In the context of a persistent lack of long-term credit for productive activities, and a comparatively reduced availability of currency, the guidelines of the monetary policy debate members of Congress adhering to the gold standard are examined, especially with respect to the monetary issue of 1904. Together with examining the impulse given by the monetary issues to the configuration of a wide investment cycle of creation of joint stock companies, it is observed that the argument frequently put forward by the supporters of the issues is related to formulations of a productivist nature supported by a substantial part of the ruling oligarchy, in particular, by the political formation heir to the economic ideas of Balmaceda, the Liberal-Democratic party. After contrasting the correlation between the interests of the oligarchy prevailing in parliament, and the realization of monetary issues with the purpose of reducing their long-term mortgage debts, we demonstrate the inexistence of this supposed relationship and the need to consider the productivist argument behind the expansion of credit and the monetary mass of the country in the second half of the 1900s, a key aspect to understand the productive, monetary and price dynamics of the period.