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Free issue of MICHAEL


Louis Even

A debt-money system

The debt-money system introduced by Oliver

into the Salvation Island made the little community

sink into financial debt in proportion as it developed

and enriched the island by its own work.

This is exactly what happens in our civilized

countries, is it not?

Canada of today is certainly richer, in real wealth,

than it was 50, 100 years ago, or in the pioneers’

age. But compare the national debt, the sum of all

public debts of Canada today with this sum 50, 100

years, three centuries ago!

Yet the Canadians themselves produced this

enrichment by their labour and their know-how.

Then why should they be collectively indebted for

the result of their own activities?

For example, consider the schools, the munici-

pal aqueducts, the bridges, roads and other fabrics

of public character. Who built them all ? Builders of

the country. Who supplied them with the needed

materials? Manufacturers of the country. And

how come they can be employed in public works?

Because there are other kinds of workers who

produce food, clothes, shoes, who supply all the

things and services required for the wants of the

constructors and manufacturers.

Thus the whole population of Canada by its

work of different kinds, produce all those develop-

ments. If we must obtain goods from abroad, we

send other goods abroad in exchange for them.

Now, what do you see? Competent and skilled

people are required for the construction of schools,

hospitals, bridges, roads and other public works.

All the members of society agree to compensate

these workers for their contribution.

You pay much more than the double price

So far, no problem. However, the population is

made to pay more than the price of what it pro-

duced. Their own production — a real enrichment

— has become for the Canadians a debt burdened

with interest. When years add to years, the sum of

the interests can equal or even exceed the amount

of the debt imposed by the system.

It happens that the population may have to pay

two, three times the cost of what its members pro-


In addition to the public debts, there are indus-

trial debts, also loaded with interests. They compel

the manufacturers and contractors to increase their

prices beyond the cost of production, in order to

reimburse the capital and the interests; otherwise

they would become insolvent, bankrupt.

Both public and industrial debts are paid, plus

interest, by the Canadian population, to the finan-

cial system. We pay taxes for the public debts, and

a surplus of price for the industrial debts. Prices are

swelling while the purse is flattened by taxes.

A tyrannical system

These and many other facts are indicative of a

money system, a financial system which controls

instead of being a servant; a system to dominate

the people — as Oliver dominated the fellows of

the Island before they rebelled.

And if the money masters refuse to lend, or if

they make their conditions unbearable for the public

bodies or for the manufacturers, what happens? It

happens that the public bodies give up many pro-

jects, no matter how urgent; and the manufactur-

ers give up development or production plans that

would answer to real needs of Canadians. This is a

cause of unemployment. And those who still have

something, or who earn a salary, must be taxed to

prevent the unemployed from starving completely.

Can you imagine a more tyrannical system, with

so baneful effects on every Canadian?

A bar to distribution

And this is not all. Not only the money system

indebts the producers, or paralyzes the production

it refuses to finance, but it is a wretched financial

tool for the distribution of the goods.

Notwithstanding the fact that stores, shops and

warehouses are full, and that everything is at hand

for an even greater production, the distribution of

the goods already produced is stunted.

You can obtain only that what you can pay. In

face of an abundant production, there should be an

abundance of purchasing power, of money in the

wallets of the people. Such is not the fact. The reali-

From parable

to reality