SOCIAL CREDIT.

Waikato Times, Volume 117, Issue 19599, 11 June 1935, Page 7

SOCIAL CREDIT.

(To tho Editor.) Sir, —I regret to see so much ridicule used In correspondence on the above subject. It always appears to me to he the last resort •of a man beaten in reasonable argument. I think readers would much prefer to see letters on this subject devoted entirely to facts and logical arguments. Your correspondent Mr Earle Vallo, in your Issue of June 5, seeks to know the meaning, or, I take It, the statement of value, on a Douglas Credit note. In the old days of the gold standard this wording was simple, in terms of gold. At the present day I assert that it is absolutely a matter of public conflden,ce r 'Under Social Credit, however, the National Credit Authority would Ax a just price for all main commodities and, I presume, forms of service, and would vary tho issue of credit and currency in accordance with (he amount of goods and service's available. 1 suggest, therefore, a reasonable wording and for meaning of the Douglas Credit note would he: "The State Issue Department guarantee this note to bo Worth £l, in accordance with the list (or current list) of valuables as issued by the National Credit Authority.” Tho average person would never Worry about tho wording as long as his note was acceptable. If ho wished he could look up its value in terms of goods and services instead of In terms of gold, In conclusion, I should like to ask Mr Earle Vailo what is the meaning of the promise on the Reserve Bank note, since it Is not exchangeable for gold.—l am, etc., P.K. Te Pahu, June 6, 1935.