http://www.prosperityuk.com/prosperity/articles/edison.html
THOMAS EDISON ON
GOVERNMENT CREATED
DEBT FREE MONEY
Prosperity, September 2000
In December 1921, the American industrialist Henry Ford and the inventor
Thomas Edison visited the Muscle Shoals nitrate and water power projects
near Florence, Alabama. They used the opportunity to articulate at length
upon their alternative money theories, which were published in 2 reports
which appeared in The New York Times on December 4, 1921 and December 6,
1921.
Objecting to the fact that the Government planned, as usual, to raise the
money by issuing bonds which would be bought by the banking and non-banking
sector -- which would then have to be paid back with money raised from
taxes, and with interest added -- they proposed instead that the Government
simply create the currency it required and spend it into society through
this public project.
This is also the Prosperity proposal.
Thomas Edison made it plain in the following excerpt from The New York
Times, December 6, 1921 issue ("Ford Sees Wealth In Muscle Shoals"). Here,
the reporter is quoting Edison:
"That is to say, under the old way any time we wish to add to the national
wealth we are compelled to add to the national debt.
"Now, that is what Henry Ford wants to prevent. He thinks it is stupid, and
so do I, that for the loan of $30,000,000 of their own money the people of
the United States should be compelled to pay $66,000,000 -- that is what it
amounts to, with interest. People who will not turn a shovelful of dirt nor
contribute a pound of material will collect more money from the United
States than will the people who supply the material and do the work. That is
the terrible thing about interest. In all our great bond issues the interest
is always greater than the principal. All of the great public works cost
more than twice the actual cost, on that account. Under the present system
of doing business we simply add 120 to 150 per cent, to the stated cost.
"But here is the point: If our nation can issue a dollar bond, it can issue
a dollar bill. The element that makes the bond good makes the bill good. The
difference between the bond and the bill is that the bond lets the money
brokers collect twice the amount of the bond and an additional 20 per cent,
whereas the currency pays nobody but those who directly contribute to Muscle
Shoals in some useful way.
" ... if the Government issues currency, it provides itself with enough
money to increase the national wealth at Muscles Shoals without disturbing
the business of the rest of the country. And in doing this it increases its
income without adding a penny to its debt.
"It is absurd to say that our country can issue $30,000,000 in bonds and not
$30,000,000 in currency. Both are promises to pay; but one promise fattens
the usurer, and the other helps the people. If the currency issued by the
Government were no good, then the bonds issued would be no good either. It
is a terrible situation when the Government, to increase the national
wealth, must go into debt and submit to ruinous interest charges at the
hands of men who control the fictitious values of gold.
"Look at it another way. If the Government issues bonds, the brokers will
sell them. The bonds will be negotiable; they will be considered as gilt
edged paper. Why? Because the government is behind them, but who is behind
the Government? The people. Therefore it is the people who constitute the
basis of Government credit. Why then cannot the people have the benefit of
their own gilt-edged credit by receiving non-interest bearing currency on
Muscle Shoals, instead of the bankers receiving the benefit of the people's
credit in interest-bearing bonds?"
_____
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Essential Further Reading:
PROSPERITY: Freedom from Debt Slavery
is a 4-page quarterly Journal which campaigns for publicly-created debt-free
money. PROSPERITY is edited and published by Alistair McConnachie and a
4-issue subscription is available for £10 payable to PROSPERITY at 268 Bath
Street, Glasgow, Scotland, UK, G2 4JR. Tel: 0141 332 2214; Fax: 0141 353
6900, Email: contactus AT ProsperityUK DOT com http://www.ProsperityUK.com
All back-issues are still available
<http://www.prosperityuk.com/prosperity/subs/subscribe.html> . The 40-page
Report, Clarifying our Money Reform Proposals, launched at the 2006
Bromsgrove Conference, is available for £10 payable to PROSPERITY and is
essential reading for beginners.
The Grip of Death: A study of modern money, debt slavery and destructive
economics by Michael Rowbotham, [Jon Carpenter Publishing, 1998] and Goodbye
America! Globalisation, debt and the dollar empire by Michael Rowbotham,
[Jon Carpenter Publishing, 2000] and Creating New Money: A monetary reform
for the information age by Joseph Huber and James Robertson [New Economics
Foundation, 2000] are all available from PROSPERITY.
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