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Union Labor Bulletin
Little Rock, Pulaski County, Arkansas
What is this article about?
British economists and industrialists criticize their monetary system for high interest rates burdening industry and recommend a commission to investigate reforms for wealth production, industrial revival, and unemployment, of interest to the US due to similar financial systems.
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BURDENS INDUSTRY
Washington.--A repudiation of the British monetary system by economists and influential industrialists of that country should be of interest to the United States because of a similarity of both countries' financial systems.
The Britishers, according to cable dispatches, declare that high interest rates are a burden on industry and that finance, "instead of being the hand-maiden of the producing trades, is their master."
"The expense of maintaining a free gold market is too great for Britain to bear," the survey says.
"It is necessary to adopt a monetary policy designed to encourage the production of more wealth within the country. Our present monetary position renders this well nigh impossible."
The survey includes a recommendation that a commission be appointed to investigate the whole working of the present monetary system and to consider the incorporation of such changes as may be necessary to affect an industrial revival and a solution of unemployment on a scientific basis.
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Foreign News Details
Primary Location
Britain
Outcome
recommendation for a commission to investigate the monetary system and propose changes for industrial revival and unemployment solution
Event Details
Economists and influential industrialists in Britain repudiate the monetary system, declaring high interest rates burden industry and finance dominates producing trades. The expense of maintaining a free gold market is too great, hindering wealth production. A survey recommends appointing a commission to examine the system and incorporate necessary changes.