DEBT-FREE MONEY

Hawke's Bay Herald-Tribune, Issue 176, 12 August 1937, Page 3

DEBT-FREE MONEY

Pamphlets Circulated in Taranaki AN "ELECT0RS, DEMAND" Propaganda for a'* system of "debtfree money" is making its appeaTanee in Taranaki, appaTently from an Auckland souree, and at least five pamphlets have Ibeen issued, together with an undertaking to be signed by electors. It is stated that agents distributing the publieity have implied that the Prime Minister, the Rt. Hon. M. J. Savage, would support the movement if it wero sufficiently strong. The organisation sponsoring the propaganda styles itself the ' ' Campaign for Economic Security" and its theory is that a defect in the present monetary system is the cause of war and poverty. It claims that it is non-sectar-ian and without party affiliations. A folder entitled "Immediate Prosperity and How to Obtain It," contains a Joose slip headed "Elector's Demand and Undertaking," on which fignatures, all. to be treated as conlig dential, are sought. Seven-Clause Demand The seven clauses of the demand and nndertaking are:' — *'I know that there are goods in plent'y, so that poverty and depresaions are quite unnecessary. "I want before anything else plonty for all. "I want, too, debt-free money disrributed in sufficient quantities to enable the people of New Zealand to buy all the consumable goods they can produce or exchange for their production. "This debt-free money must be nsed to rednce the price oi goods,' reduce taxotion, benefit the farmers and increase pensions and employment. "In a demqcracy like New Zealand, Parliament exists to make the will of the people prevail. "So I will pledge myself to vote for any candidate who will undertake to support 'Plenty for All' and 'Debtfree Money' and to vote consistently against any candidate trying to put any other law-making before this. "If the present M.P. in my electorate will not undertake this I will vote to defeat him and his successors nntil my policy • prevails. " Goveornment's Methods The agents of the campaign, it is alleged, draw attention to the Govornment's method of -financing the housing scheme. from the funds of . the Reserve Bank, and state that the last , Government would have borrowed from England and increased the national debt to build honses. They contend the monetary system is wrong and has been abused. Mr Savage, it is1 suggested, will show the -world that Ne'w Zealand can provide abundance for all. It is implied •that the Prime Minister would be behind the campaign even if he were not willing to show* his hand. If he had a list of names of supporters of the campaign he would be willing to 'put the right ideas into praetice. The pamphlets quote extensively but briefly from many authorities on varrous • subjects - in support of the belief that poverty can be ended, taxation reduced and war averted if. money were created. The world 's ills are blamed on to the private bankers' "debt system' ' of finance. The fifth pamphlet deals with the imminence of war, which, it is strongly stated (with full einphasis on the horrors that would ensue), could be averted by giving the people of the world, security through' a new economic system. .