Coogan Gertrude, Money Creators Who Creates Money Who Should Create It (1935)

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confidence to create, nor the business man the courage to borrow by pledging his real assets against the
creation of bankers’ promises-to-pay . Real money is not idle, for the sore need of the people for money
to conduct business has forced them to resort to many kinds of bartering devices.
The so called “idle” funds do not belong to the depositors . They belong to the banks in a double sense:
first, the banks have only loaned them; second a bank deposit is not a deposit but a claim against the
bank holding it . The bank has title . Ask your lawyer.
The absolute necessity for more money for exchanges of goods as the basic need of our present mass-
production civilization is attested by the many abortive efforts to provide substitutes for money in this
and in all previous depressions.
Even Mr. Henry Wallace, the head of the Department of Agriculture, committed to crop destruction,
writes in his book New Frontiers to this effect : The responsibility for the unemployed rests with the
industries of the country . It will be necessary for the government to go ahead with its own devices of
rehabilitation if the industries dodge their responsibility . The government, in its method of going
ahead, would build out of the unemployed a self subsistence system of exchange co-operatives . This
would be outside of the capitalistic system . This is the statement of the “under-plower of agriculture.”
We cannot quote it directly because of the copyright provisions.
To the informed, “capitalistic,” as here used by the Secretary of plow-under agriculture, means
monetary and nothing else . This is his unwitting confession that it is the monetary system which has
failed to function . He would have primitive bartering take the place of money . Evidently, he has
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Gertrude Coogan : Money Creators, chapter 15
failed to realize or has failed to approach the real cause of the trouble.
In plain English, Mr. Wallace is unwittingly admitting that some system of barter is necessary . If
barter is necessary, is not the fundamental trouble a monetary trouble ?
Sound Money : Honest sound money is the kind of money advocated by this book—money created not
by private individuals but by the national government . Honest sound money was provided for by the
founders of this nation . The Constitution is complete in placement of money creation powers . The
violations of the money provisions of the Constitution are the cause of our economic distress.
The phrase “sound money” was appropriated by the money creators and misused to designate the kind
of money they create and control for private profit . The money creating powers have been used for
international destruction . As now used by the gold crowd, it means money that is based 3% on gold
and 97% on “confidence,” “courage,” and other purely psychological and irrelevant factors . It means
money, the volume of which can be expanded or collapsed at the will of a few individuals who hold
huge liquid funds which they can surreptitiously juggle between the various countries . The public has
never understood that an export of one gold dollar potentially destroys thirty “confidence” dollars . As
thus misused, sound money means mystery money.
The correct and honest use of the term Sound Money is that meant by the former United States Senator,
Robert L.Owen . He means the kind of money which is tangible and contains no “confidence” or
“courage.” Senator Owen has said :
“I took the ermine robe from the shoulders of the gold bugs and I asked them to come into the public
arena, either through the press or on the platform, and in open debate state the facts so that the
American people may know that I, and not the gold bugs, use the words Sound Money honestly.”
The fact that this country requires somewhere between sixty to seventy five billion dollars of money in
order that the people may effect the exchanges incident to a civilized existence, is proof sufficient that
gold is hopelessly inadequate to serve the needs of the people of the world for money . Only a fraction
of sixty billions could be converted into gold even if we had all the gold in the entire world . The [ Pobierz całość w formacie PDF ]

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