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If the agrarian and laboring population is to receive its fair share of the fruits of production, the
birthmark of interest must not scar our medium of exchange: there must be created a sufficient amount
of freeborn money to effect the nation’s entire business and exchanges.
This will, it is true, deprive banks of much present revenue: but it was never theirs by right. They have
kept it solely through having succeeded in keeping the public in ignorance of this secret drain.
(2) The second class of capitalist is the ordinary local American banker, from whom most people and
businesses obtain loans of check money. He is operating under a system handed down through the
generations; in blissful unquestioning ignorance of how the system originated, where it is taking him
and his "customers," and who are behind the scenes pulling the wires which enable him to grant credit
(manufacture money) or force him to curtail it. Most domestic bankers do not realize who are behind
the scenes watching that the planned manipulations of the controllers are not interfered with.
(3) The third class of so-called "Capitalist" is the international loan monger who profits by causing
vicious price gyrations and economic unrest. To him social unrest, wars and revolutions provide
opportunities for exploitation. His kind cause price gyrations and profit thereby. They are the forces,
though they are invisible to all but close observers, who guide social unrest and manipulate the money
structure of the Nation. This group of misnamed "capitalists" are those who foster socialistic ideas and
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Gertrude Coogan, Money Creators, ch 12, 13, 14
pay "duped" people to go out and create violence. Besides manipulating the domestic money structure,
they destroy the established international price relations existing between the nations by changing the
gold value of the various currencies. Their so-called "wealth" or "capital" is not in the instruments of
production excepting as a transitory means. They place their funds in various countries and in various
businesses only temporarily until they have accomplished some manipulation, when they withdraw their
own funds and cause destructive collapses which destroy the honest constructive capitalists who have
put their money into plants and equipment and desire to operate their factories for the good of society.
These international "capitalists" and their unAmerican puppets are the actual generators of Socialism. If
their object—the overthrow of the United States Government, is accomplished—they will then own and
control all of the physical properties of the Nation, and the honest and constructive capitalists, as well as
the professional men and day laborers, will be mere slaves, subject to the complete authority and
tyranny of exploiters.
Kinds of Brokers
Americans should carefully distinguish between the legitimate function and place of the underwriter of
long-term domestic capital, and the crafty inter national loan underwriter. The domestic underwriter’s
function is that of facilitating the investment of funds in the building of factories, railroads, homes, etc.
He is not a manipulator. He also is the victim of those who manipulate the total amount of money in the
Nation and cause vicious price changes.
Americans must also identify those who carry on the necessary functions involved in the distribution
and financing of raw commodities in their movements from the fields to the final consumers. These
functions are performed by the members of the various commodity exchanges. These individuals
execute a necessary part in affording the farmer a daily opportunity to sell his products immediately
after production or, if he chooses, many months later. The farmer can obtain cash for his products many
months before it is in final form for human consumption. These commodity exchange brokers are
frequently victims of international money manipulators. Occasionally, some individual commodity
broker may violate the code of ethics and attempt to "corner a market" but that is a rare exception.
Individual cases should be dealt with accordingly. Contrasted to the commodity broker, we have the
international money manipulator who, by changing the gold value of the various currencies, or by
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