Edition Bobbett1. Texts by Elizabeth F. Bobbett: 1.1.1. Correspondence, Private letters

1971 Elizabeth Bobbett: Letter to Jack Roche, 09.05.1971

Source: Archives of Rural History (ARH), Georgina Morrissey Papers

Dear Mr Roche. I was very glad to meet you in Wicklow last Friday. I enclose you some interesting articles on Finance and the Banking System. The only one you need return is “Money and Houses” return it at your leisure.

You mentioned you thought the setting up of a Farmers’ Bank would be a good thing. I note the IAOS are considering it strongly. I also see a note in Sunday Press that Mr T. J. Maher is to meet some Ministers to see if Farmers can get loans from the World Bank. I have a feeling that Mr Maher and many of his National Executive members and his Economist don‘t understand the present Financial System here.

We are tied to the Bank of England by the 1844 Act where as if our Parliament had the power to instruct the Banks to issue interest free loans for National Production etc., such would reduce taxation on all the community.

I am not good at explaining this problem but know it is possible.

I quote the following from a letter from a friend who wrote me in 1941 on the subject of “Money its uses and function”.

He said “Griffith had a slight knowledge of what it connotes and safeguarded us in the Treaty, but this safeguard was abrogated by the 1927 Currency Act” which apparently no one questioned”.

When we in the IFF had an interview with the late Cardinal Joseph MacRory in 1942 we asked him about the need for change in the financial system and he replied “I cannot understand why your Government has not taken the control of the Credit of the Country long ago”.

The World Bank has given many millions in loans to countries at interest free over two years or more.

Excuse typing errors as my sight is not so good. Make what use you can of enclosed information.

Best wishes from yours sincerely, Elizabeth F. Bobbett.