New emphasis on savings
Sir: In present circumstances, no scheme, however artfully contrived, would tempt me to put my savings into government paper cur- rency, unless I were made to do so by statute.
The only way to get people to save, as far as I can see, would be for the Government to offer Savings Medals, made of gold, at the current free market price. This they could, I suppose, do at a considerable profit.
For the first five years 8 per cent would be paid on, the purchase price of the medals, and only the Government, not the holder, could reclaim them at the current market price of gold.
After five years, either the Government or the holder could cancel them at the current market price.
There could be silver sub-divisions of the Savings Medals.
' The numerical details of the scheme are really beyond my competence.
One could, of course, always take the risk of smuggling them out.
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