After money has been created, i.e. when one holds currency or book credits, it is evidence that one has delivered something to the market and has a claim upon the market. Such claim is transferable for a consideration. But the creation of money is purely a self-service based upon the mutuality of credit that the monetary system rests upon. I see no justification for interest here. If the participants in a monetary system wanted to charge each other interest, it would seem to me like taking in one another's washing.

14. To Raymond J. McNally (April 10, 1946)

The essential idea in the valun proposal is that credit is based upon a pact of traders, and that pact may be anything that is mutually agreeable. Such a pact might even accept the administration of one man with power to extend or diminish credit, and it might permit such a person to make a profit or suffer a loss from administration. Such a set-up would apparently please you. As for myself, I would prefer to take part in a system where the members laid down certain principles under which the officers operated and then rewarded such officers for efficiency with adequate salaries. That private operation or a profit motivated system is necessary is contradicted by innumerable non-profit stock and commodity exchanges, chambers of commerce and trade associations and business and professional clubs.