Misconception About Money

Manawatu Times, Volume LIX, Issue 7460, 10 May 1934, Page 8

Misconception About Money

DOUGLAS GKEDIT VIEWPOINT. An appreciative audience listened to Miss M. H. King, M.A., principal of tho Otago Girls’ High School, discourse in the Opera House last evening on monetary matters, including the Douglas Credit scheme. “Most of us realise the present monetary system lias outlived its usefulness," declared-Mr. A. E. Mnnsford, amidst applause, when introducing Miss King. “We believe no longer that our welfare depends on the gold in the banks or elsewhere. Wo have at last seen how the conjurer docs his trick.” Mr. Mansford said JlO agreed with Abraham Lincoln when the latter said that all the people could not be “bad” all tho time. “Let us settle this monetary question once and for all," he added. “Let us think in terms of human beings instead of in terms of money. We will then possess a systom whereby our national dividends will bo increased for the benefit of all and we can look to a future that will be full of peace, justice and prosperity." Miss King pointed out that there was no need for poverty in tho world today. it was in every way possible to provide food, clothing and comfort for every human being in the world and provide for their happiness and eductv tion. And further, all this could be done without any great effort. During the war millions of men could be taken away from their work and then clothed and fed, yet at the present time men were still out of work, but could not be given a decent wage or living. Was that common sense ? she asked, especially when it was realised the world was by no means worse off physically. In fact, wc were living in a world of plenty which was embarrassing to the theorists. Was not it a strange outlook when one heard of rejoicings at tho destruction of wealth 1 Yet such had been tho case when it was reported that disease and blight had destroyed wheat and cotton in America. Miss King recalled the astonishing progress that science and invention had made in the last years, but regretted that all this achievement had resulted in twenty millions being impoverished and forced into a condition of existence in which self-respect and even decency was scarcely possible. Really the label to all this progress was “unemployment." Miss. King also regretted the reluctance on the part of the people to lay the blamo at the feet of money and the reluctance of economists to admit that money was only tho creation of the banks by a book-keeping process. Miss King proceeded to criticise tho present monetary system and pointed out that the banks and insurance companies were the mnin manipulators of that system. She added, also, that if thoso who ran the banks and insurance companies persisted in maintaining that system or perpetuated it, or if they endeavoured to stifio criticism of it and kept the facts away from the people, they rendered themselves responsible for the effects of the, system. The speaker discoursed on the use of money. Was it, she asked, created to enable people to use it for their own welfare and advancement ? Or was it created to keep people in order through the agency of tho employment system ? The human need and dcsiro should be the basis of the economie system and money should only bo tho means of providing thoso needs. She objected to her life being ordered by a group of financiers in London. “We don t want a system of government by persons never held responsible for tho consequences of their government and whom wc cannot remove from the position of power they are in and whom nobody elects," declared Miss King. “Wc want it to be solely a system for the distribution of goods and services. 'What was wanted was a monetary hj ston suited to modern needs—an accounting system giving a faithful reflection of tho facts. Money should only be a means of “taking stock - of the capacity to produce. New Zealand, like many other countries, was held-up by tho blockage caused by the present monetary system. The principles on which a modern money system should be founded were that it should represent the facts, represent the world ns growing richer every day and poorer v, lieu property is destroyed, and make provision for the conditions of modern industry in which there is little individual production. It was absurd to sneak of money as a medium of exchange—it was really only a mechanism of distribution. At the root of the world’s misery was poverty and at the root of poverty was the monetary system Miss King declared that either ,1m world must adopt the principles Lid down by Douglas or dnft mto war which was the inevitable result of 1 present monetary system. Douglas had | von gone ns far as to devise the technique whereby the root of most ot th* world’s troubles could be cut away without any disturbance in tho. affairs of the people. 'The speaker outlined m brief how the Douglas scheme could be put into operation in New Zealand and appealed for a deeper consideration of the facts, and a concentrated drive to bring about a change.