Preface Chapter 1 Chapter 6 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Chapter 15 Chapter 16 Chapter 17
Who Creates Money ? Who Should Create It ?
Gertrude M. Coogan
First printing February 1935 Library of Congress Catalog Card Number 67-28926
Gertrude Coogan, Money Creators
Gertrude Coogan Money Creators PREFACE How long shall we allow our leaders, spiritual and political, to pretend that they see nothing, hear nothing, and know nothing ? How long shall we tolerate organs of education and information, public and private, commercial and religious, which are drugged ? How much longer shall we silently consent to have the strong kept in a trap, the wise surrounded by fog, and the sincere millions caused to suffer needlessly ? There can be no Liberty without Economic Freedom — America can have no Economic Freedom without an honest money system — one removed from the controls of the socially irresponsible private Money Creators. The problem facing us today is not the formation of a new political party. It is to inform the constituents of every Congressional District so that they may put such pressure upon our Congressmen and Senators as to leave them no alternative but to do the will of the people. The people must demand of them an honest money system. The illicit political machines and numerous rackets will pass into oblivion when an honest money system is set in operation. The controllers of our money system are the controllers of our illicit political machines. Victims ! Do you want money made honest for you by the National Government; or kept “sound” for the Money Creators by mis-government ? Do you want U.S. dollars in sufficient number to keep the “wolves of depression” from your door; or do you want dollars in such overwhelming num bers as to deprive them of all value, as the Money Creators have done in other countries ? The reader will ask : “Why have not business leaders known that our money system is dishonest ? They are intelligent, aggressive people who seem equal to anything.” The answer is found in the fact that with few exceptions business men are honest, and, as honest men, believe that few men are dishonest. The situation resulting from this concept has set the stage for any confidence game, large or small. The Money Creators have truly operated a confidence game. Our home town and city bankers are, with few exceptions, honest men. Through intrigue and manipulations of gold and government debts they have become mere pawns in the world monetary confidence game. They and their predecessors inherited a system which, because it is, they believe always was. If they would look into the origin of the system, and examine its nature, originated sub-rosa and only through centuries of legislative trickery congealed into Law, they would demand that the system be demystified, made non-collapsible, and honest in essence; for they would see that the near-by destiny of the system is ruin for them as well as for others. January 29, 1935
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Gertrude Coogan, Money Creators
FOREWORD To the American People : It gives me special pleasure to have the opportunity to explain the principles and purposes of this book, written by Miss Gertrude M. Coogan of Chicago. The facts that Miss Coogan was awarded a Master’s Degree in Economics and Finance by Northwestern University; was for eight years a Security Analyst for The Northern Trust Company of Chicago; that from the beginning she had a deep desire to understand the fancied enigma of money, have given her a great insight into monetary science. The basic principles of monetary science are simple. It is a sound axiom of monetary science that the value of money depends upon the available supply of money in relation to the goods to be...