THIS MONEY.

Waikato Times, Volume 110, Issue 18393, 29 July 1931, Page 9

THIS MONEY.

(To the Editor). Sir, —I read with pleasure Mr Magner’s delightful and helpful contribution to this discussion. I have delayed a few days in answering, thinking some further contributions might he forthcoming. Apparently “Teralc" has been answered; I could not decide whether or not he hoped to elicit a response from me. I wish to back Mr Magner up in his belief that, given complete but disinterested oontrol of finance (In the same sense that It Is now controlled by interested International manipulators with self-arrogated powers) there would be no real obstaole preventing the State from Issuing new money, practically Interest free, to financially 'thirsty industries—in faot to cleserving industries of all kinds — ■such money 'to he returned to the State (and cancelled If necessary) when the Industries concerned wero paying their way. The sufficiency of money and easy borrowing implied In the foregoing would mean the end of the financial tyranny which for so long has given money the power to command a high rate of interest, enabling those who have to grow richer In idleness, and forcing those whb have not to remain without. Our present economic system is crazy; ft Is top heavy, unbalanced, uncontrollable. To maintain it the world’s economic experts with all their props, counter-balancings and reinforcement Injections, labour with vigilanoe and assiduity, but with Increasing apprehension that, In spite of all, their economio structure with Its god enshrined will come crashing down on top of them. Yet It is not to be wondered at that these experts turn deaf ears to all counsels of economio reorganisation and construction on the •basis of a money which is merely useful as constituting claims upon goods’ and servlces, as a means of exchange, and as a lubricator of industrial activities.;, there, is . no wonder that they are so feverishly engaged In the perpetuation, at whatever cost to themselves and humanity in general, of the present system which makes money an automatic creator of money instead of merely performing the services above mentioned. Those who at present cling fast to, and offer their services and sacrifices to, the present system would mostly not he losers In the event of a change over to a sound economic system. -Most of them would be ultimate gainers bocauso from that time forward Invested ■capital would ho freed from the very grave risk Of loss which obtains under present Industrial conditions — conditions which are the reflection of an obsolete and radically faulty economic system. Certainly Invested money would lose its power to pay anything worth considering in dividends. Instead there would be unlimited profitable scope In Industry and enterprise. Those with money already earned would be able to spend It without fear, or poverty In old age or disability. In a few years of the reorganised machine age such would become the general prosperity that a handsome national dividend would be payable to all citizens, Irrespective of receipts from participation In Industry or any other remunerative pursuit. Stated brieflly, the change would enormously benefit industrialists, business men, and more especially the labouring and wages classes whose services would always be required in some part or other of the national mechanism and who would consequently be In a position to ask the full value of their services. In short,, It would mean financial emancipation for all honest mortals and a general prosperity, as yet absolutely undreamed of, by orthodox economists. This must -come to pass when men shall be given money claims upon every penny’s worth of wealth they and their -machines are able to produce apart from public benefits. Only a few conscienceless manipulators will lose their power to hold hack the progressive waters of civilisation in their insane desire to angle after millions of pounds of 'money which, to the end of giving them happiness, can only prove to be “dead sea fruit. —I am, etc., R. E. lIANSEN. Orinl, July 20, 1931.