IS A GOLD STANDARD OF CURRENCY DESIRABLE ?
[To the Editor of the SPECTATOR.] Sta,—I am amazed that in your article in last week's Spectator, entitled " Is Unemployment Inevitable ? " you should evidently favour the abandonment of the gold standard. Unless there is something tangible, whether it be gold, silver,' steel or other things of intrinsic value behind a currency, the way is opened to unlimited robbery of the public by issue of inconvertible paper currency as in Russia and Germany. I should like to see inflation of currency and debasement of coinage made capital offences. Suppose the Government to issue an additional hundred million pounds of currency notes without backing, they are robbing everyone who has any money in his possession of a sum equal to the depreciation of value of each note, just as much as if they employed pickpockets to steal that amount from every citizen. Suppose a Socialist Government, not only in office but in power, they could nationalize the mines, railways and anything else and pay for them in newly-printed currency notes at no greater cost than that of printing. Encouraging employment by issuing currency notes, unbacked by anything tangible, is only a form of robbing and impoverishing Peter
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