The Monetary System

Northern Advocate, 27 March 1937, Page 2

The Monetary System

i... . (To the Editor.) Sir, —As one who has consistently opposed the private ownership of the i financial system, with its attendant evils, chief of which is the increasing of credits for wars and such objects, and the decreasing of credit to bring about depressions when the people t are becoming prosperous enough tc be escaping from the snares of these private money mgonopolists, I wiaS somewhat amused at your references to the statements of Mr Semple re- - garding crank ideas of finance. Mr J Semple's remarks are completely 'in ! accordance with the opinions of all genuine monetary reformers, for he j said during his speech that it is not I possible to issue, more money than I the nation's security possesses. Major Douglas bases his whole theory of money on exactly the same principle: that money must equate goods at the time, of production, otherwise what is the use of production at all? You are apparently in favour of "the old tried" methods of finance, which demand that we produce and consume within the limits of a privatelyowned financial system; in other -words, wit our consumption to. fit the credit which these lords of finance are pleased to allow us (at 5 per cent.) based on ndthing, not even gold. Mr Semple is apparently like j all genuine monetary reformers: opposed to such experiments as were carried out in Germany after the War, increasing the note issue (to evade payment of debts), while their country, not having colonies to dump raw materials at her back-door, and suffering the after-effects of the War, could not equate goods with the note issue. This is inflation. Deflation is when a country's production is rising while the standard of living of her people is declining, through shortage of purchasing power. This is exactly what has caused the sufferings of I the past, and is the reason why food j fchas been destroyed, while people were starving (is this even Christianity?) and is the reason why men j with the love of the British justice we hear so much demand that our j finance be controlled by our Govern- I ment for our people, and not give unlimited power to international financiers, whose names no honest Englishman can even pronounce.—l am, etc., R. Y. MACKENZIE, j