STATE CURRENCY LEAGUE.

Dominion, Volume 6, Issue 1726, 18 April 1913, Page 9

STATE CURRENCY LEAGUE.

A meeting of the- New Zealand State Currency League was held in the Trades Hall on Wednesday night. Mr. F. T. Moore presided. Among those present wcm the Hon. John Eigg, Mr. A. H. Hindmnrsh, M.P., Mr. W. B. Young, and Mr. Hobart. Mr. Young said that State paper money must be resorted to, because the world's supply pf gold was inadequate to meet the world's expansion in trade and commerce, this being due to the ever-rising standard of living. In the past every failure and mishap with the use of paper was due to the actions of enemies of the system. "Mr. Rigg said that until the Labour party got into power there was no hope of practical steps being taken. Then the Bank of Now Zealand could bo made a State bank with the sole right to issue the Dominion's currency. With this view, Jlr.' Hindmarsh concurred. .-• Mr. Tlobart was of opinion that the power of giving or withholding credit should rest in the hands of a State bank and not in private institutions. The chairman said that there was no need to pav interest to Home lenders for the use of money. The .£40,000,000 which ■ the country had already paid was needless waste. The land of the country was ample security for the issue of all the currency required. Gold was only required for the adjustment of international balances. Votes of thanks to the speakers concluded the proceedings.