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needs. The Romans did not understand the function of money, and this lack of understanding of the
necessary mechanism of civilization known as “money,” resulted in the downfall of Rome.
It is all too apparent that what is missing today is a means by which Surpluses can be distributed to the
“Jobless,” and the Jobless put to work earning the “Surpluses.” Every intelligent person knows that
money, properly speaking, is but a medium of exchange. Understanding an honest, scientific money
system must become general, if we, as a nation, are to throw off the shackles by which unconstitutional
private money practices have kept us so long in subjection.
The continued existence of our present civilization — the highest the world has ever known — depends
exclusively upon whether or not we shall, as a people, bestir ourselves into setting up a money system
such as provided for by the Constitution of the United States, and such as existed for only a few years
after this nation was founded.
The first violation of the Constitution of the United States was accomplished by those responsible for
chartering the misnamed “Bank of the United States” in 1791. (Note how the name corresponded to the
“Bank of England,” “Bank of France,” “Bank of Italy” — all being private instrumentalities.) “The
Bank of the United States” was privately owned and, in violation of the United States Constitution, had
the privilege of issuing (creating) money. The history of the Bank of the United States is covered in
another chapter.
A few statesmen have courageously fought the dishonest and unconstitutional money system. But their
voices and sound arguments have never reached the nation via the press except in a way which did not
state the truth; lending itself to ridicule and derision — the standard weapon of the enemy, used on all
fronts.
Understanding a money system requires consideration of several simple fundamental facts :
WEALTH— The wealth of this nation consists of its physical things — its lands, minerals, factories,
homes, public buildings, railroads, utilities, food and clothing supplies, etc. Money is a convenient
medium or reckoner used in bringing about exchanges of actual wealth. Wealth has physical properties
which classify into two sections :
1— Consumer goods, or perishable goods.
2 — Capital assets, or instruments used in the production of consumer goods.
Consumer goods, or perishable goods, are all of those physical things which are consumed directly in
living, and the destruction of which actually motivates human life. The food we eat, the clothing we
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Gertrude Coogan, Money Creators, ch 9,
wear, the coal we burn in heating our homes, are destroyed in motivating life itself. Consumer goods
are all of the perishable goods which, in final form, are ready for human consumption and are actually
destroyed in sustaining human life.
Capital assets do not motivate life itself. For example : we do not eat a railroad car or a farmer’s plow,
but both are used in the process of producing and distributing the things we do eat. They are the
necessary instruments to facilitate production and distribution. These assets wear out and become
obsolete.
All physical goods, whether consumer goods or capital goods, follow the laws of physics. They are
actually destroyed in human consumption or, as instruments of further production, they wear out and
grow obsolete.
A financial system which is honestly and properly set up must recognize the physical qualities of both
consumer and capital goods, for its deals solely with the physical things. It is the introduction of non-
physical or metaphysical elements (such as confidence) which permits manipulators to throw things out
of gear periodically.
MONEY—Money is not wealth. Money is merely a convenient medium used to reckon the relative
values of actual wealth which individuals exchange with each other. A money system is a mechanical
means set up to facilitate production of goods and their distribution to individuals. To give money
anything but an exchange function permits perversion.
We are dishonestly told that a money system depends upon “Confidence.” This is the case under the
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