The Radical Deficiency of the Existing Circulating Medium: and the Advantages of a Mutual Currency

William Batchelder Greene

ISBN 10: 046131388X / ISBN 13: 9780461313888

Published by HardPress, 2021

About this Item

Seller Inventory # 26404347812

Bibliographic Details

• Title: The Radical Deficiency of the Existing Circulating Medium: and the Advantages of a Mutual Currency
• Publisher: HardPress
• Publication Date: 2021
• Language: English
• ISBN 10: 046131388X
• ISBN 13: 9780461313888
• Binding: Soft cover
• Condition: New

About this title

Synopsis

The Radical Deficiency Of The Existing Circulating Medium: And The Advantages Of A Mutual Currency by William Batchelder Greene presents a mid-19th?century monetary reform treatise. Greene argues that the existing circulating medium is woefully insufficient and overpriced, shackling producers with exorbitant banking costs and Usury-like practices. He critiques current currency arrangements, especially the power of banks and the Usury Laws, and contends that monetary politics privilege a small elite. The work advocates Mutual Banking and the idea of a mutual currency—money created from and backed by real production (e.g., real estate, possessions, and labor) rather than metallic or speculative value. It explains distinctions between actual value and legal value, and outlines mechanisms like mutual money, bills of exchange, and credit in account to facilitate exchange without dependence on gold or silver. The text also surveys proposals such as the Mutual Bank and Provincial Land-Bank, arguing for a decentralized, cooperative monetary system intended to lower costs and broaden access to credit.