THE ABOLITION OF DEBT

Otago Daily Times, Issue 22836, 21 March 1936, Page 4

THE ABOLITION OF DEBT

"Analysis of Usury, with Troposals for the Abolition of Debt." By Jeffery Mark. London : Dent. 9s.

The author belongs to that school of monetary reformers which believes that the root of nil our troubles lies in the payment of interest, or usury, " which has been the curse of the world since the days r.f Adam." The remedy, therefore, is to abolish debt, rent, and interest. The world, he asserts, is governed by a gold mining and financial autocracy which battens on superstitions about gold " backing" to currencies. Mr Mark summarises his conclusions by stating that debt automatically increases at a faster rate than production; therefore there is always a surplus of commodities in all countries, which cannot be purchased internally, resulting in chronic insolvency or the growth of unearned incomes. His proposal is that Treasury notes should be issued to redeem all Government securities, and the Government can then make loans against tangible assets free of interest. All deposits will be taxed, but the proceeds can be drawn on by the contributor nt any time, provided they are spent on goods and services or in enterprise. If 100 great a fund arises from taxation the Government can spend the overflow on public works, or it may lower the rate of taxation, if the fund falls too low, the Government will issue new credits for public works or increase the tax rate. Furthermore, the Government will be able without the creation of any public debt to finance all forms of insurance and poor relief, hospitals, asylums, and public works. It can allow voluntary retirement above r certain age and extend the school age. This flow of money will rapidly liquidate private and municipal debts" All land will be nationalised, but curiously enough, while the author says it would be unjust to victimise owners, and they must therefore he bought, out by issue of credits or otherwise, the purchase money "will gradually revert to the Goveriimenl through tin'' taxation of deposits " Hut this again is puzzling, as the taxpayer has the right In draw out the proceeds of his contribution Lo the fax fund, as we have already seen. If inllalion results from tlm scheme it will not matter, as there will lie no creditors lo be defrauded nor debars to be robbed, "and the cost, of the inflation will be spread, as it should be, over the community as a whole." But in any case it will be temporary, as more

goods will soon appear on the market. How far purchasing power should be allowed to fall temporarily "depends on the dynamic psychology of the industrial organism." Finally, no one will be living on unearned income from rent or interest. In some respects the scheme seems to resemble Gesell's plan for free money. The proposal to finance social services and public works out of "issues of credit" and Treasury notes seems to suggest features of the new Labour Government plan to finance these " without taxation and without borrowing." There is also, under Mr Mark's plan, to be a Central Bank Board representing farming, industrial, professional, and religious tlements, and this Central Council is to be the real Cabinet. But the author seems in the same doubt as the Prime Minister, as he says the board will merely administer the scheme, while the Government will decide rates of taxation or degrees of inflation. Under these circumstances it is puzzling to be told that the board or council is the real Cabinet. In fact, the author has left the question of political or non-political control of credit ns doubtful as the Labour Government. He should watch with interest the progress of events in New Zealand. W. D. S. THE LATEST BOOKS The following publications have been received by recent mails, and will, as far as practicable, be the subject of notice in these columns: — Fiction Hodder and Stoughton: "Regency," by D. C. Murray; "A Hand to Burn," by Joanna Cannan; "Mr Tolefree's Relictant Witness," by R. A. J. Walling; "Ask for Ronald Standish," by " Sapper "; " Atmosphere for Gloria," by Maribel Edwin. Jenkins: "Flames of Fate," by Roy Brooks; "Lucy and the Dark Gods," by Edgar Jepson; "Foul Play at Lentwood," by Patrick Leyton. Crime Club: " Death at Breakfast," by John Rhode; "The Loss of the Jane Vosper," by Freeman Wills Crofts; ' Courtier to Death," by Anthony Gilbert. Hutchinson: "The Silent Monk," by Gabrielle Vallings; "They Found Atlantis," by Dennis Wheatley. Paul: "Susan Settles Down," by B. Mollett; "The House of Endor," by Anne Hocking. Wild West: "Guns of the Diamond X," by Charles Wesley Sanders. Dent: "Period Programme," by Guy Pocock. Melrose: " Self-Accused," by Phyllis Austin. Selwyn and Blount: "Murder Goes Fishing," by Theodore Pratt. Stoekwell: "Murder at Moreby," by Alice Cantlidge; "Mean Time at Sea.." by Linfield Wilson. Archer: "Maiden Ladies," by Bernard Hardwick. Blackie: "No Lovelier Spring," by Lida Larrimore. Barker: "Prelude to Blue Mountains," by Alan Hyder. (Each 75.) General Literature Hodder and Stoughton: "Randlords," by Paul H. Emden, illustrated, 17s 6d; " This Torch of Freedom," by Stanley Baldwin, M.P.. 14s 6d. Evans Brothers: "The Year Book of Education, 1936," edited by Lord Eustace Percy, M.P., £2 12s Cd. Melrose: "A Nomad of the Sea," by Guy do Reya, illustrated, fl 4s. Angus and Robertson: "Man, the Unknown," bv Alexis Carrel. 8s 6d; "Pocket Guide to Better Golf," by Alex. J. Morrison, illustrated. 2s 9d. Cape: " Shakespeare," by Jtohn Middleton Murry, 18s Cd. Ivor Nicholson; " Your Better Self," by the Rev. W. IT. Elliott, 4s. Philip: "Human Geography: the Pacific," by J. Fairgrieve, M.A., and Ernest Youny, B.Sc. Heath Cranton: "Ballroom Dancing Made Easy," by Santos Casani, illustrated, ss. An Et\ay Competition The Now History Society of New York announces that its fifth international competition if< now open to the entire youth of (ho countries of Alaska, Australia, Canada. Newfoundland, New Zealand, Tasmania, and the islands adjacent to these countries. There is no entrance fee, and young people to the age of 30 years of either sex. and regardless of educational qualification, being natives or permanent or temporary residents of the named countries may tompete. Entries

will be received bearing a postal date not later than April 30, 1936. The subject is: "How Can Youth Develop Cooperative and Harmonious Relations Anions the Races of the Earth? " and the soeietv offers three first prizes of 300, 200, and 100 dollars, besides special prizes for the best papers of not more than 2000 words on the subject. The ideals of the society, which is non-political, and embraces all creeds and people, is the promotion of the principles of peace and harmony, the establishment of practical internationalism and disarmament, and the fostering of a brotherhood of mankind. It numbers amongst its active supporters such celebrities as Professor Albert Einstein, Miss Helen Keller. Rabbi Stephen Wise, Mrs Margaret Sanger, Count Ilya Tolstoy, and Rnbindranath Tagore. nil of whom have contributed lectures under its auspices. Entrance form* and information regarling this competition, which is open to New Zealandere, may be obtained from John W. Laird, care of Post Office. Hastings.