Ten Points on the National Crisis
1. It was only because the Leaders of all three political Parties put their country first that a grave national crisis was averted.
2. The crisis arose because foreign countries saw that the British nation was living beyond its means.
3. They began to think that the large sums of money they had invested in this country were no longer safe. They had begun to withdraw their money in large amounts and British credit was in danger of immediate collapse.
4. There was a financial crash in Germany a few years ago, and if the T.U.C. had their way the same thing would happen here.
5. German credit collapsed, and the Mark, normally worth 1s., by December 1923 was not worth the paper it was printed on. Food prices soared, wages could not be paid, and for weeks the whole population of Germany faced starvation.
6. If British credit had been destroyed, the purchasing power of £1 might only have been 10s., 5s. or nothing at all.
7. If the purchasing power of £1 had fallen, say to 10s., then you would be spending £1 to-day on the food which cost you only 10s. before the crash.
8. Thus the value of a worker's wage of £2 per week would have fallen to £1, and unemployment benefit of 30s. would have fallen in value to 15s. The poorer the person the greater the hardship.
9. This is no Bankers' ramp. The fact that the Leaders of all Parties — though political opponents — have united to solve the problem is a proof that the national crisis is real.
10. It is only by first restoring the financial credit of Great Britain in the eyes of the world that the security of the wage-earner can be assured.
The National Government exists for this purpose only, and has the loyal support of all patriotic Conservatives, Liberals and Socialists.
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