AGAIN IN LIMELIGHT

Poverty Bay Herald, Volume LXIII, Issue 19137, 5 October 1936, Page 11

AGAIN IN LIMELIGHT

ALBERTA EXPERIMENTS BUSINESS MEN UNEASY "PERMANENT DAMAGE" VANCOUVER, Sept. If). Alter a lapse of several months, Mr. William Aberhart's financial experiment in Alberta has again entered the limelight. The main two reasons are—first, his initial issue of the so-called "velocity dollars." £52,000 being circulated; second, the fact that Canadian Chamber ol Commerce officials arc petitioning the Federal Government, to intervene m Alberta before what they describe as

"permanent damage" is done to that province. Mr. Aberhart himself is going) quietly forward from one experiment, to another and is being restricted in his operations not by the Federal Government, but by natural forces. Chief of these, arc drought and crop failure, which are reducing Alberta's produce very materially and seriously.

This week Mr. Aberhart announced that the first "Social Dividend" ■_would probably be onlv £1 a month, instead of the £5 he originally planned and he is not yet ready to announce even the probable date of initiating payments. It should be understood Hint (he Douglas Social Creditites have completely repudiated Mr. Aberhaii and his legislative proposals have become, _ a curious mixture of Socialist and Fascist dictatorship, with some little portion of the doctrine of Social Credit. On Mr. Aberhart's side, however, is the fact that, undoubtedly he is stronger to-day in his prairie home country than ever before.

He has a greater hold on the people, many of whom have utterly abandoned

the reading of newspapers "and are now gelling information and gospel from their zealot leaders in Sunday evening radio broadcasts.

This week Mr. Aberhart warned the newspapers I hat. he planned to license them if they "didn't behave," and as this followed some sharp criticism of the Aberhart. policies by the newspapers concerned, the latter immediately declared that it, was censorship, not licensing, that Mr. Aberhart intended to im]W * ( ' BANKERS ARE SAD

A special session of the Alberta Legislature last week reduced private, and public interest, rates in Alberta by 50 per cent and announced special legislation in favour of debitors, allowing all payments of interest since 1932 to apply on principal indebtedness, and remaining debts 1a be repaid in 10 annual instalments without interest.

Rv a stroke of the pen. Mr. Aberhart reduced interest on £30,000,000 of Provincial Debt to 2,'; per cent. The main three principles of Social Credit—basic dividends, just price and

unearned increment —have figured in bills approved by the Legislature. The Cieclit House Act provided for a levy on the unearned increment of Alberta credit as tho credit passes through the Credit House. A Price Spreads Board with power to fix prices and investigate spread was provided in another bill. Ranks and insurance companies are sadly trying to reorganise, their affairs to fit the new requirements. They have so far refused to accept the "velocity" or "prosperity"- dollars, and ail anomaly of the situation is that 'Mr. Aberhart's own Government refuses to accept them in payment of taxes or in other official transactions. They are merely trade dollars. HERE COME THE FORGERS!

Thousands of clever forgeries of these "prosperity dollars" have already appeared, and the Government is in a quandary about how to punish the forgers if they are caught, because obviously these new trade dollars are not national currency.

Mr. Aberhart. is still the head and

front of the Alberta movement, but" two youthful members of his Cabinet, M&Ssrs. Manning! ;ind Maynard! (the 27 years of ago)'have taken charge of administering details, and are rpally more feared by business people than-Mr. Ahci'hnrt- himself. "

It is altogether probable that the-Fed-eral authorities will not interfered but will allow: Mr. Aberfiart to go sweet way; for it. is surmised thai lie would capitalise interference by throwing up his hands and .putting the blame for failure on the'Federal authorities, saying that they would not allow; him to carry his scheme to fruition. The British newspaper magnate,'Xord Rothermere. was asked in Vancouver (through which he is parsing) what he thought of Mr. Aberhart's proposal to license or censor newspapers. "Z.

"In six months," lie said, "Mr. Abcrhnrt will be so busy Irving to placate his own followers flint lie won't "have time to worry about anything else."^