The existing organization of credit is the daughter of hard money, begotten upon it incestuously by that insufficiency of circulating medium which results from laws making specie the sole legal tender. The immediate consequences of confused credit are want of confidence, loss of time, commercial frauds, fruitless and repeated applications for payment, complicated with irregular and ruinous expanses. The ultimate consequences are compositions, bad debts, expensive accommodation-loans, law-suits, insolvency, bankruptcy, separation of classes, hostility, hunger, extravagance, distress, riots, civil war, and, finally, revolution. The natural consequences of mutual banking are, first of all, the creation of order, and the definitive establishment of due organization in the social body, and, ultimately, the cure of all the evils. which flow from the present incoherence and disruption in the relations of production and commerce.
In his radical, anonymously published pamphlet Equality, Greene had this to say about equality before the law: "It is right that persons should be equal before the law: but when we have established equality before the law, our work is but half done. We ought to have EQUAL LAWS also". His comments were directed towards the creation of corporations. Greene was a fine mathematician and was versed in Hebrew literature and in Hebrew and Egyptian antiquities.
''Mutual Banking''
Greene is best known for the works Mutual Banking which proposed an interest-free banking system; and Transcendentalism, a critique of the New England philosophical school. In 1850 and 1851, he organized citizens of Brookfield, Warren and Ware, Massachusetts to petition the state's General Court for a charter to establish a mutual bank. Upon all the petitions and after hearing the arguments of the petitioners, the Committee on Banks and Banking reported simply: "Leave to withdraw!". Similar attempts by the New England Labor Reform League in the 1870s met with similar results. Greene's mutualist banking ideas resembled those of Pierre-Joseph Proudhon as well as the land banks of the colonial period. He had an important influence on Benjamin Tucker, the editor of the anarchist journal Liberty.
Death
Greene spent his final days in Somerset, England. His remains were transported to Boston to be buried at Forest Hills, Roxbury.
Heywood, Ezra and William B. Greene. '. Boston, Weekly American Workman, 1869.
, pamphlet.
Transcendentalism, pamphlet.
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The Facts of Consciousness and the Philosophy of Mr. Herbert Spencer, pamphlet.
. Boston: A. William and Co., 1872.
'. Princeton, Mass.: Co-operative Pub. Co..
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International Address: An elaborate, comprehensive, and very entertaining Exposition of the principles of the Working-People's International Association.