Word: alberta
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...Canadian Province of Alberta last week defaulted payment of $3,200,000 principal on two matured 6% bond issues issued in 1916, thus became the first Canadian Government to welsh on a financial obligation. Elected on a platform promising ''$25 a month dividends to every citizen." Alberta's sanctimonious, bulb-eyed Premier William C. Aberhart explained: "We haven't the money. I'm sorry." Fact was that ''Bible Bill" Aberhart had inherited a $150,000,000 load of indebtedness from his predecessors, had only $140,000 with which to make an interest "token...
Conceivably, Premier Aberhart might have maintained Alberta's financial honor by borrowing from the Dominion Treasury, which has already lent Alberta $26,000,000. Conceivably. Dominion Finance Minister Charles Avery Dunning might have exercised his right to use Dominion dollars to pay off Alberta's debts. Neither Premier nor Finance Minister chose such a course. "Bible Bill" Aberhart evidently was loath to give the Dominion additional financial reins on his Social Credit government. As for Finance Minister Dunning, he washed his hands of Alberta's de- fault, observing: "If Social Credit is sound and good, it will...
Since the outright abolition of interest is a major tenet of Social Credit, Alberta was evidently not yet prepared to go the whole Social Credit hog. This came as no surprise to Social Credit's founder, British Major Clifford Hugh Douglas, who has also washed his hands of Alberta...
...engineer by the name of Major Clifford Hugh Douglas who spends much time tending the delightful garden of his rural English home and knocking together small boats. Last week Major Douglas had had enough of the farce which has been going on in the Canadian province of Alberta in the name of his Social Credit (TIME, Sept. 2, et seq.). Taking pen in hand, the Major resigned his $10,000 per annum job as Alberta's adviser, canceled his proposed voyage to oversee the setting up in Alberta of Social Credit. This tended to leave stranded the rotund, frog...
Insisting with laudable accuracy that most critics of the Douglas plan have little or no understanding of the basic Douglas conceptions, Mr. Larkin added: "Similarly the Alberta-Aberhart dividends-by-taxation program has been widely confused with the Douglas proposals...