MONETARY INQUIRY

Evening Post, Volume CXVII, Issue 51, 1 March 1934, Page 9

MONETARY INQUIRY

FITZHERBERT SCHEME

The Fitzherbert plan of national construction was expounded by its author, Mr. S. "W. Fitzherbert, before the Parliamentary Monetary Committee yesterday afternoon. ~Mr. Fitzherbert, in order to illustrate his plan, fixed the able-bodied adult population at about 1,000,000. These people. experienced desire for food, shelter, clothing, etc., for 365 days a year. It meant that there were 365,000,000 man-days of desire. Prom the standpoint of effort there would be some 300,000,000, man-days of effort each year. That effort produced food, clothing, shelter, and amusement, and that was the basis of a scientific scale of economic measurement—it was the multiplication of energy and time. The currency system he proposed would be man-day certificates which would certify that the holder had rendered so many hours' or so many days' service, and would give him the right to receive goods equal to the hours or days of service. Thus on. one side of the monetary circle there would be payments to those- who had given services and ou the other side there would be the cancellation of the.payments as they purchased the commodities ■ desired The system could be worked under either private enterprise or Socialism, but a social system built on the man-day system would embody the principle o£ equality. If such a principle was the only scientific principle upon which any; social system, could be based, it followed as the night the day,- that the principle of equality was a "scientific principle and based upon the essential nature of existence. ' The plan iorovided for the abolition of interest,; and the only investment allowed would be. in land; which was a basis of.produc- ' tion. Under the plan the State would be largely finance* hy the revenue it ■-'■ received for. validst^ the: credit sys-.;*?-