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DOUGLAS SOCIAL CREDIT.
To the Editor.
Sir, — As we suggested the debate between Mr. R. J. C. Butler and Mr. Southwood, permit us to clinch the matter by accept ing Mr. Southwood's assurance that he is
prepared to meet Mr. Butler, when Mr. Butler will affirm that (1) banks create and destroy credit, as stated by Major Douglas; (2)_ the A-plus-B theorem is a correct ana lysis of the shortage of purchasing power; and (3) that the just-price formula is a remedy for the shortage' of purchasing power. We might add that Mr. Southwood's re joinder proves the futility of attempting to conduct by correspondence a controversy between the orthodox and the new eco nomics. In our opinion a debate is much more satisfactory. The only possible ad vantage of the newspaper discussion to Mr. Southwood is an unfair one^ — which we are sure he does not desire— namely, that the general public would cling to his state ments as being something which from ex perience they could follow, whereas the new methods, which are destined to re place them, break new ground which needs explanation sentence by. sentence, , taking up far too much of your valuable space. The very existence of the Douglas move ment is justified by the need to enlighten those who would clear up the present chaos at least to the extent of completely abolishing poverty from our midst. We. therefore., hold Mr. Southwood to his pro mise to debate the questions fully in the Town Hall on a date to be fixed. Meanwhile, for the benefit of your readers, let us state positively: — (1) Bookkeeping, double entry and ac counting are only means to an end, namely, a correct reflection of goods and services and the power to increase them. (2) Poverty amidst plenty is a practical indication that the present bookkeeping system is faulty. (3) The fact that our money system and accounting system demand from us further sacrifices, while the goods unsold and potentially available indicate a need for sreater consumption, should be sufficient proof of where the fault lies. Let Mr. Southwood learn by debate the answers he seeks. During an _ interesting evening he might obtain a good idea of how Japan is able to supply in the north of England good quality bathing suits at 2Jd. each. — Yours, etc.. CHARLES J. NORTH. State president, Douglas Social Credi Movement.