What we're about
Scottish Monetary Reform was founded in Glasgow in 1947 by businessman, author and philanthropist James Gibb Stewart. We are just one of dozens of similar organisations throughout the world represented in Australia, Austria, Bulgaria, Canada, Croatia, Denmark, Finland, France, Germany, Greece, Iceland, India, Ireland, Israel, Netherlands, New Zealand, Poland, Portugal, Puerto Rico, Scotland, Slovakia, South Africa, Spain, Sweden, Switzerland, U.K. and the United States.
The first significant monetary reformers surfaced in the late 1800s, but came to prominence in Canada and the UK during the 1920’s when Major C.H.Douglas set out the theory of social credit in some detail.
Some of the more progressive ideas are described in this old book from 1930. Until then the banks had stuck to their role in short term financing of commerce but when Britain abandoned the gold standard they started to exercise their new found freedom and self discipline had to be replaced with regulation. This was a steadily losing battle until virtual defeat had to be admitted following the Thatcher/Reagan 1980s when all effective regulation was swept away.
Since then governments became progressively ensnared in unrepayable debt owed to their own chartered banks.
This saw a rebirth of the Monetary Reform movement across the globe and each group tailored their campaign to their particular circumstances. Scotland was in the vanguard for one particular reason – the growth of the campaign for Independence.
Trying to introduce reform into long established parliaments like Westminster with powerful banking lobbies is a pretty daunting task, but with the prospect of Independence and making a fresh start, well that seemed like a heaven sent opportunity.
So that is where Scottish Monetary Reform is today, spearheading the active Campaign for a Scottish Currency and its inclusion as a major factor in the next Independence Referendum.
NB. The expression 'Banking Reform' has been hi-jacked by banking interests in response to growing pressure for some public accountability. At present the phrase is meaningless and purely cosmetic.
The Centre for Scottish Constitutional Studies (CSCS) is an independent think-tank established some years before the 2014 Referendum to recognize the need for a written Constitution well before Independence Day. In particular it founded upon the document being produced not by politicians but with the soveregn participation of all interested citizens.
Financial independence formed an early provision in the draft document which contains 12 Articles and 140 sub sections. Preparations to publish the consultation online are well in hand and it will be possible for all participants to propose, amend and even add to the content.
The innovative software allows registered voters in Scotland to vote within the security of the electoral roll – a genuine consultation open to public scrutiny. No firm date has been set for the launch of this site, but the draft proposals may be viewed on the Center's website at