Jeanne Deroin, "Letter … on the Organization of Credit" (1851) – 2 posted by Shawn P. Wilbur at Two-Gun Mutualism & the Golden Rule 26 Dec 2010 3:48 am
Now available thanks to Shawn P. Wilbur at Two-Gun Mutualism & the Golden Rule:
Letter to the Associations on the Organization of Credit[continued from Part I]
The circulation of these bills of credit assuring to each of the associations adhering to the mutual credit the business of all the other subscribing associations.
In order to form a mutual credit bureau, it is not necessary to form public gatherings. All that is required, to give the first impetus, is a few associations of various professions which have understood all the present advantages and all the possible results of this mode of credit.
The bills of credit should have a character of unity, and come from a common center, in order to give the mutual credit a more powerful guarantee, and to avoid making an emission of bills surpassing the resources of the credit.
But when two or three associations of different professions resolve to establish the mutual credit, and take the initiative to establish a credit bureau, no discussion will be necessary to lead the other associations: those who do not want to take part will not receive the bills, and they will await the results.
There will be nothing to discuss; it is not a question of a theory, but of a practical fact, and practical means are the best means of propaganda; the least fait accompli often has more value than an axiom.
The associations that wish to subscribe at the founding of the Bureau of Mutual Credit, will make a loan to that bureau, by subscribing an emission of bills of credit which cannot surpass the amount of consumption that they can make of the products and labors of the other adherent associations for three or six months.
That loan must be based on consumption, because it is an advance made in proportion to the consumptive needs of the lenders.
...
Read the whole thing at Two-Gun Mutualism & the Golden Rule.
