Dear Sir,

Bay of Plenty Beacon, Volume 5, Issue 40, 15 April 1942, Page 4

Dear Sir,

Letters to the Editor must be clearly written on one side of the paper only and where a nom- I de-plume is used the name of , the writer must be included for ; reference purposes. The Editor reserves the nght to abridge, amend or withhold any letter or letters. "WANTED" MONETARY REFORM Sir, —I note your leading articlc headed Money, Money, Money! ! ! I ain sure you feel the want of a little more of it the same as other folks, but these calls on the public purse are increasing at an alarming rate, and are gradually sapping the spending power of the people, and causing a feeling of unrest as to where it is going to stop. Our late Premier Mr Savage, when speaking on the war, said: "No question of money shall be allowed to hold up*' | the war effort; it is a matter of men " 4 and materials," but there have been big slips since then. We are still under the orthodox system of Debt before' Victory, and more debt afterwards. The use of our ci-edit; the pie's credit, Social Credit means Victory without debit. To-day Mr Peter Fraser says: "We can't win with empty hands. Give your money . . . Buy bonds to build Bombers." Mr Kelliher, Director of the Bank of j New Zealand says: "The logical thing to do> is to prepare for a sound post war footing and extract ourselves from the debt-in-perpetuity system by instituting effective l monetary reforms before it is to late. State created money backed by our natural resources should be used fully to develop a maximum war effort. ff our Government cannot marshall the country's resources of men and material for the war elfort without debit loans we would remind them of their 1935 election pledges when they got into power on the State Banking Ticket. Those pledges are a long time overdue, and are our soldiers to come back to debt and interest on War Loans? O'n the same old racket of the last war. I hope nott. Yours etc.., W. BRADSHAW.