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Dillon, James Matthew

Thursday, 16 June 1966

Dáil Éireann Debate
Vol. 223 Nbr. 5


Ceisteanna—Questions Oral Answers. - Jet Aircraft Noise Abatement.

May I ask the Minister a supplementary question on No. 4? The Minister is under a complete illusion in thinking that people are not troubled by the noise of jet planes over the city of Dublin. It...More Button

Ceisteanna—Questions Oral Answers. - Sale of Quarries.

These are just reminders that we have not the best Cabinet in Europe.More Button

Ceisteanna—Questions Oral Answers. - Planning Appeal.

asked the Minister for Local Government when a decision in the case of a planning appeal (name supplied) may be expected, as the contractor threatens to leave the site.More Button

Ceisteanna—Questions Oral Answers. - Coolock (Dublin) Housing Grant.

The amplification system is a Fianna Fáil gadget and, not unexpectedly, it does not work.More Button

Ceisteanna—Questions Oral Answers. - County Tipperary Forestry Employment.

Caretaker of what? Of the Fianna Fáil Party?More Button

Ceisteanna—Questions Oral Answers. - Fertiliser Prices.

You abolished the fertiliser credit scheme under the Land Project.More Button

I said “credit facilities”. There is no use in having grants if you have not credit to bridge the difference.More Button

I am not talking about grants; I am talking about credit facilities.More Button

Committee on Finance. - Resolution No. 3: Tax in Respect of Certain Goods (Resumed).

I suppose it is human nature that people instinctively turn away from disagreeable facts. It is certainly true, through a general malaise, that people cannot bring themselves to believe wha...More Button

I ask myself what significance attaches to that. When I read in the local papers in my constituency, in Louth and in the surrounding constituencies, that all the money made available from the appr...More Button

When I am told of the local authorities submitting schemes for the improvement of amenities and the provision of such modest essentials as sewerage schemes in rural areas of population and being to...More Button

When I find that schemes highly commended by this Government to farmers for credit from the Agricultural Credit Corporation have been wound up and the farmers told that no further loans will be en...More Button

When I read in the newspapers today that the sovereign Government of the Irish Republic have gone to the Bank of Nova Scotia to borrow £5 million sterling in cash, I ask myself: Is there any ...More Button

Does this combination of facts not justify me in warning this country that this country has gone bust, at great cost to its reputation and to the credit of its people? Let us be clear about this:...More Button

I think it right for the people of the country to know that I have never felt as shocked by the situation as I feel today—that one of the most disedifying elements of the situation is that if...More Button

When a country is bust, it is true to say that we are driven back with our backs to the wall, and it is then a nation must ask itself: “What then must we do?” I am going to direct the attention of...More Button

The official foreign exchange market soon loses all significance and it is not long before a parallel market—which may take many various forms—comes into being. Its size and effectiven...More Button

The country's economy is in any case destined to stagnate until such time as the government collapses and makes way for new men.More Button

I want to tell the House and I want to tell the country, we have reached the point at which the Government of Ireland is collapsing.More Button

Listen; the Deputy will learn. I do not want to be rude to him. He will learn that what I am saying is true. I do not want to look backward but I am going to look backward, partly for the educati...More Button

I want to read for the Deputy another quotation which may be relevant to what he has just said:More Button

In the field of monetary policy, in fact, mistakes and inaction invariably work in the direction of monetary inflation and rising prices.More Button

Mistakes and inflation. Listen carefully, Deputies to this, if I may say so, a Cheann Comhairle:More Button

When the first signs of such inflation appear, one always hesitates on one pretext or another to take action, because, rightly or wrongly, one is afraid of halting or slowing down an expansionary m...More Button

I will, Sir, in a moment. I continue:More Button

Thus the causes of the inflation persist and its effects gather strength, until the time arrives when deficits appear in the balance of payments, gold begins to leave the country in consequence and...More Button

This quotation is from a lecture delivered by Maurice Frere, who was Governor of the Bank of Belgium and is reported in a publication of the Per Jacobasson Foundation under the title Economic Gr...More Button

Now I am going to trouble the House with another quotation:More Button

Inflation—More Button

and I am submitting to the House that the root of all the trouble with which we are strugging today is inflation—More Button

is the prince of thieves, robbing the defenceless and passing by the experts in the manipulation of money. It is the broad high road so pleasant to travel until it reaches its destination of anarc...More Button

andMore Button

all too often the society discovers too late that inflation has destroyed freedom, and that the price paid politically to restore stability has been the surrender by free men of their birthright of...More Button

Unless we had the potential to arrest this dialetic I warn the House, as I have done before, that it is not our economic sovereignty and independence that is at stake, but our political freedom.More Button

