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A New Monetary System - Softcover

Edward Kellogg

 
9780461586732: A New Monetary System

Synopsis

A New Monetary System: The Only Means Of Securing The Respective Rights Of Labor And Property, And Of Protecting The Public From Financial Revulsions — Edward Kellogg. A treatise on money as the governing power of wealth distribution, Kellogg’s work critiques the prevailing monetary system for concentrating wealth in the hands of capital and depriving labor of fair rewards. It advocates a radical reform: a national, government-issued paper currency (the Safety Fund) backed by mortgages on landed property, issued at a uniform, just rate of interest, and funded to ensure stable value and continuous income. The book is organized into Part I, The Principles Of Distribution, with chapters on the nature and function of value and money; and Part II, A True Monetary System, which details the Safety Fund, objections, and the advantages of a paper currency. Kellogg argues for abolition of usury laws and private banking in favor of a stable, universal currency that aligns wealth with labor, aiming to secure rights to labor and property and protect the public from financial revulsions. Original publication year: 1849.

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