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Bond Conversion Means Millions For Finance!

on Sunday, 01 March 1959. Posted in Social Credit

Erhart Regier, CCF member from Burnaby-Coquitlam, said in the House of Commons during the January days of the session, that he estimated the Conservative government's bond conversion project of last year meant a gift of more than $100,000,000 to the money lenders over the next 25 years.

Senator A. K. Hugessen, prominent Montreal lawyer and business man, said during the Senate Throne Speech debate, that the $6,400,000,000 loan conversion had saddled the country with an annual increase in the debt charge of $50,000,000 for many years to come.

So we have a Socialist from the House of Commons, and a big-business Liberal from the august chamber of the Senate both agreeing on one point at least — that the Conservative government's attempt to raise more money by juggling with the bonds of the country, simply meant many millions more for the money makers, the bankers and the financiers.

But then, Mr. Regier and Senator Hugessen should both know that under the existing financial system no new money can be raised except by going further into debt to the financiers. Every Social Crediter knows that. And every Social Crediter knows what must be done to remedy this situation. If the Senator and the member from Burnaby-Coquitlam do not know they can very easily find out by reading the pages of the Union Of Electors.

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