THE MONEY CIRCLE.

Evening Star, Issue 22247, 27 January 1936, Page 3

THE MONEY CIRCLE.

TO THE EDITOR. Sir, —1 am afraid that I shall not be, able to satisfy Mr R. Harrison’s curiosity in regard to peculiarities of the note issue and its possible effects on prosperity. 1 am concerned with something of much more importance, as I thought my letter made clear—namely, the origin of money, its purely debt nature, the right of the private banking monopoly to claim nearly all, money as their own property and force us continually into further debt in order to pay the charges these bankers decide upon for the use of their “ commodity.” These matters, together with the major defect in the costing system at present in operation, whereby wages, salaries, and dividends paid out in the course of production are not, and cannot be, equal to the lowest limit of costs—apart from and even if profit is not made by the producer—need all our attention.

[ am afraid that Mr Harrison has not read ray letter very carefully, else he would have perceived that I did not claim to have found the “ criminals ” in the banking monopoly. I have every confidence that those engaged in the business of banking are as honourable as one would find in any other private venture. Your correspondent has misread my letter and misunderstood the nature of the criticism which has of late years been directed if he thinks that it is a search for criminals which actuates us. Of course, when certain men go out of their way, as some bankers do, to represent their system as irreproachable and criticism out of ■order, then they assume a responsibility arising out of such a stand. If Mr Harrison is prepared to address himself to the nature, origin, issue, and “ debt ” character of money now operating the present system, he will learn interesting and startling things, but to introduce bank notes and their influence before the aforesaid questions are satisfactorily settled is akin to discussing effect and leaving causes alone. The note issue is only a fractional part of a thing which calls for examination before its secondary manifestations are dealt with. I will conclude by asking a question: If practically all money is claimed as the private property of one business and.no society can exist without it, is it not certain that the community, nation, or individuals must go to that certain business to get money? Since those who claim to own money do not give or sell it outright, but only, lend it at interest, does it not follow that that interest must also constitute further loan money from the same business, since there is no other money available? If Mr Harrison is prepared to get down to fundamentals and will not insist on introducing bank notes or shipping or exchange matters, I feel sure that he will gain the information he wants.—l am, etc., “ A. January 24.