----- Original Message -----
Sent: Tuesday, February 20, 2007 6:11
Subject: [socialcredit] Tutte's book (10
of 10 file):- a recurring question
On page 277 of Tutte's book, "Douglas Social
Credit for Canada", under the title "Financial Legislation" is stated the
"It would be necessary, for example, to revise
the Bank Act in such a manner that the chartered banks would no longer be able
to create and destroy money at will, (emphasis
mine ~ Joe), in other words, they would have
to surrender their power to create financial credit, and that
power would be vested in the people through the agency of the National
Accounting Bureau. (emphasis mine). There are several
ways in which this could be accomplished. One would be to require
that banks should lend only such funds as were deposited with them and for
such length of time as the money was placed in their safe-keeping by their
depositors. (emphasis mine.)
Tutte then goes on to attack what he calls "fixed
interest securities.", and I won't reproduce his comments on that here, since
they can be read in Jim's file 10 by anyone who requests it. The whole
book is well worth reading.
What I have highlighted above seems to me to be a
contradiction of what Douglas wrote to L. Denis Byrne in his "pound for pound" letter. Which I believe is in
the archives to this List. Is there anything else that anyone is
aware of in Douglas's writings where he is consistant with what Tutte has
written above? If so, could I please be directed to it?
The Tutte book seems to me to be very well
written, and aside from my uncertainty about the part cited above, and it
being a bit dated now in regards to "gold'" and its relationship to "foreign
trade", I found it all still quite topical.
If those parts were updated, it would serve as an
excellent reference for how Social Credit might be applicable to Canada.
(Though I personally believe it would have to be introduced 'Provincially'
somewhere here first, in spite of the 'constitutional'
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