§ 59. Mr. Stokesasked the Chancellor of the Exchequer whether he is aware that in March, 1919, the National Debt amounted to £7,435,000,000; that, since the war of 1914–18, £5,679,000,000 interest has been paid; and what steps he proposes to take to cancel the Debt, now amounting to £8,026,000,000?
§ Sir K. WoodNo, Sir, no such steps will be taken.
§ Mr. StokesWill the Chancellor bear in mind that he is going to hand over a similar burden to posterity on account of this war if he pursues the course that he is pursuing at present?
§ Sir K. WoodI hardly think that the repudiation of the whole of our Debt would be an encouragement to people to assist in financing this war.
§ Mr. StokesIs the Chancellor aware that he has powers to issue credit free of interest, and to finance the war without paying interest?