There is a precedent for this in our own experience. I remember the case, and I have mentioned it in this House before, of Newfoundland. Newfoundland was a sovereign, independent State, as Irelan...More Button

At the end of the war, the three commissioners were still there and they said to Newfoundland: “The British Treasury is not prepared to carry you any longer. Your fundamental finances are now rest...More Button

I want to ask the House: to whom are we going to make this surrender? There is nobody in the world to accept such surrender. When I hear some younger members of Fianna Fáil speaking, I can ...More Button

But there is this distinction. Do you imagine Great Britain is going to commit the folly of attempting the political domination of this country again after the seven centuries of agony she went t...More Button

Do the Government aim to sell out? Perhaps they do. Do Fianna Fáil believe it is good to sell out? Mark you, you do not like it when you gradually see your neighbours disappear in rural Ir...More Button

We can understate the significance of that when it is an evil, when this operation means that old-established Irish businesses whose profits were ordinarily redeployed in Ireland pass into the han...More Button

When the Taoiseach was speaking yesterday, he returned to an ancient theme. I do not believe, in the situation in which we stand at present, that it is very fruitful to talk about who did what in ...More Button

It is very easy sitting in Opposition or on your fanny in a newspaper office to solve all the country's problems by a wave of the hand or by some glib phrase.More Button

The Taoiseach was very much criticised for using language unbecoming to the Leader of the House. To be frank, I have a certain sympathy with him. He lost his temper. I do not blame the Taoiseach...More Button

The Government had brought the country out of the deepest depression of the last ten years which the Deputies opposite ran away from, rather than deal with it. The Government were not going to do ...More Button

I am quoting from the Fianna Fáil Pravda. the Irish Press of today, 16th June, 1966. I thought it fair to quote the Taoiseach's words from his own kept newspaper. I want to d...More Button

Here, I think, is the very heart of the difference between the situation in which we stand today and that in which we stood ten years ago. I do not for a moment deny that we had acute economic and...More Button

I do not want to deny that, in the struggle to build houses, I remembered not only to build houses but to do other things also. I look back particularly on the Land Project. I remember the panic t...More Button

Then came the time in 1956 when we were in trouble, the kind of trouble I was proud to be in. It was a kind of trouble that the late Deputy Norton and Deputy Everett and Deputy Corish were proud t...More Button

It was quite open to the late Deputy Norton, to Deputy Corish and to Deputy Everett to say: “We shall not stay in the Government. We are not prepared to face the music. We shall break up the Gove...More Button

We put on the levy. We did not prohibit imports. We said that anyone who urgently required timber or some such import could bring it in but that anybody not urgently in need of it would naturally...More Button

I am bound to confess, and I do confess, that perhaps we were too scrupulous. Perhaps we ought to have spread it over two years instead of one, so that it would be easier to get the people to unde...More Button

This Government, however, scraped the bottom of the barrel. Today they owe £60 million to the joint stock banks. Today they have used up every penny of the Central Bank reserves and I do no...More Button

I ask any sensible Deputy what is he thinking today of a Government who brought in a Budget ten weeks ago and could not go within £7 million of forecasting what they were likely to require a...More Button

I want to turn back for a moment. I can tell those stories which are pictures of the experiences of our own Government in office to prove to Deputies opposite that it is because they failed to do t...More Button

I think they made in good faith, a genuine but disastrous mistake when they had recourse to the turnover tax which started the crucial spiral of inflation which is now frustrating us all. That hap...More Button

From that time, we have gone into a steady, uncontrollable spiral of inflation. Today the Minister for Agriculture reacted in the House in a manner in which I never saw him react before: he was ir...More Button

Ultimately, the entrepreneur says that if he has not got profits, he will have to close down, that if he does not make profit, he cannot pay wages. Then the Minister for Industry and Commerc...More Button

The Minister for Industry and Commerce and the Minister for Agriculture are two reasonable and intelligent men who must be in weekly consultation with their colleague, the Minister for Finance, ano...More Button

That is my indictment of this Government, that they have dragged the country step by step into this. I am obliged to say I think there are some members of the Government who agreed to this, believ...More Button

I once had to resign from a Party, come out into the wilderness alone and face a general election within 12 months of doing so. I never had a cross word with my colleagues. They knew I believed w...More Button

Wait a minute. Does he agree with Deputy MacEntee or does he believe Deputy MacEntee maliciously stabbed his colleague in the back as an act of resentment for being left out of the Government?More Button

If Deputy MacEntee and the Minister for External Affairs agreed with what the Government were doing from 1957 to today, they were right to remain in the Government and give them all the support the...More Button

I am going to read again from the lecture delivered by M. Frere, because I want to get it on the record. It is extraordinary relevant to the situation in which this country finds itself at present...More Button

