PAPER MONEY.

Rangitikei Advocate and Manawatu Argus, Volume XXXIV, Issue 9372, 15 February 1909, Page 2

PAPER MONEY.

MR HOGG’S ASTOUNDING YIEWS. Per Press Association. Wanganui, February 3. A local deputation waited on Hon. A. W. Hogg this morning as to the currency question, pointing out that the stringency of legal tender was restricting industry and causing unemployment. They considered Government might issue its own paper and use it to pay for public works, thus keeping workers employed instead of discounting it abroad. Moreover it seemed absurd to have to pay interest to foreign money lenders for the privilege of employing ourselves on our own public works. The deputation pointed out tbe success of this course in other countries. The Minister expressed pleasure at the matter being brought up and said he was in entire sympathy with tbe deputation’s views. He thought it the right thing to do, but pointed out that he was only one member of the Ministry. Every young country needed ample currency to develop its resources. Government was endeavouring to develop industries and open up the country, but was blocked by want of currency. The banks at some times lent money freely on reasonable security but at others called it in as fast, and there was no depending on their advances for a steady supply. Various Governments elsewhere had used a State issue of currency with advantage. He acquiesced in all that had been said and would do all he could to help the matter along.