I have found that the general impression of my proposal for a private enterprise monetary system is that I advocate the taking over the control of money by big business. Yet I have at no time advocated this. When I use the terms private enterprise or private enterprisers, I include employees as well as employers. To get away from the general interpretation of these terms, I am in my recent writings using the term personal enterprise. I hold that the money issuing power is inherent in every producer and potential producer and is not delegatable. The recognition of this principle is society's security against economic reverses, because it enables money supply to spring automatically at the point of need.

Under the valun system, it is just as feasible for employees as for employers to start or join a valun bank and to secure credit upon which to issue valuns. After the board of governors is established, there will be nothing to prevent you from setting up a valun bank with any type of enterprisers you may prefer and can get. So please don't continue to have the impression that there is anything aristocratic or snobbish about the valun plan. Under the valun system, neither politician nor banker nor big businessman will be able to withhold from the little fellow the power to issue money if that little fellow has enough initiative to exert it.

23. To Felix J. Frazer (September 15, 1948)

We are in agreement that the basis for all wealth is labor, and from this must follow the principle that all money credit is based upon labor. But do you include potential labor with realized labor, or commodities? I do. I hold that an unemployed potential producer has as sound a basis for money credit as the possessor of realized wealth. All that a money issuer promises is to accept money in exchange for his goods or services, and to deny that an unemployed man is a justifiable money issuer is to assert that he will not accept money when it comes his way, in other words, will not take a job if offered to him.