MORGAN MONEY TRUST.

Dominion, Volume 3, Issue 754, 1 March 1910, Page 4

MORGAN MONEY TRUST.

'■ Sir.—ln your issuo of this morning, there appeared an article .under, the above heading'which--is deserving of the earnest attention of.every sane person, and especially of. members of Parliament. It so clearly points out. the preenrious condition the- commercial, industrial, and labour world is in. This may at any moment put a spoke in the wheel of the said Trust, and plunge the world into a crisis more fierce and far-reaching in its evil effects than anything of the kind known in history. Yet in spite of this fact you do not deal with tho subject as its real , merits deserve. In place of warning and urging the people to see to .t that this vast power must he shifted from private control to State control in order :to assure the permanent, safety and prosperity of all! the people, making it impossible for one section-(and that a small one) of, tho; people to rob tho masses, you are silent.. Even from 'the individual capitalistic point of view, thoadvoeacy of the change, named, is necessary. In proof of this let mo refer to one of tho host measures' ever mado law in any country, namely, tho advances to settlers in this Dominion. Prior to its existence, rates of interest ranged from six to twelve per cent., and were erratic in movoment. Since then rates of interest have been much moro on equality and'steady, ranging from 4J per cent, to G per cent., and in spite of'all to the contrary, such was and is due to tho advances to settlors— especially that the rates of interest have been reduced and remain steady. AVhy then not extend so good a thing further"? AVhy do wo find Parliament, and especially tho Government (called Liberal), in .opposition to such oxtension and the State control of currency. The present-day Government is supposed to bo carrying out the Liberal policy of the past. Tho

late Mr. SecUlon often said ho intended moving in this direction, but was hampered by some of his own following. He said that when the advances to settlers was established, Stnto money should be issued sufficient to meet its demands at a lower rate ,of interest even .than -1-i per cent, in place , of going outside for it. . Is it not time tlio business men and labourers throughout the Dominion moved to action in this important matter which is nt the root of all renl reform, and if their present representatives wiil not carry it out, then roraove .them nnd select others who will ? It would bo for the best interest and permanent good of all people if this momontous question, so simplo, yet made to appear so comploi by its selfish opponents, was laid lipid of, and dealt with. Wo aro in this matter behind other countries. Wo are content to sit rjuict and let our Government year after yoar repeat tho dose of further sinking our fair- land' in debt by .borrowing outside when wo need not do-so. On "the other hnnd we could not only abstain from borrowing, outside ourselves, but begin to redeem ourselves from debt. So long as we allow such imbecility to go on by those in authority, so long will we continue to go to tho bad. The average business man of ordinary intelligence knows very well that there is nothing in the bluff and si))j' diist throwing intlulg-ed iu by the press and people against currency reform. The real secret is that if it were brought about financial institutions now paying dividends of say, ten per cent., would only pay about half that amount, and if wo controlled tho borrowing within ourselves, there, of course, would, or should be, no pickings for anyone. But, of course, they won't admit that these are the'■ real reasons for the opposition, or at loast, for some of tho opposition. There are many, even business people, who are even indifferentthrough not having given the subject due consideration, or who have listened to only ono side of the question. In conclusion, let me recommend to every class of thinkers, Mr. John Young's book entitled "Metallic Money," just issued.— I am, etc.: . J. JAMIE'SON.. , . Wellington, February 2fi, 1910.