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 making their note issues legal tender. By this system every industry can have as much capital as it likes without any regard for the needs of others, all of which would be supplied by their own tame banks, and all workers in all the industries, being shareholders in all the banks, would thus become capitalists without having to go through the effort of saving. Major Douglas has perhaps rather spoilt this part of his scheme by saying the bank as such shall pay no dividend. This seems rather mean and cheeseparing, and surely everybody would be much happier if they all had 10 per cent. dividends paid into their accounts. As to what would happen to prices with all the banks ladling out capital as fast as their industries asked for it—but we have Mr. Kitson's assurance that price under the Douglas scheme becomes "a function of production" and "hence any over issue of money cannot affect prices."

Major Douglas's Labour Party critics having dealt faithfully, as shown, with the Major, proceed to lay down that the "social control of credit and the banking system" may best be achieved by the nationalization of the joint stock banking system and the energetic development throughout the country of municipal banks. Well, the cobbler will talk leather