The programs of progressives.

• Author: Evjue, William T.
• Position: THE 1930S FLASHBACK - Editorial - Brief article

August 25, 1934, editorial by William T. Evjue

There must be a complete reorganization of the credit and banking facilities of the country. The Constitution of the United States wisely gave to Congress full control over the issuance of money as evidenced by the gold and silver coins and currency. But only a very small part of the business done in this country is done with money. Ninety percent of the country's business is transacted through credit--notes, checks, drafts, bank deposits.

While the government has retained control of money, we have turned the control of credit over to private bankers. During the past five years, we have paid dearly for permitting private bankers to exercise that power. Why should we permit private bankers to have this tremendous power to control...