follow.” —1 am, etc., J. McCORMACK. Kawakawa. October 28.