VALUE.

Waikato Times, Volume 112, Issue 18776, 26 October 1932, Page 9

VALUE.

(To the Editor.) Sir,—Permit me to inform Mr Magner that I have been a convert to.Douglasism for the past ten years. The members of the Six-hour Day Movement adopted the same about 12 months ago on a majority vote. Again, the scope and aims of the New Economics are to Interest the publio in financial problems by means of publio leotures, debates, newspaper artioles and other publicity methods. Mr Magner informs us that there is a Douglas study olass at Hamilton. Well, What about it, except at times too much “study” is maddening. Study is not learning. A man may know all the tricks of high flnanoe off by heart, he may be well versed in all the forms and rules governing banking, and yet know nothing whatever about money in the P6cll 561156, This pending debate is under the direction of the Six-hour Day Movement. It has nothing to do with any other league or association whatsoever. Some questions have been put to me In particular by Mr Douglas Seymour. Question: What is -money? Answer: A medium of exchange.

Question: What is credit? Answer: The lending of millions of phantom money. Question: What is interest? Answer: Daylight robbery. Question: What Is a banker? Answer: One >vho actually sells his particular ware—namely, money—on the Instalment plan. Here, then is a question for the quick; perhaps Mr Douglas Seymour will oblige: “Why is It considered honest for a creditor to accept payment in tokens more valuable than those which he lent (result of deflation), and dishonourable for. a debtor to pay in tokens of less value than those he borrowed (the result of Inflation) ?” This is a problem of financial ethics which even C. M. Hattersley cannot solve. Besides what is value? Right down the ages, for nearly thirty oenturies, the vaults -of the earth have echoed the question but vouchsafed no reply. The priests of Egypt, if they knew the answer, preserved it among their numerous mysteries of statecraft. The seers of Chaldea and Greeoe, who disclosed to the Western world the majestic movements of the heavenly bodies, failed to register a definition. Perhaps, then, Mr Douglas Seymour can inform us poor mortals of the New Economics what is money. Is It a banker’s ware, whether it has any absolute value, and what is value? In conclusion, shortly, with your permission, of course, I will deal with currenoy reform on Douglas Social Credit lines and how the same can be adjusted to suit local conditions. Then I will make final arrangements regarding the debate between Mr Douglas Seymour and myself. And I repeat again, I speak under the banner of the Six-hour Day Movement only.—l am, etc., HARRY WOODRUFFE. 199 Eden Terrace, Auckland, October 24, 1932.