“I do not mean to suggest that all those who call themselves monetarists make this unconscious assumption that an inflation involves this uniform rise of prices. But we may distinguish two schools of monetarism. The first would prescribe a monthly or annual increase in the stock of money just sufficient, in their judgment, to keep prices stable. The second school (which the first might dismiss as mere inflationists) wants a continuous increase in the stock of money sufficient to raise prices steadily by a "small" amount—2 or 3 per cent a year. These are the advocates of a "creeping" inflation. … I made a distinction earlier between the monetarists strictly so called and the "creeping inflationists." This distinction applies to the intent of their recommended policies rather than to the result. The intent of the monetarists is not to keep raising the price "level" but simply to keep it from falling, i. e., simply to keep it "stable." But it is impossible to know in advance precisely what uniform rate of money-supply increase would in fact do this. The monetarists are right in assuming that in a prospering economy, if the stock of money were not increased, there would probably be a mild long-run tendency for prices to decline. But they are wrong in assuming that this would necessarily threaten employment or production. For in a free and flexible economy prices would be falling because productivity was increasing, that is, because costs of production were falling. There would be no necessary reduction in real profit margins. The American economy has often been prosperous in the past over periods when prices were declining. Though money wage-rates may not increase in such periods, their purchasing power does increase. So there is no need to keep increasing the stock of money to prevent prices from declining. A fixed arbitrary annual increase in the money stock "to keep prices stable" could easily lead to a "creeping inflation" of prices.”

What Has Government Done to Our Money? (1980)

In Defense of Monetarism (2008)

"Some New Tactical Reflections".

Source: The balance of payments, 1951, p. 106; As cited in: Metaxas & Weber (2013, p. 20)

Government control of the money supply is censorship, a violation of the First Amendment. Inflation is a lie.
"Some New Tactical Reflections".

Statement (16 June 1970), quoted in The Times (17 June 1970), p. 4. This would be quoted back at Heath repeatedly during his premiership.
Leader of the Opposition

It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased; and its value, to those who possess it, and who want to exchange it for some new productions, is precisely equal to the quantity of labour which it can enable them to purchase or command.
Source: The Wealth of Nations (1776), Book I, Chapter V, p. 38.

Greenspan in 1959. http://www.safehaven.com/article-171.htm.
1950–60s

Source: The Principles of Political Economy and Taxation (1821) (Third Edition), Chapter V, On Wages, p. 52