SOCIAL CREDIT.

Waikato Times, Volume 112, Issue 18808, 2 December 1932, Page 9

SOCIAL CREDIT.

(To the Editor.) Sir, It is with a sense of duty that we crave portion of your correspondence columns, so generously impacted to your readers. The stimulation to thought in mailers pertaining to 11m New Economy is particularly noticeable. This is much as il should he, ••think we." as we find at -.'very conceivable observation, everybody is inevitably short of Hie money, eiu.s. or wherewithal to purchase tlie Hungs they so badlv need, and in a great many eases which they thems fives have created. There appears to us no other apparent trouble hut a marked shortage of money, while our great industries are working at less Ilian ;,0 per eenl. capacity and placing their goods on markets where It sinners are utterly incapable of purchasing lliem. We have our wage's and salaries nils, bringing as if docs a less currency circulation to the community. Ueally our insolvent people are asked l-> carry this burden in disguise. l.ess wages mean loss currency in circulation, aiul more

community credit retained by the [ banks. Usually when people are asked to make sacrifices a time limit or reward is offered. We would like to know when it can reasonably bo expected that our people will starve themselves into prosperity. We find the remnants of our little New Zealand army, with their dependents, in a great many eases toiling long hours, if, indeed they are fortunate enough lo hew out an existence in a land of promised milk and honey, on their return from Ilia Croat War, far civilisation and llnancial disaster. W ' I find our young people of both sexes uuiemployed, the seriousness of ils ! moral and mental consequences 100 jinany people regard will) apathy. We i I'md our fanners retiring lo rest I ass | repose, accompanied wilh untold I worries, after It! or li hours of | sli'i'immis toil, because of 1 heir inj security of tenure, brought about b> their receiving only i<) or bn per jccnl. of the cost price of I licit- pro | dime from our depleted markets. We ! liml Ihal our legislators in our eapilai | city are being dictated to by the hanks on mailers pertaining to currency and ! exchange, instead of our legislators j dictating their policy for the hanks, | making them conform to a p dhy j necessary for the betterment of <mr j people as a whale. Never before was | there a more opportune lime for a re I vision of our obsolete, monetary sysI tfin. with the institution of a slab' j hank, with sole right to nuTeiiry issue | to facilitate, by the issue of suiiieieol currency, the exchange of goons aim services of our own people.. Fume- ] times it occurs lo us, with such weak-

kneed politicians as some of our re- ; presentatives are, to take wings and | fly to an island of the ocean and live | on fresh water, berries and crayfish, I and forget about money. On second thoughts, having learned of the discovery of our great economist Major Douglas, we think it is our duty to impart that knowledge to our comrades at least before we fly. We find , that in rallies from overseas eruption j and turmoil in the economic situation 1 are prevalent everywhere. W-j find that our great hankers are bamboozled ! amt mystitled. Wc llm.l on examine- j lion of the Douglas proposals and j revelations why all Ibis lias come j about. We find that the peoples, credit lias been monopolised by private ! individuals for their private use. Wo j (hid that. Hie people's money, issued ’ lo Use people, which they have to re- j pay. with accrued interest, returns urn "■■< <1: 'inly 100 ipiiekly, and is of j no further use to Hie community. We i'md that Hu; machinery age is re- j ~...i.~. unemployment to a large degree, that unemployed subsisted only on Ilnur wages, and it is impeiwiive lo restore to the unemployed and consumers generally the purchasing power it is their inherent right It) enjoy. In conclusion, Sir. we wish to thank you lies! lor space and those responsible Ini' the. very educative Idlers which appear in your columns; also ilu'se responsible lor the coming donate on Douglas Social Er alii.- -Wo are, ele., I!HACK ClblW'S. To Kovvhai, December 1, 11)32.