316R. J. Shepherd to Harrod, 2 September 1933 [a]

Shepherd, the organising secretary to the Monetary Reform Association, thanks Harrod for his letter (not found) of 18 August. Shepherd thinks that Harrod's proposal of increasing public debt to provide investment for increased savings would not be accepted favourably by public opinion. He explains the project proposed by his association and its propaganda strategy, and invites Harrod to give his support to the movement. He sends a manifesto expounding the object and the programme of the Monetary Reform Association. [1]

  1. 1. H. Vaudrey, E. E. Canney, J. Shepherd, "Monetary Reform Association", undated [1933]. The association was formed in 1930 with the purpose "to inspire a nation-wide demand for reform of the Monetary System so that money shall serve the needs of Industry and Agriculture, permit of economic expansion, abolish unemployment and achieve a progressive rising of the general standard of life"; the first proposed measures were the repeal of the section of the Gold Standard Act of 1925 which brought about the return to the Gold Standard at £ 3-17-10

    per oz., and the requirement for the Bank of England to maintain stable prices after unemployment has been reabsorbed (Monetary Reform Association, "Monetary Reform Association", Statute, Manchester 1930, and Monetary Reconstruction by Reflation and Currency Management, Salford: The Manor Press, [1931]).

    1. a. From The Monetary Reform Association, Manchester # , three pages TLS, accompanying a manifesto of the Monetary Reform Association, in HCN Offprints.

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