GOLD OR DOUGLAS CREDIT.

Waikato Times, Volume 117, Issue 19606, 19 June 1935, Page 9

GOLD OR DOUGLAS CREDIT.

(To the Editor.)

Sir, —As I seem to have silenced my numerous opponents with the single exception of “Plato" I think it is time this discussion should be closed-

Under the shelter of anonymity my good, though platonic, friend babbles on like the brook, for ever whispering nothings (though they may be sweet) •about me, such as that I have a fossilised and single-track mind. Poor mel And all because I have sufficient penetration to analyse and reject as worthless the nostrums for our financial ills offered by the itinerant quack doctor Douglas. How anyone can have faith in his mixtures after his visit to New Zealand I cannot comprehend, delinking I would get from his lips the pure and unadulterated gospel I attended his lecture in Auckland, and also had every word taken down. This cost me 355, but as the result was not worth a penny I generously presented the mass of rubbish to a Douglas Credit fanatic. I understand that the Major made a gallant charge on the purses of his devotees for his visit to these shores.

I am .not concerned to defend the Reserve Bank notes. They are on the “sterling bloc”—that is, convertible into sterling—and as sterling is for the present inconvertible into gold ■these notes, as I have already pointed out, are salable for only 8s Gd. But the regrettable fact that this paper is so far worthless does not prove that Douglas Credit notes would be worth pari Quite the contrary. It is true that I have not permitted “Plato" to draw me into side issues. I have endeavoured to hold him to the point upon which I leave him Impaled, together,with his supporters. In my last my reply to Mr James was rather spoiled by the word I had Intended for “argue" being printed "agree." I thank you, Sir, for the very generous space devoted to this disousslon, with the result, I hope, that many will have a more balanced mind as to what can and what cannot be done, in finance. Folk cannot reflect too long and too seriously upon the calamitous end of the German Government’s “legal tender" notes.—l am, E. EARLE VAILEi Rotorua, June 17, 1935. .