| Subject: | Re: [socialcredit] request | | Date: | Thursday, December 14, 2006 21:53:00 (+1300) | | From: | Peter Haines <cymric @.......nz>
|
| In reply to: | Message 4410 (written by William B. Ryan) |
I think it would have been appropriate that Cutting found a sympathetic
technical expert in the banking industry because Douglas was opposed to
non-experts like Cutting telling the technical bureacrats how to do their
job.
Which may explain why Douglas never went that far.
I also suspect that the more likely outcome was that Americans would go back
to their Constitution rather than follow a British engineer on national
finance.
Peter H
----- Original Message -----
From: "William B. Ryan" <w_b_ryan@yahoo.com>
To: <socialcredit@elistas.com>
Sent: Thursday, December 14, 2006 1:11 AM
Subject: [socialcredit] request
> The excerpt below, from the essay, "Soldiers in the
> 'Brave Army of Heretics' - Social Credit in America
> 1933-1943," references a lecture that Douglas
> delivered at the New School for Social Research in New
> York City, on or about April 23, 1934.
>
> Does Wally or anyone else have a transcript of that
> lecture which he might forward to me? Or perhaps also
> the transcript of the WJZ and NBC network broadcast?
> -----------------------------------------
>
> ...[Senator] Cutting had begun reading Social Credit
> literature, he was in contact with Orage, and
> contributed money both to New English Weekly and to
> New Democracy. He thought about the necessity of
> transferring control of banking from the invisible
> minds operating the Federal Reserve to the state. In
> January 1934 Cutting was publicly advocating the
> creation of a national bank with a state monopoly on
> the issue of credit.
>
> Cutting's agenda could only partially be considered
> Douglasite since the senator did not advocate a
> national dividend or a price rebate. Additionally
> Douglas had been against nationalization of credit,
> since this process would have concentrated power in a
> state monopoly and hence would have been restricting
> the liberty of the individual, which to Douglas was
> the supreme value. However, since Douglas had not
> clearly specified the concrete mechanism of the
> decentralized credit authority he believed in, his
> supporters took the state control of credit to be the
> only method through which the wealth of the nation
> could be computed and the dividend adjusted to
> production and services. In June 1934, Cutting,
> together with the Congressman Wright Patman of Texas,
> pushed a bill through Congress which advocated the
> creation of a national bank to absorb and replace the
> existing Federal Reserve and monopolize the credit
> system of the country. Its aims were "to regulate the
> value of money in pursuance of article 1, section 8,
> paragraph 5 of the Constitution of the US; to create a
> Federal Monetary Authority; to provide an adequate and
> stable monetary system; to prevent bank failures; to
> prevent uncontrolled inflation; to prevent
> depressions; to provide a system to control the price
> of commodities and the purchasing power of money; to
> restore normal prosperity and assure its continuance"
> (Cutting 101). The article 1 section 8 paragraph 5 of
> the Constitution, which Cutting was referring to, gave
> Congress the right and privilege to issue money and
> control its value. It was a provision of creating
> state money, which would have made the government
> independent from private banking. The bill provided
> for the nationalization of the 6500 member
> institutions of the twelve Federal Reserve banks
> through the purchase of the stocks. In time, the
> 10,000 non Fed banks would be brought into the system
> as well. Cutting's goal was "to put the Government in
> control of the banking business of the US" (Cutting
> 101). Though the bill was not strictly Douglasite, in
> the sense that it did not go all the way towards
> implementing the national dividend or the subvention
> of prices, [Ezra] Pound supported it in what he
> conceived o be a step in the right direction.
>
> Since Social Credit was being discussed
> internationally, not only in the United States, but
> also in Canada, the year 1934 was highly propitious
> for Douglas to cross the Atlantic and spread his ideas
> by means of a conference tour. Additionally, he could
> use his contacts to gain new converts to his ideas.
> Douglas's visit in America in spring 1934 could become
> the highlight of the year for the movement.
> Unfortunately, the high hopes were rather
> disappointed. After having conferred with Father
> Coughlin on April 22, Douglas attended a reception in
> his honor hosted by Cutting, where he could meet
> several senators and congressmen to be won over by his
> ideas.8 Douglas, however, did not dazzle. Cutting
> reported dryly to Pound a month later "I am afraid
> there were few conversions [...]. As an expositor the
> Major is a little less aggressive than is customary in
> this partibus infidelium" (Cutting 128).
> -
> 8 "On April 22 Major Douglas and Father Coughlin,
> whose personal following exceeds that of any Hollywood
> queen, and whose weekly broadcasts are now based upon
> Social Credit, conferred together in Washington for
> several hours. Next day Douglas returned to New York
> by air to deliver his lecture in the New School for
> Social Research, after which he again went to
> Washington. On Wednesday he was the guest at a
> luncheon at the Brookings [sic] Institute, and in the
> evening he was guest of honour at a supper given by
> Senator Cutting. A list of the forty-four people
> present would furnish a striking testimony to the
> upward spread of interest in Social Credit in the
> United States: they included Senators Black, Bone,
> Borah, Clark, Frazier, George, La Follette, Norris,
> Nye, Shipstead, Thomas, Wagner, and Wheeler;
> Representatives Speaker Rainey, Busby, Dies,
> Goldsborough, Lewis, Kvale, Patman, and Steagall;
> Administration officials Chapman, Collier, Peek, and
> Hopkins, and publicists Gardner Jackson and Farmer
> Murphy. On the following day Major Douglas was back in
> New York to broadcast over station WJZ and NBC
> network." (Note in the NEW 31 May 1934. Heymann 322).
>
>
>
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