C. R. Whittlesey points out that there are three kinds of ideas as to the role of money in economic growth. The first is the idea that money is an active factor in the sense that it initiates and determines, in and of itself, the processes of economic growth. The second recognizes money to be a factor conditioning the growth potentials which are determined by other real factors. The third holds that money is a passive factor, accommodating to rather than initiating or conditioning-changes in business activity. Being classified from this point of view, the monetary notions underlying most of the contemporary theories of economic growth seem to fall into the third category. But the writer thinks of money as not a passive, but a permissive factor at minimum. So, in this article, he intends to investigate the effect of monetary conditions on the process of economic growth, and obtain the consistent monetary condition with steady growth. We can observe that a very small number of writers have dealt with the problem of the relation of the monetary condition to economic growth. J. R. Hicks is one of them. He, however, gives monetary factor only a secondary importance at most and, in addition, he fails to find out any point at which monetary factor should be tied up with real factor. Neverthless, he gives us a hint for solving the problem. It is that the value of investment coefficient may vary with different monetary conditions. The most important monetary problem concerning economic growth occurs in the form of how to finance ever increasing investment. We can not ignor this financial problem. If the supply of investible fund for each individual firm is not infinitely elastic, an increase in firms' demand for fund will cause a rise in the cost of raising it, which is the result of rises both in interest payment and in subjective risk accompaning the increase of borrowed capital relative to the firms' equity capital. Any rise in the cost of raising fund, according to the hint given by Hicks, will reduce firms' investment. In multiplier-accelerator model this implies that accelerator coefficient is not a constant, but a variable depending on both interest rate and the ratio of borrowed capital to equity capital in firms' consolidated balance sheet. Hence, steady growth in multiplier-accelerator model requires appropriate monetary condition, which must be a condition allowing firms to finance adequately increasing investment for making money income grow at steady rate without a rise in the rate of interest and deterioration in firms' consolidated balance sheet. Such a condition is that money supply is increasing at the same rate as the smaller root of the system. This is the writer's conclusion attained in this article, which is different from what K. K. Kurihara or J. S. Duesenberry considers desirable for economic growth.