NO MONETARY CRANKS

Hauraki Plains Gazette, Volume 51, Issue 3153, 5 August 1942, Page 5

NO MONETARY CRANKS

(To the Editor.)'

Sir, —In a recent issue of the Gaz-

ette I noticed in a “Local and General,” that a Mr C. F. Ryland, when addressing the Thames Chamber of Commerce, referred to “monetary cranks” and theorists. Mr James Thorn also makes reference to “monetary cranks” in hisi letter published on Monday last.

Your “local” did not indicate whether Mr Ryland specifically nominated any particular persons as “monetary cranks” and this, was rather unfortunate and confusing, as we have now apparently reached the stage where this specific nomination is really necessary in any monetary discussion.

Mr Thorn, however, makes it quite clear to whom he refers, when he rightly labels as "‘monetary cranks” persons who make the proposal that the Reserve Bank could advance “limitless credits,” for, say, the prosecution of the war when existing spending power is vastly in excess of what is required for the purchasing of a declining quantity of goods. To those interested persons who have given a measure of attention to the “monetary crank” correspondence I would like to point out that the term “monetary crank” cannot apply to social creditors, who never have, either individually or collectively, advocated the advancing of “limitless credits” for any national under taking either in peacetime or wartime. Social creditors do, however, on all occasions and for all national undertakings, positively advocate that that which is physically possible should be made financially possible, an entirely different matter altogether.—lf am, etc., H. A. HAMILTON, Sec. Paeroa Social Credit Group. 4/8/42.