MONETARY REFORM

Nelson Evening Mail, Volume LXVI, 13 February 1933, Page 9

MONETARY REFORM

NORMAN’S CRITICS

(To the Editor)

Sir, —When I wrote my last letter, I could, not lay my hands on my copy of Snowden’s eulogy of Mr Montagu Norman, Governor of the Bank of England; hut I find that extracts from Snowdon’s critique in the ''Spectator” were given in your issue of 20th November last. I trust you will consider the passage of sufficient interest to be reprinted as an appendix to this letter. It will be seen that Snowden denounces critics of the Atmore type in much more trenchant language than I should venture to use. What more scathing words have ever been penned than the following? “The rantings of ignorant demagogues who know as much about monetary and financial matters as a boat-horse, who burl denunciations at the governor as a sinister ogre who uses his great power to serve only the selfish interests of financiers, ruthlessly crushing industry, fill me with digust." And after the attacks made upon Norman by Messrs Field and Atmore, how refreshing it is to learn on the authority of Britain’s great Labour Chancellor—one of the shrewdest of men and a man who does know what he is talking about —that this so much berated Governor of the Bank is “one of the greatest men of our time,” “the greatest statesman in Great Britain since the war,” and above all, in the face <d Mr Atmore’s recent speech, that “Mr Norman’s foreign policy was dictated by the interests of this country.” But Norman is a hanker and a financier and that is quite enough to damn him in the eyes of Messrs Atmore and Field. And indeed the greatest blemish of Mr Field’s hook is that it is so largely a mere compilation of all the opprobrious things about hankers, financiers and German Jews that an industrious ransacking of magazines and other literature could discover. But Mr Field would no more think of putting in his book, and Mr Atmore would no more dream of quoting in his speeches, the line eulogy of Norman by Snowden than either of them would think of eating his hat. About a financier only what is contemptible or damnable is of any use. Now such criticism must he grossly unfair simply because it is so one-sided. No doubt bankers and financiers are not all plaster saints and there are sure to be plenty of scoundrels among them as among all other classes of people. But such a picture of unredeemed rascality as Mr Field gave us in his book is manifestly a gross caricature.

Suppose a person were to go round with a muck rake and scratch together all the scandalous stories and unsavoury suspicions that he could unearth about the citizens of Nelson—not even sparing, as probably he wouldn’t, our fathers and mothers long since laid in tlieir graves —and were to carefully omit everything that could be said in tlieir praise, could not such a person easily blacken the reputation of even the best of us, and represent the Nelson community as only lit to sull'er the fate of Sodom and Gomorrah? But that would be no true picture of Nelson. Fortunately scandal-mongering critics nearly always overstep thy bounds so far as to defeat tlieir own aims. They only suceed in filling with disgust all who, like Philip Snowden, have any sense of decency and fair play.—l am etc. GAMMA. Nelson, I.3th February. (Enclosed Extract)

THE BANK OF ENGLAND

DEFENDED BY VISCOUNT SNOWDEN

The policy of the Bank of England ?s stoutly defended by Viscount Snowden in a review in the “Spectator” of a life of Air Montagu Norman, its governor, whom he describes as “one of tlie greatest men of our time.” “The rantings of ignorant demagogues, who know as much . about monetary and financial matters as a boat-horse, who hurl denunciation at the governor as a sinister ogre who uses his gerat power to serve only the selfish interests of financiers, ruthlessly crushing industry, fill me with disgust,’ says the ex-Clian-cellor. “Whether Air Norman’s policy and actions are right or wrong, whether lie makes mistakes or not, one tiling is indisputable. No man with greater responsibilities ever tried more faithfully to discharge them with the single aim of promoting national and international well-being.’ Endorsing the statement of the author, Dr Paul Enzig, that Air Norman lias been the greatest statesman in Great Britain since the war, Viscount Snowden proceeds: —“On what grounds is this eulogy of Mr Norman based? It is mainly because of bis work in restoring the financial stability of the ruined countries of Europe. From 1928 to 1929 Mr Norman unremittingly devoted himself to this great task. When lie began ‘in most countries inflation was the chief means of meeting Government expenditure. International trade was hopelessly disorganised; the depreciation of currencies reduced the purchasing power of all classes in every country; indeed, it appeared, as if Europe were heading toward financial, economic political and social disaster.’ While the dilatory League of Nations discussed proposals for helping these stricken countries, Mr Norman acted. Tlie Bank of England extended credits to a number of central bansk to stabilise the curerncies, and this facilitated the issue of stabilisation loan later, under the asupices of the League. Mr Norman’s action is using the resources of tlie Bank ol‘ England to restore tlie financial stability of the European countries lias been criticised on the ground that he cared more for foreign countries than for the interests of British industry. Such criticism is ignorant or short-sighted. This country has everything to lose by the economic collapse of these foreign countries, and everything to gain by their restoration to prosperity. Air Norman’s foreign policy was dictated by the interests of this country.”