THE MONETARY SYSTEM

Waikato Times, Volume 118, Issue 19648, 7 August 1935, Page 9

THE MONETARY SYSTEM

(To the Editor.) Sir, —Somewhere I read that boss slaves (i.c., slaves who are in charge of a gang of other slaves) are tho greatest advocates of retaining Ihe slave system, and so It would appear when we road ihe opinions of our representatives in Parliament, through tiic columns of the press. 1 was pleased to see in last Thursday’s Times a letter from “Financier.” it surely tells us something. However, wo-do not need to go out of our own little country l'or Similar tactics in money .juggling. Take our Post Ul'iico Savings Bank. It lias, so I lie press says, roughly £■5,000,000 on deposit, and according lo one writer lias taken up £10,000,00(1 worth of bonds? Dow is it done? Then lake Urn various savings banks throughoul New Zealand. They will have at leas! £10.000.000 allegedly deposited with ilium. /I'wp-lhirds of these amounts are on notes or cash. As the various trading banks have about the same, amount of “cash” in circulation one wonders where it all conies from, seeing I hut there is only about £9.000.000 in notes printed, and not that amount in circulation, and abon I £150.000 in silver and copper lloatiiig around. How is it doneV someone must be going short, and one

can readily, agree with Major Douglas when he says that there never is sufficient .money or exchange tickets circulating at one time to pay for the goods produced at that period. If one follows this question to Its logical conclusion one can readily see why. Banks and financial corporations are fighting for the retention of tho present system. Take, any bank balance sheet and see if there has been any loss or reduction of dividends, any reduction of moneys put to reserve or reduced depreciation. One bank alone took for dividend bonuses £357,502 10s in one year on a turnover of £-54,500,000.

Compare these returns with the returns of the people who create this wealth, and what do we find? Some 57,000 wealth-producers bankrupt. Why cannot these people also show huge dividends, funds carried to reserve, and bonuses to wife, family and employees? Simply becauso they have been deceived, deluded, misled lay usurers who have been farming the producer—i.c., farmer and worker —creating class distinction for ono purpose only—self-aggrandisement, so that they cun get control of all the ■wealth produced.

How many of your readers have gone into Ibis money question deeply enough to realise where we arc being led by sound finance? Take one instance as illustration: How long will it take Hie lenders of £50,000,000 at 3 per cent, lo own and control all or nearly all the assets tendered for that loan? Really when boiled down, Iho assets arc tiic people. Actually, I compute It to bo under 70 years. Then take our present debt, accrued in 83 years, even without any further increase; and where will wo be? Why, Sir, the prospeot Is catastrophic, appalling—£o9o,ooo,ooo at present rate of interest in 00 years; and yet we have men like Messrs J. Johnstone, S. Reid, llio Welfare League and others advocating a continuance of present monetary control! Surely I hey have, never , studied Die actual position or they would not lie trying lo persuade electors that everything is all right.

No, Sir, had wo been the masters of our own industry, as wo ought lo have been—and will ho, in my life* lime, 1 hope—New Zealand would no) owe a cent to any foreign power. Let me reiterate: We must control our own money,—l am. etc., G. J. TURK. Rotorua, August 3, 1935.