Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1891-01-01

oily, annihlIaie trusts, eliminate watcred
stocks, t'quaize an profits, opportunities
aud locations and force the wealth Of the
Nation, rather than the poverty, 20 bear the
heaviest burden Of taxation This tax Is a
graduated tax upon a cumulative valuation
But suppose compromise of these views
was adopted, and that the Government, or
whole loaned 90 the lndiy idual or unit, such
an amount that the interest shall pay all ex.
pcnses Of the General Government; ana that
the states, etc. levy a graduated tax on
/ lands and graduated tax on all species oi
Income producing property such tax 10 be
I levied on cumulative values, Then let all
tariffs and Internal revenue taxes be abOl'
ished.
Thon il should be enacted that our basis OF
/ measurement, or comparsOE $50 o.ealed
| yalue) be changed from 80 many grains OF
gold or silver, 10 two hours labor, ana call
that the "unit OF yalue.n our unit dollar
would then read thus "rhe people OF the
United States, individually and collectively,
/ promise 10 pay the bearer ON demand. two
! hours labor, or the product thereof" labor
Is within the reach and command Of all.
| Gold and silver are not. The supply of labor
is only limited BY the demand the supply ~
1 gold ana silver is small variable ana de-
/ creasing, Let the day be established al six
/ hours, SO that an may work and then work
/ will be worth three units tdolarsl peT day,
and land now worth 81 per acre or tNN days
work VIII be worth q units an acre, or
! twelve hours work. Thus we should have
currency composed Of labor scrip or due
| bills for labor, based upon hand. which labor
can not produce. Then gold and silver. like
| All other commodities would be worth the
/ labor II took 10 mine them iio more. no less.
| The grayest objection chat ! should ind 10
| such system would be that the volume of
| currency would be neither flexible nor auto
| matte, which qualities can be given 20 eur.
fEatg.
funding in consus, bonds or funding notes
rcdeemable In currency az the option OF the
! holder or the Government. And, aside from
| this. the "no tax" feature necessltafes that
the land Of the Nation shall be mortgaged to
It's fun capacity. at all tunes. Ia order that
the interest fund may be large enough to
support the General Government
Il must not DO forgotten that many who
owned land, and few Who, owning land.
had not borrowed thereon, would accuinu-
late or save money ont OF their earnings. II
not funded with the people, this money
would become a disturbing factor AS We
must bear ia mind that each additional issue
OF money must either add 20 the sum total OF
labor owed and to be performed by the com.
munlty. seVerally aud colleetil ely, or when
the number OF promises TO pay labor ex-
creds the ability or capacity of the eommu-
nifty 20 perform labor, due bills for more than
one days labor are given for one days labor
actually performed.
n tho last paragraph read promises 10
pay gold for "promlses 70 pay labor" for
capacity to perform labor" read "to supply
gold" and you can understand why paper
money based upon gold always deprecates.
The points, however, that more particu.
lariy wished to make were
First. That while an automatic system OF
currency q desirable, yet, as prices are. to a
great extent. governed by the volume Of cur
rency, there must be limit 20 tho total vol.
ume IN existence in order 20 insure stability
OF prices
Second. In order 60 secure an automatic
volume OF currency there must not only be a
way provided of getting money out OF the
peoples vaults and into the hands OF the IN
diyidual. but there must also be a mode In
which the individual, having no need OF is
use can return such money TO the people
There are several countcfcit forms of
money. The man who issues WAtered stock
should De put in the pcnitentiary for coun-
terfeiting He issues ana owns aud offers for
sale ficttious certificates for labor never per
formed, which he exchanges for lmoneyl the
result OF others honest toll. and then the
stock share draws Interest just like any other
money.
Land currency reduces profit and interest,
and the benefits derived from the individual
ownership, Of the means OF production, to
the minimum or nominal rate declared by
Money is not wealth, but Is a tool OF com
merce. a medium OF exchange OF wealth for
wealth. The $500 per capita Of National
wealth with the exception Of less than ST..
100000 900 Of gold and silver Is not money, |
but land and personal property of all kinds /
and descriptions. while II paper currency Is
counted, or bank deposits or balances etc. /
there Is simply duplication OF wealth state.
ments. II gold and silver were demonetized |
we should not be confused, or led 20 con- I,
found money with wealth, these metals /
are wealth, not AS money, but as commod.
tiles. II by the abolition OF usury, we make /
1t useless 20 accumulate money. there s /
probably money enough, or nearly enough. /
in the hands OF the people at this time. 20 4
wit; Twenty dollars per capita, but from sl2 1
20 SIS per capita OF IL Is boarded or kent out /
Of circulation, In order 10 enhance the rate /
OF interest upon the residue. For Instance, /
assuming that there are 1900 600 OF work. /
ers IN the United States, and that land cur. /
rency raises the average price OF labor from 1
81 to 81 day; then remember that the mar 4
gin Of profit lsavnFsl Is that amount only 4
which remains after a living Is provided /
food, shelter and clothingl. Now. assume 4
that y Of the s. Will provide "A living, or the \
necessaries, and we fnd that the sum OF |
- eE6 100000 represents tho margin Of profits /
OF This Nation, out Of which the comforts and /
luxurics muet be bought and homes pro \
yided, not only for one generation, but for
wage workers who have accumulated their \
savings with the end In view OF providing
themselves w.th homes Of their own, the /
residue only being available ns savings for /
old age or sickness J doubt very much il, /
under such an automatic system as have /
outlined, the people could possibly use q I
larger volume than so per capita. as total Il
in the hands Of the people Govern. /
mentl and the several units or mdiv iduals
This Is about one NTH OF the amount which /
81
and Ia circulation in erter that the Interest /
AZ two per cent. may support the General
Fellow citizens. think Il out. keeping in /
view the cardinal truth that an wealth is
produced by labor, but that money u a
creation of law. which. divestcd OF is inter
est drawing power. Is worthless s.xcent a. a
cert iicate that the individual holding II has
performed q certain amount OF labor FOR the
community, for which the community. sew
orally and collectively. promises 20 pay him.
either ia labor 40 produce wealthl or wealth
Itself, already produced By labor. Intn
this certificate is thus honorcd or redeemed.
money l. either a duplication Of already cx-
lsting wealth, or due Iili upon labor for the
production Of more wealth Money repaid
by the individual 70 the people at the end OF
a fve on ten years loan term. has filled It's
mission Of distributing wealth into indivd-
nai hands. and becoming again the property /
oi the people v no issued lt. Is no longer a
claim or due biii against any one until reis-
sued 70 the Individual as pay for services
rendered to the community or people.
Thus. we simply need q sufHclencr Of money
10 settle balances 40 business upon cash
1asisi. no more. certainly no less the margin
1f profit. of fund for old age. STIFFNESS ana
other elncrEcneice. being funded with the
people. throuEh whom. a. an azcnf. the In
iIvidual pays for the use Of this fund when
study Ins this finance question hanlsa from
oar mind tllc foolish superstition fhaf gold
ana silver are natural money. or g11s
uuncF. Mnncy b creation of law Wealth
s tie product 81 labor. cold and silver con-
Iltntc wealth onll o. luilion OF cnlamo.iir.
ihef are made nlrney ard tiieir salue erf.fif
HeHfasfsi. 3, err fai of iar ur foftfna tni