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Snowden, Philip (1864–1937), 1st Viscount Snowden, politician Imagen Con objetos digitales
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Letter from J. M. Keynes to F. W. Pethick-Lawrence

King’s College, Cambridge.—Has written to Snowden proposing an amendment (to the Gold Standard Bill) repealing Section IV of the Bank Act, 1844. He overlooked the importance of this point in his article in this week's Nation.

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Transcript

King’s College, Cambridge
3 May 1925

Dear Pethick-Lawrence,

In my article in this week’s Nation, which you may have seen, I made a bad mistake and gave the Treasury more credit than they deserve. I forgot Section IV of the Bank Act, 1844, which they are not proposing to repeal. This Section obliges the Bank of England to buy gold bullion in unlimited amounts at £3-17-9.

Thus all the dangers, which in my article I thought they were avoiding, they are in fact inviting.

If an amendment could be carried on Monday, repealing Section IV of the Bank Act 1844, it would be an enormous improvement.

I have written a letter to Snowden on the same lines as the above. If you agree with me, I wish you would go round to see him on Monday morning.

Yours sincerely,
J M Keynes

Letter from J. M. Keynes to F. W. Pethick-Lawrence

King’s College, Cambridge.—Will send him his capital levy evidence when it is printed. Thanks him for his efforts ‘about gold’ (i.e. in opposing a return to the gold standard), and deplores Snowden’s behaviour (see Fate Has Been Kind, p. 141).

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Transcript

King’s College, Cambridge
10. 5. 25

Dear Lawrence,

I will send you my Capital Levy evidence when it is printed,—it is in no way confidential so far as I am concerned. I am against an annual tax on capital, because I think one can get almost all the same results by differentiating further against unearned or investment income, without the difficulties of valuation. From the point of view of relaxing {1} saving, I am more afraid of a tax on profits than of a tax on capital.

Thanks for doing your best about gold. In my opinion Snowden disgraced himself with his insincere speech of mock opposition. Why is half your party hard boiled and the other half addled? (Just like mine—except that my left wing is h.b. and right wing a., whereas your right wing is h.b. and left wing a.)

Yours sincerely
J M Keynes

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{1} This word is indistinct.