In the field of monetary policy, in fact, mistakes and inaction invariably work in the direction of monetary inflation and rising prices.More Button

When the first signs of such inflation appear, one always hesitates on one pretext or another to take action, because, rightly or wrongly, one is afraid of halting or slowing down an expansionary m...More Button

Thus the causes of the inflation persist and its effects gather strength, until the time arrives when deficits appear in the balance of payments, gold begins to leave the country in consequence, an...More Button

I want to make this specific indictment of the Taoiseach. It is a grave one. I believe he is intelligent enough to know what was happening. I believe he saw the thistles and weeds of inflation g...More Button

A most significant event has transpired. Last November 12 months, Lord Cromer, Governor of the Bank of England, staved off devaluation of the British pound by a consortium of central banks in Europ...More Button

Mark you, if the British £ goes, and we follow, we will get a rude awakening. Devaluation is one of the ways out of the problems this Government are in. It is a catastrophic way out, because,...More Button

It will not affect the wealthy. They will not have to worry about money changes. They will not have to worry about problems. They will have all their dispositions made. They will have their mon...More Button

I must trouble the House with a further quotation from the lectures delivered by M. Maurice Frere:More Button

It would be a profound and dangerous illusion for the governments of those countries to believe that, of the many problems facing them, that of maintaining monetary stability is of secondary imp...More Button

It is certainly still possible by means of such control to preserve the semblance of monetary stability for a limited period of time, but, if the inflation gathers strength, such stability, which i...More Button

Do not forget that, in this context, we used to have 100 per cent cover for currency in sterling assets and dollars. We used to have. I now resume the quotation:More Button

To preserve a certain degree of equilibrium in the market, there is soon a move to restrict and subsequently to stop the transfer abroad, first of amortization payments and then of income from capi...More Button

The official foreign exchange market soon loses all significance and it is not long before a parallel market—which may take many various forms—comes into being. Its size and effectivene...More Button

The country's economy is in any case destined to stagnate until such time as the government collapses—More Button

These would be gloomy words if I were not in a position to complete the sentence. That is not the end of the sentence. M. Frere, as an impartial witness, has this to add:More Button

—until the government collapses and makes way for new men.More Button

If, in the ears of some of you, it has seemed that I have sometimes played in my role as a public debater the role of M. Frere in addressing the international bankers at Berne, try to remember tha...More Button

The country's economy is in any case destined to stagnate until such time as the government collapses and makes way for new men.More Button

And so I come to the last quotation from this most stimulating and, in my judgment, illuminating address. M. Frere concludes with a tribute to a great friend of ours, Per Jacobsson, to whose memor...More Button

In conclusion, it seems to emerge clearly both from abstract analysis and from observation of economic and monetary phenomena that in economic and social life two essential objectives can be pursue...More Button

These objectives by no means conflict with each other; in fact I am convinced that they are, on the contrary, complementary.More Button

No one has held this conviction more firmly than Per Jacobsson, who gave admirable expression to it in the following passage, which I should like to quote in concluding this rather over-lengthy add...More Button

“It seems to be a lesson of history that without stable money neither justice nor progress can be assured, and that the human spirit cannot give of its best if it is harassed by all the uncertainti...More Button

I shall conclude my overlong address by recapitulating for this House the words I have spoken before, because here is the root of the matter, the root from which all the evils with which we are at...More Button

This is the root known as inflation. This is the broad highway to hell for any nation.More Button

Inflation is the prince of thieves robbing the defenceless and passing by the experts in the manipulation of money. It is the broad highroad so pleasant to travel until it reaches its destination ...More Button

My indictment of this Government is that they planted that root in the soil of this country. They fattened on it. Now the poison is working in their veins and in the veins of all our people and si...More Button

I do not know how long more this Government will stagger along. The Tánaiste, who is sitting opposite now, will agree that he is now the Tánaiste of a very shaky Government. They ar...More Button

No—anno Domini. Nothing else.More Button

I fully appreciate that.More Button

Would the Minister allow me to interrupt to say this? The fact that I guaranteed not to interrupt the Minister as he goes along does not disqualify me from a general demurrer to all his assertions.More Button

I did not support it.More Button

My general undertaking not to interrupt the Minister imposes silence upon me; otherwise, I would——More Button

That is untrue.More Button

There is not a scintilla of truth in that.More Button

That is an utter falsehood.More Button

Anno Domini has me where I am.More Button

Old age is honourable.More Button

I am much obliged to the Minister for his compliment.More Button

I am enjoying it well.More Button

Would the Minister not have thought it queer if she had asked for ten million dollars?More Button

If I asked the Minister to lend me 2/6d he would say I was a sponger.More Button

Their backs are to the wall.More Button