[To the Editor of the SPECTATOR.] have read your article
in the Spectator of 20th inst. with deep interest. You speak against further deflation, but is it not true that inflation has inflicted, and is still inflicting; hardship on those whose incomes are based on money contracts made before the War ? I am speaking especially on behalf of State pensioners. Those people made a contract based on the value of money when there was an effective gold standard. The Government were compelled to inflate the currency to finance the War and up went the price of commodities. It is only fair to say that the Govern- ment have increased some of the pensions, but by no means all, and the one hope of the remainder was deflation and a fall of prices. Now it is suggested that further deffittion is bad for the country. That may be true, but should not all pre-War pensions be brought as near as may be to their former value ?—I am, Sir, &c., W. J. H. TURNER, Secretary.
1Vational Association of Retired Police Officers.
8 Red Lion Square, IV .C. 1.
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