DISSEMINATING FALSE IDEAS.
It is not, however, merely because unwise and un- worthy attacks upon the banks play into the hands of Socialist politicians that I deprecate them, but because I believe that they present to the public a false idea of the causes of industrial depression and the remedies to be applied. And if I am right it is well that these attacks should be opposed and exposed, for our troubles arising from industrial depression and unemployment are too tragic to be made the sport of Press stunts, or for time to be wasted in considering false remedies.
Those who are responsible for the present line of attack upon the banks are apparently imbued with the belief that an abundance of cheap " money with free lending of balances by the banks at low rates of interest would quickly cause a revival in trade, and in these quarters it was urged some time back that a low Bank Rate would work wonders in the industrial situation. Yet for the past year we have not only had lower Bank Rates here but all over the world money has been so plentiful and cheap that it has been a drug in the market. So far, however, this abundance and this cheapness has been accompanied by record world depression.
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