I have been in writing in various forums promoting of the concept of mutual credit where the banker is an agent to the people and the banking business is run as a not-for-profit with after administration costs are paid - an annual or semi-annual disbursement rebate be paid back to the people. ("social credit" is NOT equivalent to mutual credit)
This thread is about the trillion dollar platinum coin, but several posters are very near melding concepts:
[link to savingtosuitorsclub.net
Each one of the three pages of that thread has valuable insights posted that do indeed tie the concept of sovereignty lies in the people and the people need to own the money system.
Poster "Allodial" gets the ball rolling and poster "Shikamaru" provides valuable additions. Poster "Chex" provides some humor in post #14 when he shows how the bank of Mars buys the north American continent with electronic entries. On page 3 poster "Shikamaru" provides links to Blackstone on the "sovereign prerogatives" and to
A Treatise on the Law of the Prerogatives of the Crown: And the Relative Duties and Rights of the Subject (1820) by Joseph Chitty
All considered this is the best thread on the trillion dollar coin proposal that I have seen.
This page (which was linked by a different site) shows a precedent in history (1933):
[link to finance.yahoo.com
I DO NOT agree with all that is written there by Rob Wile but the page is of good interest and closely related.