THE GOLD STANDARD

Gisborne Herald, Volume LXXI, Issue 21580, 6 December 1944, Page 4

THE GOLD STANDARD

Sir.— According to Mr. T. C. Brash. pre•stdont of the Iw <T Nation- Union of New Zealand, Mr. Winston Churchnl xiyiain pins his faith to the sold basis. Mr. Brash ■n .1 Mr. Churchill himself have evidently ioAott.-n Mr. Churchill’s own speech m the H’.no- of Commons on April 21, * ll ■d. muatio'l of the gold standard. He said: “When I was moved by many arguments and forces in 1025 to return to the- sold standard I w.r assured by the highest «■'•* perts. and our o.'.pi' i are nie-n oi li'c-ac r.hilit v and .( m.lispuiabio integrity and sincerity, that we are anchoring ourf.el.vet to reality and aiabiUty; and l accepted thei. advice. I :..1.,• let'-.lf and n.y colI. oilier d:.> wiixti.-.v. i .1, •wee .of biaine aad l.urti-u tie r. may i,.- for having accepted ill. b- : dvb .. ftm what happened •* 'We had no reality, no stability. The in ice of sold tins risen since lh.-ti l.y more than To per cent. rh.it i.< as if tt 12-iaeli rule had suddenly I rtr.-ti-h.-.l to ill or JO inches, as if lie pi.tind avoirdupois hrd iv.iuf 1,-11 ly liecomu 2» or 2't «»!« instead of—how much is isl—lfi Dmk -at what, thus iin.-i meant to everybody who has been comp- lied to execute Iheir contracts upon this irrniionallv -enhanced seaic. LroU at tu'oss nnu-irnoss of such distortion to ail producers of new wealth, and to all that labour, and science and enterprise can give us. Look at the enormously increased volume of commodities which have to bo created to pay off the same mortgage. debt or loan. Minor fluctuation might well be ignored, but. I say quite seriously that this monotarv convulsion has now reached a i uteri where I*am persuaded that the producers of new wealth will not tolerate indefinitely so hideous an oppression.” The 15retton Woods proposals are far worse than the gold standard inasmuch as that it had to be followed up by the Dumbarton Oaks conference to complete the supposed new order scheme. Space will not permit any further criticism than to say to all who want true British freedom and democracy to beware of all these worshippers of the Golden Call which is attain being erected as u result of the above conferences.— DEMOCRAT