Edition Bobbett1. Texts by Elizabeth F. Bobbett: 1.1.3. Correspondence, Letters to newspapers

1947 Elizabeth Bobbett: Letter to the Wicklow People, 27.09.1947

Saving Dollars and the Financial Crisis

All eyes and ears are turned on Britain these days, wondering what will happen when the American loan runs out. As unfortunately, Eire is still tied to the British sterling we are caught in the net too. This “Financial Crisis” may be a blessing in disguise if it makes the people turn back to “reality” and realise that money of itself has no value. The only value money has is what it can do for you, for instance, if you need food, the land is there capable of producing food if it is properly cultivated and stocked, but if the farmers have not the money to pay the necessary labour and buy stock and equipment, it should be the duty of Parliament to see that money is made available to enable the farmers to produce the food, likewise with coal or steel, etc. Do the people of Britain and Eire realise that under the Tonnage Act of 1694 a private money-creating company was formed known as The Bank of England. A provision of that Act is: “The Bank hath interest on all money which it creates out of nothing”. A further Act, the 1844 Bank Charter Act, maintains and intensifies the powers of those who create, issue and control money. All nations copied this system of legalised usury until to-day the whole world is sunk in usurious debt to the International financial system. The Bank of Ireland is tied to it. National Freedom without economic freedom is a myth, and economic freedom is inseparable from Money Control. Surely we in Catholic Ireland should listen to the teachings of our Popes, Leo XIII, and Pius XI, who strongly denounce “the concentration of wealth in the hands of a few,” and take immediate action to save our country from further taxation and want, by demanding that our Government set in motion the necessary legislation to enable them to use the credit of the Nation for the benefit of our people. We know too well how the farmers were exploited after the 1914-18 war. It looks as if the same is about to happen again now. Any price is not too high to pay for imports, while because we have no control over our financial system our own farmers are denied a just price. We are paid 55s. per barrel for Irish wheat, while imported wheat costs 84s., likewise with coal, English consumers had been getting coal in London at around £3 12s 6d a ton, but they had to pay £7 for American coal, while Irish people paid £9 for it. I hope our Government won’t be so foolish as to apply for a separate American loan as is mooted in the Press. We all know that much dollars were wasted on unnecessary luxuries of late.

Elizabeth F. Bobbett, Springfield, Wicklow.