On the Final Stage, I am curious to know what the Minister would say to this point: that so far as it goes, £250,000 to be produced in the manner in which it is produced, is not very different from what is commonly called inflation. So far as I understand it, this money is to be spent in anticipation of money to be received at some future time from the British Government. In effect what is going to happen is this. At some future time it is anticipated goods will be provided by the British people for this country's use without any payment in return, and in anticipation of that we are going to issue food tickets in the form of legal tender or consolidated bank notes to pay wages to people who are to make roads. I would like if the Minister for Finance had been here to follow up this point, and find out from him whether that is any different from what is usually called inflation of credit, whereby goods for consumption might be produced within this country by the labour of people paid for by goods at present in the market. As the Minister for Finance is not here, I suppose I had better defer pressing that point. It is an academic consideration, but of very considerable importance, though the amount is only £250,000. If it were £2,500,000, I think it would be readily judged to be an inflationary act, justifiable no doubt, the spending of money in advance of future production, in effect increasing the demand for commodities at present in the market without increasing the volume of commodities. I have an idea that that is in germ in this Bill, and, perhaps, we might find a way of having a very much larger sum than £250,000 made available for the relief of unemployment and the promotion of production within the country.
Unemployment Relief Bill, 1931—Final Stages.
Senator Johnson has just adverted to a point which he says is an academic point, the question of inflation. To my mind it is the very nerve centre of politics both in Ireland and England at the present day. What I would like to know if the Minister for Finance was here is this: Whether inflation is not going on in England without any corresponding inflation here, and whether in point of fact we are not at the present moment receiving for our goods pieces of paper as pound notes. I am glad Senator Johnson raised the matter because I intended, at the first opportunity, to raise it and to put those responsible on their guard in reference to this matter, because anybody doing business in Dublin at the present moment will find, from some reason or another, that he is getting in change Bank of England notes. How do they come here? They come in exchange for goods. When the Senator talks about its being an academic question, I think he uses the word "academic" in a peculiar sense. It is a living and a vital question.
Cathaoirleach
It is not very academic, but we are on the Unemployment Relief Bill.
The Chair allowed Senator Johnson, and I presume the Chair will allow me, to say what I have been bursting to say for the last fortnight. There is another matter which I think is relevant to the Bill, that is as regards the disposal of this £250,000. I hope it will be scattered a little more than other relief grants were scattered. In the county in which I am particularly interested, the County of Clare, we get very little from reliefs grants. We are not in the habit of asking for relief, but we do not want to pay unless we get a share of the produce.
There is so much nonsense talked about finance that I think it well to say that there is no more financial juggling involved in this proposal than this—the British owe us a sum of money.
They owe us a good deal.
It is our money. We propose to make use of the borrowing power of the Road Fund to take £250,000 and spend it now, to be repaid out of moneys to be got from the British.