SOCIAL CREDIT.

Waikato Times, Volume 115, Issue 19203, 13 March 1934, Page 7

SOCIAL CREDIT.

(To the Editor.) Sir, —The question lias been repeatedly asked, and rightly so, why not present the Douglas Social Credit proposals in a comprehensive whole ? The writer intends to incorporate the social credit proposals in a single Bill, ready for presentation to Parliament. The "Bill is fundamental, based on an essential principle—namely, . selfgovernment in money; also it is enabling, furnished with adequate power. The Act may be termed the State Currency Act. It provides for: (1) The establishment of a State Credit Bank, vested with a supreme prerogative in respect to the issue and control of currency and credit; (2) a self-redeeming currency and the redemption of all now-existing hank notes by State notes, thus unifying the currency; (3) the Issue of loan credit, national or local, for new work or undertakings, to be debtfree, with proper safeguards against superfluity; (4) credit to he issued to pay a bounty on primary exports, in order to bring overseas prices up to the cost of production (including profit) in New Zealand; (5) the gradual redemption of all national and local interest-bearing debts; (6) the abolition of interest (usury) as a factor in financing national, local or private undertakings; (7) credit to be issued to consumers by means of a vendor’s subsidy; (8) facilities for supplying currency (national dividend) through the Post Office over and above wages, to every man, woman and child, whether in work or not. This is a very brief outline of a measure which I intend to submit in detail In the form of a Bill ready for presentation to Parliament. Buying power is economic power—• power over goods. The Douglas Social Credit proposals place that power directly into the hands of the whole of the community.—l am, etc., HARRY WOODRUFFE. j Auckland, March 8, 1934. I