THE MEANING OF DOUGLASISM [To the Editor of THE-SPECTATOR.] •
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Sfa,—While it is regrettable that Mr. Greenwood should have ry read " a perfect library l
of Social Credit books without reaping the reward which has come to so many others of understanding, he need not have much further to travel if he will study more attentively his own .argument about the cancellation of. bank loans. He asserts that the destruction of purchasing power is prevented by relending. This ImPlieS that money repaid to the banks is required by the community, and Mr. Greenwood had just asserted that this was not so, but that its presence in the community would be " inflationary." Will Mr. Greenwood consider what difference there is between a series of " re- lendings " of larger amounts than have been repaid and the . regular issuance of the difference between these two amounts in equal periods of time ? One has the " advantages " asso- ciated with the indignity and insecurity of being in debt and • the other hasn't.
Social Creditors are persuaded that England (and other' • countries) would be better to forgo these " advantages which oppress it very grievously. Mr. Greenwood would not be any less an Englishinan by agreeing with them, and having gone so far he might enquire what ought to be the rate of increase of money in the community—what the bankers determine, or what the productive work of the community is able to make necessary ?—Yours faithfully, ' TUDOR JONES. 133 Thinerall Road, Liverpool 15.
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