CURRENCY PROBLEM.

Waikato Times, Volume 111, Issue 18622, 28 April 1932, Page 9

CURRENCY PROBLEM.

(To the Editor.) Sir, —Blissfully unconscious of his ' own damning evidence to the contrary, .Mr Earle Vaile persists in a monotonous reiteration of his advocacy of gold ; as a Basis (not, mark you, as a med'ium) of currency, while indulging in j a criticism of what, misconceiving, ho | would inflict upon others as the new economics. Caught in a web Of logic he defaults in answer to fundamental questioning and pleads, perhaps not , unjustly, a “ common mind ” as absolution. If Mr Vaile can seriously disagree with these six points, will he state his objections or acknowledge agreement, when if still unable to reali ise the fallacy of his advocacy it will be possible to take him a step further : in that direction. It may serve 'to note l that “ laws are definition of limitaition.": — (1) Tho law of life (existence in a defined form—in this case J man), demands a supply of certain, rei quirements for its bare existence. Sustenance; (2) civilisation accords to ! every individual the right to live, i.e., | to obtain sustenance; (3) recognition as essential of additions to the list of isustenance requirements, creates a minimum standard of living, entailing variation and an increasing supply of requirements; (4) the aim of human endeavour is to Improve the standard of existence, achieved through utilisation of (particularly note) the results of human endeavour; (5) science (mass production, specialisation, etc.), has created the need of distribution facilities to fulfil the aim of endeavour; (G) the function of "money" is to "facilitate tho distribution of goods and services." Failing his disagreement, could Mr Valle explain concisely why a “ note " must be payable in any one particular commodity (gold, potatoes, beef, etc.). —I am, etc., WALLACE L. HODGSON. Hairlnl, To Awamutu, April 26, 1932.