. [To the Editor of THE SPECTATOR.]
SIR,—It is scarcely correct to describe Mr. Aberhart's economic experiment as being not even .a product of Social Credit literature and little. more than pure Gesellism. : It. is, rather. a combination of the basic idea of Social Credit with some of the technique of Gesell. The creation of a kind of new money, not in the form of- debt and backed by the country's real wealth in goods, is essentially a Social Credit. idea, just as the penalisation of hoarding is essentially Gesellian. Gesell himself never really got to the root of the trouble in the monetary system. He had a complex about the evils and dangers of hoarding, but he failed to understand the defects in the method of creating money which drive people to hoard even though they are not by nature misers. As sug- gested in:your article, Mr. Aberhart. is working again a-heavy odds, for the monopoly right of - creating -normal forms of money lies in other hands. Should he -fail it- will not be Social Credit that has been given a fair trial and found wanting.
—Yours very truly, TAVISTOCK. Glentrool Lodge, Newton Stewart, Scotland.
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