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

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predecessors did not weep over the good old traditional silver standard when it was dishonestly
removed as a part of our legal money base in 1873, after having been equally important with gold since
the founding of this country. Who ever heard of an international banker shedding genuine tears over
American widows and orphans ? We also note the failure to advocate a resumption by Congress of the
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Gertrude Coogan, Money Creators, ch 9,
power which belongs to it under the Constitution of the United States.
It is one thing for a nation itself to issue sufficient currency, bearing its own imprint, to effect the
volume of exchanges necessary to feed, clothe and shelter its people, and it’s quite another thing for a
group of predatory internationalists to print money by the bale and inject it into the currency stream of a
nation. That is exactly what was done when the French money system was destroyed at the time of the
French Revolution. The money was really printed in England, and was injected into the French money
system by paying it over to the conspirators to be used in bribing the “adepts” and the “dupes.” It has
been reliably chronicled that seventeen printing presses and 400 men were employed in England at that
time to manufacture and carry on the traffic in this counterfeit money. By this means the French
Government money (Assignats) was destroyed, and later the same private individuals gained control of
the new money system after they had acquired possession of most of the property in France.
When the Russian currency was destroyed in 1917, the international money powers ordered a foreign
warship to sail for Kronstadt, the naval station of St. Petersburg, carrying printing presses, which at
once began to emit fake money, which was injected into the Russian currency stream and finally
destroyed the entire money system of Russia.
If the money system of this nation were honestly managed, those entrusted with the power to issue
currency bearing the imprint of this nation, would issue it only as the people increased their stock of
consumer goods available for distribution and consumption. If the emissions of currency were made
scientifically, currency would be injected into the system as the flow of consumer goods increased;
price levels would be maintained at approximately stable levels, and there would be no such thing as
gyrations in the price structure excepting as weather influenced farm supplies and, hence, no business
depressions.
The inspired statements about “fluctuations in the value of a commodity dollar” are falsehoods. A
commodity dollar really means that 100 cents would al ways buy about the same amount of food,
clothing, services, etc. We now have a truly “rubber” dollar. Under our present system, wherein a few
private individuals can control the volume of our medium of exchange, they can and do determine
whether a dollar will buy one bushel of wheat or three bushels, or whether two dollars or six dollars will
be necessary to buy a pair of laborer’s shoes.
Increasing the money supplies, whether it be currency or bank deposit money, out of all reasonable
proportion to the consumer goods available to be exchanged, produces sharp price increases. Vice
versa, decreasing money supplies, either currency or bank deposits (bankers’ promises-to-pay), out of
all proportion to consumer goods available for distribution, causes a disastrous decline in the price of
raw materials. If the decline is of sufficient proportion, it can cause a complete breakdown of the
system.
Who will deny that the decline in prices of raw materials was preceded by a decline in the amount of
bankers’ credit outstanding ? The great raw commodity decline preceding our crash of 1929 started in
raw material prices in Europe, following a drop in the volume of European bank money (private
bankers’ promises-to-pay). Since London was determining our price levels, as soon as raw materials
began backing up in Europe, our price structure began to collapse.
Raw material prices respond very readily to decreases in the supply of either real money (currency), or
of bank credit money, called bank deposit money. They are not controlled by trade association price
fixing policies, such as prevail in many classes of finished goods. [ Pobierz całość w formacie PDF ]

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