BRETTON WOODS CONFERENCE

Bay of Plenty Beacon, Volume 08, Issue 92, 24 July 1945, Page 4

BRETTON WOODS CONFERENCE

Sir —The Bretton Woods Conference says: We must accept gold as the standard for our paper currency. This has been qualified by the Frisco Conference to cover the international banking scheme which will take complete control of all small nations economic policies depriving them of their freedom of of what they shall consume, import or export. It is at this point that the so-called econqmists are in insisting as they do that there is something that, money does (gold exchange), that paper money cannot do. Forced circulation of this sort of money though its character may be disguised by one artifice or anr for instance the moneV (gold) may not be legal tender; but all ; remedy at law may be taken away from creditor Nationals who refuse to receive it . . . "Can paper money serve as the medium of exchange?" There is no doubt about 'it—it can! Take the ynited States "Greenbacks" of 1862 to 1879. Did not producers accept them readily in full payment for goods? Yes } with full assurance, t)id men resort to barter to avoid this medium of ex-< change? No. Did men refuse to produce or contract their production,, lest they should have to accept those circulating notes in payments for their commodities? Again I say no! The London Chamber of Commerce has uttered a protest and warning against such a crime against humanity; and are the British people going to take it lying down? What is New Zealand's Parliament going to say about this? How many of the representatives of the people understand the meaning of a country's 'Sovereign Rights' and are prepared to speak up for their country! Are we. to be bludgened into it by Fascism of the same type that we are fighting against for freedom. Yours etc. } W. BRADSHAW.