WESTMERE BRANCH D.S.C.M.N.Z.
■ Debt free money can only be comI modify money, that is a commodity j used as coin. Gold, tea, and rum have been used as money. When paper 1 money is used the paper is a pro- ! mise to deliver goods if and when 'demanded. If money Is Issued against non existent goods it is equivalent to | an 1.0. U. of a bankrupt, and any eftort to have the 1.0. U. discharged reveals the absence of backing. If the State issues money without backing • there is inflation of the currency with 'all its attendant evils. The State does • not borrow from the community but ; from individual members thereof. It can and. when there is a reduction of | the National Debt, does pay of its ini dividual creditors, in which case the dent is fully discharged. Public debts lend to increase because of (1) war
expenditures, (2) armaments, (3) education and social amenities, all of which tend to increase year by year because of technical improvements and changes in lhe views held concerning social justice.
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https://paperspast.natlib.govt.nz/newspapers/WC19371220.2.101.2
Bibliographic details
Wanganui Chronicle, Volume 80, Issue 301, 20 December 1937, Page 9
Word Count
177WESTMERE BRANCH D.S.C.M.N.Z. Wanganui Chronicle, Volume 80, Issue 301, 20 December 1937, Page 9
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