I recently came across the following early example of the idea of
categorically differentiating credit from currency. Has anyone an idea
who the author S.G.H. might be?
with thanks,

Arthur Edwards



Differentiated Money Circa 1918, SGH

The gold standard is sacred. It is so sacred that its advocates do not
even trouble to defend it; its justification is assumed to be beyond
criticism. Thus, Mr. Hartley Withers: "Good banking consists in giving
as much assistance as possible to trade in the matter of credit, and,
at the same time, restricting credit as soon as the proportion between
cash and liabilities is below the point at which prudence and caution
require that it should stand." That is certainly good banking, and,
granted the gold basis, no banker can do otherwise. But the inference
would seem to be fatal. If the banker is bound by prudence to restrict
credit to available cash, and if credit is required beyond a prudent
cash reserve, the only possible inference is that, however
successfully the existing bank system may have functioned in the past,
modern economic developments have gone, or must go, outside its narrow
ambit, seek new sources and methods of credit. We are rapidly
approaching the moment when we must decide to break away from credit
restricted by the gold reserve to credit related no longer to gold but
to productive capacity, in the light of effective demand. The
conclusion is that the question of currency bifurcates into two
different, but related, problems: the one of the nature of currency;
the other, and vastly more important, of credit facilities in the
production of commodities.

 From  The INFLUENCE OF THE War Upon LABOUR
Contributed by S. G. H, to The New Age, Volume 24, Number 4, London.