- Who issues, controls and owns the credit of this nation?
- Do or should the people own Credit Money?
- Does the Government have any control over the Central Bank?
- Does the Central Bank have any control over the Money Supply?
- Should we have a Central bank and who should own it?
I might quote one short paragraph, and apply it to these two Deputies, from this authority, on whom Deputy McGilligan places such reliance. It is from page 47 of Crowther's An Outline of Money:—
“Thus the bank does not ‘create’ money out of thin air; it transmutes other forms of wealth into money. Even the mediaeval alchemists never hoped to make gold out of nothing; their highest hope was to transform lead into gold. The banker's power is not even so great as this, for he cannot change a worthless substance into a valuable one. But he can  turn immobile wealth into the mobile (or ‘houid’) form of wealth known as money. He takes the immobile wealth as his asset and gives his I O U (which is money) in exchange. This is the very essence of the banker's business.” Minister for Finance, Mr. O Ceallaigh
From Dáil Debate, 17 July, 1942 Committee on Finance. - Central Bank Bill, 1942—Fifth Stage
Credit, it cannot be too often repeated, has many of the characteristics of dynamite. Prudently used it can discharge many valuable functions, recklessly employed it can destroy the whole fabric of the State.
Mr James Dillon