NATIONALISATION OF BANKING

Wanganui Chronicle, Volume 79, Issue 278, 26 November 1935, Page 9

NATIONALISATION OF BANKING

Sir, —ln Friday’s "Chronicle

there appeared a letter emanating from ‘ ‘ Interested’ ’ relative to the Labour or Communistic Party’s policy of monetary reform. He states that in my recent letter 1 wrote loosely and disjointedly about Mr. Lang, the Communistic Labour Party, etc. My observations regarding Nationalisation of Banking, and the danger of New Zealand citizens casting their voices in favour of party with a monetary policy more revolutionary and communistic than that of Mr. Lang, were made for the benefit of intelligent people who practise self help, are in receipt of wages or salary, or are fortunate enough to have property or savings. They were addressed to those people who have the misfortune to be unemployed, because during Mr. Lang's regime as Premier of New South Wales unemployment increased at an alarming rate. 1 know that to the “red fed” element my irrefutable statments are naturally unpalatable, and also appear disjointed. My nom de plume is “Veritas Vincit,” which means “truth conquers.” Apparently “interested” found it difficult to write “Veritas Vincit”—he refers to me as “ Veritas Vitis.’ ’ The satellites of communism a.'.d Douglas {Social Credit arc usually diffident when the word truth arises. Their letters and arguments indicate, that to them, truth is stranger than fiction. They have a habit too, of mutilating statements made by Sir Reginald McKenna, by the president of the London -Chamber of Commerce and others in order to bolster up their spurious doctrinaire. People w r ho give half truths are regarded by men of probity as being more dangerous, and untrustworthy than unmitigated liars. The arguments, and views put forward by “Interested” are as spurious and unconvincing as those I uttered by a Douglas Credit exponent, at the Wanganui show, who was seeking to fill his pocket with “costless credit” by means of the three card trick. Nationalisation of Banking, and uncontrolled inflation of th-e note issue are paramount in the policy of the so called Labour Party. Is this policy going to benefit the worker, or reduce unemployment 1 ? Past history has proved otherwise, and, history has a habit of repeating itself. Following the French Revolution a financial charlatan, whose views coincide with those of Major Douglas in the matter of inflation, induced the French Government into inflating the paper currency of that country. The assignats or notes ultimately had no purchasing power, and this quickly produced chaos and ruination throughout France, the working people and peasants suffering most.

New Zealanders who served in France during the war will recollect that the peasants and working classes horded their savings of gold and silver specie because of their inherent fear that some financial charlatan might again induce rhe Government to inflate the currency. The unlimited issue of paper money known as “Green Backs” also proved disastrous when the Government of the U.S.A, inflated the curency subsequent to the civil war. The recent financial debacles in Germany, Austria and Poland, as a result of the Government inflating the currency, are well known to the present generation, and should be a warning to the people of this country. —I am, yours, etc., “VERITAS VINCIT.”