Money and Banking Or Their Nature and Effects Considered: Together with a Plan for the Universal Diffusion of Their Legitimate Benefits Without Their Evils

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William Beck, 1839 - Banks and banking - 212 pages
 

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This seems to be the source of the idea of a mutual bank / mutual credit currency. So the trees of genius found in Proudhon and Greene are seen here as seeds. The plan sort of recalls the Medieval Venetian giro banks, but done so for the benefit of the people rather than international merchants. Is WIR Bank a decent modern day execution of Beck's proposals? 

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Page 78 - ... the range of the one circle of society. Now, it is evident, that, if an account were kept by a presiding power, the goods which any person receives, being of equal value, would pay for those which he had previously delivered, would replace him in his original assets, and cancel the' obligation to him without the aid of money. Hence, after the whole process, it would seem that the intermediate passage and return of money were superfluous. If the dealings are not directly backward and forward,...
Page 76 - follows in the track of claim. Its progress is the discharge and satisfaction of claim. The payment of money is effectually the discharge of the debtor ; but it is not equally effectual in satisfaction of the creditor. Though it releases the debtor, it still leaves the creditor to seek the real object of his desire. It does not put him in possession of it, but of something which enables him to obtain it. He must exchange this money by purchase for the article he wants before that object is attained....
Page 76 - Socialism, 94. exchange and recognized that money was simply "an intermediate article moving between claim and claim, floating between commodity and commodity, taken in as the receipt for one and forming the title for another."76 He suggested on this basis, therefore, that a system of account-keeping be substituted for money in the circle of creditors and debtors. Each piece of property was to be represented by a ticket of equivalent value — the aggregate value...
Page 78 - ... show the state of his account with society ; and the balance, if in favor, would be available as so much cash. " This is what is meant by a circle. Such is the great circle of society, the only one which is complete and perfect ; and such are the advantages contained in it. " Hence the plan I propose is adapted to this circle, to exhibit the revolving track of money within it; to contain the several points of its progress ; and, at each of these points, to perform its duty and supply its place...
Page 50 - ... Bank will obliterate it from the face of the earth. Money furnished under the existing system to individuals and corporations is principally applied to speculative purposes, advantageous perhaps to those individuals and corporations, if the speculations answer ; but generally disadvantageous to the community, whether they answer or whether they fail. If they answer, they generally end in a monopoly of trade, great or small, and in consequent high prices' ; if they fail, the loss falls on the...
Page 77 - ... progress of money lies in a circular route, a certain system of account may be made to supply its place, -where its track and extent can, in that circle, be included and distinguished. " By a circle, I mean that range of society which includes the whole circulating movement of money, with the accompanying causes and effects of its progress ; namely, claims, debts, and payments ; so that, if we wish to trace its path, every point of that path will be contained within it. SUCH is THE GREAT CIRCLE...
Page 77 - ... serve the same purposes as before. " Now, I contend, that, as the progress of money lies in a circular route, a certain system of account may be made to supply its place, -where its track and extent can, in that circle, be included and distinguished. " By a circle, I mean that range of society which includes the whole circulating movement of money, with the accompanying causes and effects of its progress ; namely, claims, debts, and payments ; so that, if we wish to trace its path, every point...
Page 78 - ... is, between one creditor and his debtor, and back again from the same debtor to the same creditor, — the effect will be the same ; for as this whole, circle includes every creditor, every debtor, and in fact every individual in that society, so it contains every account to which the claims of any creditor would apply, and every account to which the same creditor would be indebted. The agency of the presiding power would render it, pro forma, the representative to every creditor of his individual...
Page 78 - ... expends this money upon others, who thereby, in their turns, become creditors and receive their money back again. All these movements are within the range of the one circle of society. Now, it is evident that if an account were kept by a presiding power, the goods which any person receives, being of equal value, would pay for those which he had previously delivered; would replace him in his original assets and cancel the obligation to him without the aid of money.
Page 172 - ... that those who are now engaged in orchard planting, in Oregon at least, should not forget these great facts, and remember that no fruit equals it in wholesome, nutritious matter; and many there be that claim that it has within itself more brain-producing food than has any other fruit or vegetable. Be this as it may, there can be no question but that there will always be a ready demand for all of the best grades of winter apples ; therefore, we say, do not forget the Big Red Apple in your planting....

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