MONETARY SYSTEMS.

Southland Times, Issue 22730, 5 November 1935, Page 4

MONETARY SYSTEMS.

To the Editor.

Sir, —Your leader twitting Mr Denham as holding the specific, cure all ills, as you term it, calls for a better explanation on your part just to what you are alluding to. You can’t stampede the electors who have been crushed by the lumbersome out-of-date system (“usury”) you fall down and worship. Worshipping at the shrine of the golden calf has tied every nation to slavery through its own bound fetters. You might at least try and be honest in your criticism, as you know very well that the countries you allude to, Russia and Scandinavia, have made wonderful strides towards stabilization, while we who listen to you and your system are in many cases worse off than serfs. You allude to the big money-bags who, you say, do not tremble at the advance of Social Credit. Why write such bosh? Why all these wonderful service-rendering advertisements issued by the banks? Why all these articles written and published in youx - paper? Why issue a journal through the Bank Officers’ Guild, instructing the staffs to explain and teach the customers the useful service they render the community? No, sir! you have the happy knack of leaving your argument open for ridicule in many instances. As you glaringly publish matter of this type contrary to fact. The small depositor has no fear, believe me. He doesn’t write articles to you in.fear and trembling. I have already written in your journal the findings of the League of Nations special Economic Committee’s report. Also the extract of the speech of the King of Sweden wherein he said that their budget had been balanced without the imposition of higher taxation, that unemployment was very nearly solved, that no Government loans were contemplated, that the national debt within the year would be reduced by two million dollars, that the sum asked for employment was only 15,000,000 dollars against 40,000,000 dollars last year; that half of last years’ appropriation was still unspent, and finally only one per cent, of the whole population was unemployed. In the face of these facts why push your ox-cart system to the fore? Why not kill the ox and get an up-to-date lorry? Your ideas are just about as advanced in comparison. The finding of the League’s observation carries far more weight than your journal can sway. All these improvements were brought about by an internal nationalized currency and credit system, not a borrowing, usury, fettered private torturing credit system as we know it to be.—l am, etc. P. BATCHELER. Bluff, November 1, 1935.