MONETARY REFORM

Poverty Bay Herald, Volume LXIII, Issue 19100, 22 August 1936, Page 12

MONETARY REFORM

(To the Kuitar of the Herald.) Sir.—Xo doubt- some reform in our monetary system is necessary, but, like all other reforms it must be based on realities, not theory. To initiate, any reform based on theory only is to ask for trouble, unless it is clearly shown that it would work in every-day life. It is the entire ignoring of realities by the Douglas movement that compels distrust. The public is asked to accept this creed without being told bow it is to work in practice. In saying this we have the authority of the New Era. which stated definitely that "the Douglas campaign only concerns itself with objectives—it does not. concern itself with the technique of reaching those objectives. Mast people," it adds, "are not capable of understanding a financial technique." From its literature it is seen that the objective is dividends for all, and some form of credit which involves no obligation to repay. The practical man naturally asks how any non-repayable "loan" can be made, and bow it. can be called a. "credit"? If it docs not involve the obligation to repay it would be a "gift." The reasonable man asks how can these objectives be realised? What practical plan lias been thought out by its advocates to put them into operation? The only answer he will get is : "We coil; eern ourselves with the objectives only —we are not at all concerned with "a practical plan for realising them." In other words the public is asked to sera)) the present system for an ideal which may be utterly unworkable. Mr. Nash as Finance Minister has declined to commit the country to such an experiment and incurred the. wrath of those who "are not at all concerned" as. to whether their demands are practical. .He is wise.—Yours, etc., THE X.Z. WELFARE LEAGUE.