The Pamphlet Collection of Sir Robert Stout: Volume 71
The Australian crisis should be an object lesson to the people of New Zealand. A knowledge of the true principles of money will enable them, by an intelligent use of political power, to obtain a "national currency," and thus grasp and hold amenable to their own control the powerful institution of money, and free themselves from the unjust burdens which a currency on a gold basis has placed on their shoulders.
Then will arise a brilliant era of prosperity—no longer will progress be arrested, no longer will the farmers be fleeced of the value of their products, no longer will labour be pauperised—to enrich those monopolists who are now exacting an unholy tribute from the rest of the world by the false idol—gold.
|(1.)||That the condition essential to the currency of any country is that by "regulation" the total "numerary volume of money," the "measure of value" shall harmonise, or be in constant ratio to the" volume of exchanges."|
|(2.)||That a gold or metallic basis for a currency is not capable of regulation, and is a superstition and delusion, that it subjects the "measure of value" to violent and unforeseeable fluctuations, that it is susceptible to the control and monopoly of capitalists, who thus make the currency a tool to avail themselves unduly of the results of other peoples' labour.|
|(3.)||That for the social and political welfare and freedom of any country it is indispensible that the emission and regulation of its circulating medium—money—should be under "the control of the state," and that the only money should be "the state note"—"the sole legal tender"—and a record—open to the public—kept of every note issued or withdrawn from circulation.|
June 23rd, 1893.