HIGH FINANCE: Social Credit in Buffalo

In the days of Technocracy, a retired Scottish engineer named Major Clifton Hugh Douglas, having long sensed a bankers' plot to keep buying power out of motion, brought his Social Credit movement to North America. Its theory—that the State should credit "National Dividends" to its citizens to increase their buying power—was intriguing enough to carry Alberta's provincial election in 1935. Fortnight ago in Buffalo, N. Y., a practical reformer launched a version of Social Credit that would have sent Major Douglas staggering to a neutral corner.

Up to a Buffalo Negro car...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!