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On page 277 of Tutte's book, "Douglas Social Credit
for Canada", under the title "Financial Legislation" is stated the
following:-
"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'
impediments.)
Joe | 
Tutte's book (10 o
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