UNEMPLOYMENT CURE

Northern Advocate, 24 June 1932, Page 3

UNEMPLOYMENT CURE

SPECIAL CURRENCY. LEGAL TENDER FOR N.Z. GOODS • ONLY. CLAIM BY-DR... SMITH. . A claim that he Could put the unemployment problem in New Zealand fight within a week was made by Dr. G.,M, Smith; of Eawene, at the Town Hall on Friday", during his address on “The New Economics.”

. -'“ There .is a way :5n ; which everything could be righted,’ ’ ho said, “and that is this —that the Government should issue a special currency, which woyld be legal tender for New Zealandmade goods only. This currency would be paid only to the unemployed, and the civil servants, instead of getting their ten per cent, cuts, would get ”10 per cent, of this special currency.

“Some people would say this is inflation,! it j g no t. The banks have a double-barrelled gun. First they fire the inflation barrel, and . then thb which Mg- repudiation:. however, is applicable in' this case, because it would be easy to fix prices of goods, and as they are not goods for export, it could not have anything to dp with the. repayment of our loans.. ‘ (If the ■Government were able to pay the uhemplpyed in this currency,’ it would be legal tender in New Zealand, and it would solve our problems. We would not have unemployed, nor hungry children in Auckland. “Besides,” added Dr. Smith, “many people in New Zealand who are not unemployed, are,, actually beiijg hurt, and very' badly' too, ~by- t he prevailing conditions, 4 1)ut they- are too proud to ask for help. • “This currency' is feasible,” concluded Dr. 1 Smith, ■‘ ‘ and dould b e brought into operation to-morrow, and it would relieve ,our immediate trouble.”