The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1876-02-02
independent Party Address.

pendent party, recently assembled
in Chicago, Illinois, and recommend
it to the attention of our readers.
1t is a carefully prepared address,
being correct and explicit in its
statements, temperate in its tone
and guarded in it's recommendations
of the future policy of the party. It
will not hurt anybody to read it
thoughtfully:
To the Electors Of the United States:
Recognizing the pressing necessity
for immediate and thorough reform in
the conduct Of national affairs, and an.
ticipating the desire of the honest men
and true patriots everywhere throughout
the land, number Of your fellow cit
liens, representing varied interests and
coming from different quarters of the
union, met in national conference at
Cincinnati, last September, and after
long and careful elaboration agreed up
on a series of resolutions embodying
substantially the following leading sug
gestions:
LIST. that the national treasury note
should be made a full legal tender, in
Interchangeable with interconvertible
bonds bearing low rate of interest;
that the issue of all paper as we'll as
metallic money should be confined ex.
clusively to the acknowledging that
the interests Of the baneers were fire.
quently opposed to the interests Of the
public; and, that al national and state
bank (as we'll as local. currency, should
be withdrawn and replaced by National
treasury notes-thus giving the people
a uniform and cheap currency. instead
of the multifarious and expensive one
now in use. If the government notes
were made full legal tender equal
with gold coin, and the volume of cur
rency kept equal to the legitimate wants
of trade, without doubt, we would be
better able to meet our gold obligations,
secure to trade and commerce a needy
stability, and prevent violent fuctua-
ton and serious financial embarrass-
ments.
End. That a just and equitable sys-
tenn Of taxation be established. One
that will not unnecessarily interfere
with the industry Of the people, and
that will reach directly all property or
values of what kind soever. Thus re-
lieving over-taxed production by collect
ing a fair proportion of the revenue
from the hundreds of millions invested
in property and now exempt, that should
honestly share the burden.
To-day we are bearing q debt Of over
eight billions, nearly one-half of (Which
is held abroad, requiring an annual in
terest Tor tax) Of nearly five-hundred
millions-the net earnings of all the
people in the union will probably amount
to six hundred millions, leaving about
one hundred millions to be divided
among thirteen millions of wealth pro-
ducers, or less than eight dollars to each
one. The average yearly increase Of
the whole property Of the country is
about three per cent, while the average
rate of interest will probably reach
nine per cent, or three times as much
as production earns. At this rate il is
not surprising that the money lenders
and manipulators are rapidly absorbing,
not only the annual gains, but the
property Of the country. About three
per cent, "r |, 200, 900 Of our population
already ow.. ;wo-thirds of our national
wealth, averaging some twenty-five
Thousand dollars apiece; leaving one
third to be distributed among the re-
manning thirty Weight millions eight hum
bred thousand, or about three hundred
and thirty-6ve dollars per capita. A
system that admits of such showing
cannot be viewed with favor, and he
who would continue it, acts unwisely,
unjustly, and puts in peril our free in
situations. As first remedy, and one
that will, we believe, go far in correct
ing the evil, the government should
make it's notes full legal tender fundable
in bonds, bearing a rate Of interest not
exceeding the annual increase of the ma
tional wealth, said bonds to be convert
ible into legal tenders again ut the op-
ton Ut the holders. This would pro.
vide safe and elastic currency. When
the volume of trade required an expan-
sion Of the currency, the holders of the
bonds could deposit them with the gov
.ernment in exchange for legal tenders,
and, vice versa, when the industries
were dull, safe contraction of the cur
rency could be effected by again funding
the +netes in the government bonds.
Within the last ten years almost four
billions have been expended in the con-
duct of public affairs, and only$665,
200, 900 of the public debt has been
paid. In eleven states Of the Union
.(the figures are taken from official pub
lie documeuts) taxation has been in.
creased in ten years-from 1860 to 1870
over one shundred per cent, while the
assessed valuation Of property, in the
same states, during the same decade,
md