10 MAY 1935, Page 26


[To the Editor of THE SPECTATOR.] SIR,—Referring to the letter in your issue of April 26th from the Marquess of Tavistock is it to be understood that to remedy the five principal defects he says there arc in the present system of banking, the banks or the Governments, or both, are to issue an unlimited amount of inconvertible paper money ? If this is not what is meant will the Marquess be so good as to explain how this new money, which is to bring prosperity to everyone, is to be created and to maintain it purchasing power? It is to be remembered that the issue of notes without limit in Germany some few years ago ended in disaster. The rentier class were ruined and working and professional people suffered too.—Yours faithfully,