The government is the principal and the chartered banks are only its agents and the incentives of agents don't coincide with the ones of the principal.
An economy is not a mechanical device but a strategy game. Monetary policy is tricky because of private agents' incentives to bet against public officials on issues involving public goods, externalities and moral hazard.
If one wants to see a big debt to be replaced by a big surplus, then replace the idea of income or consumption taxations by the idea of economic rent capture.
http://www.gpo.ca/node/1788