National Credit Control
Encyclopedia
John Bernard Ball ran as a National Credit Control candidate in the federal 1957 federal election
in Canada
in the riding of Regina City
in Saskatchewan
. He won 122 of the 40,813 votes cast (0.3% of the popular vote).
Ball ran to promote "National Credit Control", a "universal monetary system" that he developed which was similar to social credit
.
"National Credit Control" would introduce a credit card system of currency, and nationalize the investment capital of the country. Government would be divorced from industry, and become the central accounting agency for the economy, controlling the master balance sheet of industry. In doing so, all industrial debt would be eliminated, and the government would be placed on a cash basis, without borrowing from its citizens.
The NCC system would guarantee industry against bankruptcy, and abolish unemployment insurance in favour of a full work schedule for all workers. Farmers would be guaranteed the same wages as urban management, and seasonal calamity on farms would be "written off in the nation's accounting system".
NCC would bypass local taxation and abolish taxes on land and buildings. NCC would also abolish taxes on industry, which would be forced to operate at the "labour cost of investment" without profits. Industrial profits would be transferred to the tax assessment. The only taxes in an NCC system would be a consumer sales tax on goods and services. Urban, rural and provincial governments would not raise their own taxes: they would be funded by grants from the federal government. Public works would be tendered to private industry, instead of being undertaken by the government.
Capital goods would be sold to industry on a "lease-rental-depreciation" plan of repayment to perpetuate employment. Profits arising from the rental of buildings would be abolished in the accounting system of private enterprise.
Canadian federal election, 1957
The Canadian federal election of 1957 was held June 10, 1957, to select the 265 members of the House of Commons of Canada. In one of the great upsets in Canadian political history, the Progressive Conservative Party , led by John Diefenbaker, brought an end to 22 years of Liberal rule, as the...
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
in the riding of Regina City
Regina City
Regina City was a federal electoral district in Saskatchewan, Canada, that was represented in the Canadian House of Commons from 1935 to 1968.This riding was created in 1933 from parts of Regina riding.It consisted initially of the city of Regina....
in Saskatchewan
Saskatchewan
Saskatchewan is a prairie province in Canada, which has an area of . Saskatchewan is bordered on the west by Alberta, on the north by the Northwest Territories, on the east by Manitoba, and on the south by the U.S. states of Montana and North Dakota....
. He won 122 of the 40,813 votes cast (0.3% of the popular vote).
Ball ran to promote "National Credit Control", a "universal monetary system" that he developed which was similar to social credit
Social Credit
Social Credit is an economic philosophy developed by C. H. Douglas , a British engineer, who wrote a book by that name in 1924. Social Credit is described by Douglas as "the policy of a philosophy"; he called his philosophy "practical Christianity"...
.
"National Credit Control" would introduce a credit card system of currency, and nationalize the investment capital of the country. Government would be divorced from industry, and become the central accounting agency for the economy, controlling the master balance sheet of industry. In doing so, all industrial debt would be eliminated, and the government would be placed on a cash basis, without borrowing from its citizens.
The NCC system would guarantee industry against bankruptcy, and abolish unemployment insurance in favour of a full work schedule for all workers. Farmers would be guaranteed the same wages as urban management, and seasonal calamity on farms would be "written off in the nation's accounting system".
NCC would bypass local taxation and abolish taxes on land and buildings. NCC would also abolish taxes on industry, which would be forced to operate at the "labour cost of investment" without profits. Industrial profits would be transferred to the tax assessment. The only taxes in an NCC system would be a consumer sales tax on goods and services. Urban, rural and provincial governments would not raise their own taxes: they would be funded by grants from the federal government. Public works would be tendered to private industry, instead of being undertaken by the government.
Capital goods would be sold to industry on a "lease-rental-depreciation" plan of repayment to perpetuate employment. Profits arising from the rental of buildings would be abolished in the accounting system of private enterprise.
Sources
- Parliament of Canada History of the Federal Electoral Ridings since 1867
- Regina Leader-PostRegina Leader-PostThe Regina Leader-Post is the daily newspaper of Regina, Saskatchewan, Canada, and now a member of the Postmedia Network.The newspaper was first published as The Leader in 1883, by Nicholas Flood Davin...
, June 8, 1957, page 3.