THE ALBERTA EXPERIMENT
[To the Editor of TIIE SPECTATOR.]
Sin,—Permit me, as a convinced Social Creditor, to comment the fair .and well-informed article on " The Alberta Experi- ment " in your September 11th issue—a contrast to Mr. A. W. Kiddy's notice a year ago, and an almost unique instance, so far as I know, amidst the ignorance and vested prejudice of the Press, yellow and/or " serious," to date.
Your correspondent seems correct enough in pointing to Schwundgeld (Stamp Scrip) as the newest determinant of Aberhart's policy : a measure, by the way, which seems intrinsically more certain even than Social Credit to invite the hostility of Finance. But Mr. Horsefield is perhaps disin- genuous in declaring the Gesellite heterodoxy to have " been tried out . . . with no conclusive results." The experiments of Woergl and Schwanenkirchen—until the Central Bank of Austria stepped in to claim infringement of its monopoly and to restore the normalcy " of depression—were shining examples of success on a limited scale.
I agree, however, with what appears to be Mr. Horsefield's view- : that as a National system Stamp Scrip, though un- questionably attractive, must need supplementing with some
other and wider monetary reforms. • It may be of chance possible- interest to observe that Mr. Keynes, at long last, in his most recent volte-face, has joined Prof. Irving Fisher in extending to Gesell the blessing of his august approval.—Yours, &e., • 81 Murray Road, Wimbledon, S.W.19.
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