THE CENTRAL BANK

Feilding Star, Volume 10, Issue 4033, 16 September 1933, Page 7

THE CENTRAL BANK

(To the- Editor, Star) Sir.—Despite Hie inspired statements of tlie Hon. Mr Coates, tbe people of this country want nothing to do with his precious Central Bank Bill. The central idea of this Bill is to hand the destinies of the people over to foreign money-lenders for the. next 25 years. The Bill was originated in New Zealand by Professor Gregory when lie was in this country with his compatriot, Sir Otto Heimeyer.

To suggest that those two gentlemen are actuated by nothin'* but a genuine desire to hell) the people of this country is really an attempt to outdo Gilbert and Sullivan. I regard tlie Central Bank Bill as the most dangerous, the most iniquitious and the most barefaced attempt to rob the people of this country of their undoubted right to control tlieir own currency and credit. With a weapon like a Central Bank, the people will be reduced to a state of slavery. New Zealand is not a self-governing Dominion. AVe are only a slave State and Sir Otto Niemeyer the dictator.

The most amazing proposal in the Bill is that tlie people of this country are to provide 1 twotliirds of the- capital (one million pounds) and have no voice of any kind in the management of the bank The benefits of the Bill are nebulous. In fact, one might reasonable ask what can the Central Bank do that our own hanks ennot do ? Will the Central Bank avoid future slumps? AYill the Central Bank see to it that currency and credit are issue.d coincidentally with the production of goods? If it won’t what is tlie use- of it? M uch as I dislike -our own hanks—or, rather, our banking system—which at best is simple a tool of the larger financial power, I think it is a case of “Better stick to ills you have, than fly to ills you know not of. ” AVe are living in a practical age and we expect critical results. AVill tin' Central Bank avoid the tragedy of unemployment ? Will it guarantee that our farmers, after producing more and more of tlie necessities of life, will not eventually become bankrupt? Will it give business men the guarantee after a lifetime of useful service,, that they will be able to enjoy a contented old age? AYill it provide our young New Zeaanders with a job in the future ? AA 7 ill it cease filling God’s Own Country with bankruptcies aud burglaries ? AVill il give the people the power over tlu ir own destines or will it hand such power over to a financial power over which they will have no control?

Those are practical questions and they demand a practical answer.

Wh at has Sir Otto Neimeyer or Professor Gregory ever done to critit.lt' them to the power the proposed Central Bank Bill will give them? I would regard any ALP. who votes for this Bill to nothing short of a traitor to his country. In any rase, the Government has no mandate to put the Bill through.

Tf the Government is renllv honest about the matter, it wi’l at once- resign—especially in view of the Lyttelton election —and ask the country for a mandate before it proceeds further with the most dangerous piece of legislation ever promised in this country.—T am, etc.. “SHELDON”

(Palpable propaganda, innuendoes and abusive terms have had to lv' ent out of “Sheldon's” letter, which lies run into undue space —Thliter. Star j