THE MONETARY TANGLE.

King Country Chronicle, Volume XXXI, Issue 4953, 9 February 1937, Page 5

THE MONETARY TANGLE.

(To the Editor). Sir,—When one has intensely studied the money problems as presented by numerous and varied angles of thought it is a great incentive to indulge in criticism against those who, to your own mind, are, unwittingly, perhaps, not sufficiently accurate or truthful. A “contributed” article from the Labour Party and a reply to the same by “Ajax” are really not the crux of the monetary position the world is enmeshed with. The position plainly is we are facing, bravely enough, up to a deluge of debt to the Government licensed orthodox monetary system which the inhabitants of this world will never (and I use the word “never” in its truest sense) be able to liquidate. There is no country in the world which has or can pay off its national or local body debt. The nations of the world are piling up their debts to the banking system at a terrific pace. “Ajax” need not quarrel with the Labour Party over their banking policy. Mr. Savage has definitely stated that they never had such a policy as Douglas Social Credit in their platform. The Goverment’s ominous silence (unbroken even by Mr. C. Barrell, M.P.) when shaken up by the member for Waitomo. for their desertion of the D.S.C. during the Financial Debate, is quite sufficient to show that they are purely and simply carrying on under orthodox monetary procedure, inceasing national debt and taxation. “Ajax” is quite right about the increase in the tax on small people, it is just on 2s in the £ for the amount he states. May I here present that Ministerial classic quoted in the Herald on January 29: “To take a little bit more each year off the man who has, to give a little bit more to the man who has not.” And in conjunction with the foregoing, and for both your correspondents’ benefit, state the practical result of the D.S.C. object is: “Not less for some, but more for all.” Surely no one in the world would suggest that the people have an excess of the goods and food our economic system is capable of producing, so why take anything from one person to give to another? It is absurd. Mankind can and will devise better means just when he is ready to do so. A study of the ideas put forth by Captain Rushworth, Rev. Mr. Averill, and Dr. Gunson, will be well repaid.—l am, etc., DIGIT.