ECONOMIC SECURITY AND FREEDOM

Otago Daily Times, Issue 23828, 7 June 1939, Page 17

ECONOMIC SECURITY AND FREEDOM

TO IHE EDITOR Sir,—lf M. G. Townend will excuse me. I will remind him that I did not ask him to explain the implications of the just price. What r did ask him to explain was how he would arrive at the value of commodities including the various forms of labour values. I see no difficulty at all in providing a medium of exchange; paper credit does that, and whether it is Douglas Social paper credit or any other kind pf Daner credit does not matter. Gold is, and always has been, the standard of values. At one time it was in circulation as a medium of exchange. Then the people had some control of it. but since it has been withdrawn from circulation it is held by the financiers, who arbitrarily fix it's price and thus control the relative prices of labour values and commodity values which values are constant and should not be subject to fluctuations brought about by expert financiers' control of the standard of value. I submit that the power to fix the standard of values, like the power to fix the standards of weights and measures, is one that belongs to the Crown, which, in a democratic State like our own. means the rieople.—l am. etc., Measure of Value. Dunedin. June 6.