CCMJ began in Scotland in the late 1950s with the work of the
Congregational Union of Scotland (CUS) and its Christian Doctrine
of Wealth Committee. The first report, often called the Dundee
Report, was presented to the CUS Assembly in Dundee, May 1962.
It aroused much public interest, was reprinted several times,
and finally emerged with the title Money - A Christian View,
with an enthusiastic foreword by the Very Rev George McLeod DD.
The second report of the Christian Doctrine of Wealth Committee
appeared in 1964 and reaffirmed the findings of the First Report
in light of comment received from academics, economists and churchmen.
The Second Report was lost in committee, was never adopted by
the CUS, and was not widely published. Copies of both reports
can be made available from Vice-Chairman Ken Palmerton - see contacts
Two key findings of the Second Report were:-
1. That the existing system impedes the development, production
and distribution of wealth (God's providence). In the face of
vast human need this fact calls for Christian protest and demand
2. The monopoly of credit issuance held by the banking system
is indefensible and justifies the term "fraudulent"
(without personal implications).
The 1998 AGM of CCMJ endorsed this
statement of beliefs in matters of Monetary Justice. Much has
changed in the global economy since 1998 and readers might care
to propose or debate possible amendments for the 2004 AGM
"We believe that:
Money for Industry and commerce should be issued by elected
national and possibly in some instances local government only,
in amount appropriate to the goods and productive capacity which
Such money should be interest-free but for genuine cost
Bank Loans should be limited to the actual assets held
by Banks, i.e., the present practice of Banks "lending"
say ten times their holdings should end.
The National Debt, and local council debts, and many debts
of firms and of persons are "phoney" to the degree that
they relate to money created as above out of nothing by institutions
which have gathered a private monopoly of credit creation.
If the Banks have a monopoly of credit-creation and want
more back than they create, in consequence of charging interest,
they ask the impossible so that the public "debt" grows
The computerised "Global Money-Market" has acquired
a momentum of its own, yet it is irrational and is damaging to
the poorer nations that it exploits on our behalf.