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

POSSIBLE Tor the people 10 use even 80 much
as 81, 900, ,0o0. 900 81 cirU.iatina mcdaf Il
amounts 10 about $3.50 pcr ~ )lta. er assun
Ing that there nfc i5,0O0,0oo OF workers IN the
United States, II Is a fraction more than 81
per day for each worker, for each working
day IN the year. II sounds "big" TO me, and
yet that may be simply the effect OF what
Brother Maybci calls estimating In the
old" l. e., the force of habit and drift OF
habtual thought,
It may be urged that II the truth Mere
known sih, 900, ,ub1,OOd IA hot innch more than
The pfcseht mBttgagc burdeis upoh our
iahds. This Is perhaps true but that In.
debtctlncss represents the same 81 ,500,0O0.00
TO 81 O0o. 900 900, loaned bvet and over dgaln
returning each time TO its owners hands
Through the inedihm ot teht, interest, pront,
eic. But tile Government or people. lh or.
der ~ create an interest fund OF sdO000,ON
must actually loan and place IN circulation
and keep IL there, $4,000 ,0O0,O00 as the Gov.
ernmem has no means Of getting money
back again, when once loaned, until II is re.
paid at maturity. And we are losing sight OF
another startling and portentlous fact. TO
wit. II by reducing interest from six TO two
per cent we make land worth 81 where II 4.
now worth ST. and raise the price OF labor
and It's products in proportion; the expense
OF Government viii also be raised or in.
creased, so that II may take nearer 500 OoO..
OOO than SO0,OO0,OOO 20 pay the expenses of tho
General Government. But assuming that no
cvil results would follow such an enormous
augmentation of the volume Of currency, and
that the people actually borrow upon the
curty OF their lands, such an amount of
money ms that the Interest at two per cent
viii pay the expenses of the Government;
we yet have the expenses of the state county
and municipal governments tO provide for,
aud that brings us 10 the subject of taxation.
am In favor of The states. counties aud
cities being compelled 10 False thelf revenues
lie 20 fs.E th..
Under land currency system, as well as
any other we shall have 20 contend with
land monopoly@trusts and combines aud
watercu stocks-but there is q system of tax.
alton, which Instituted and properly en-.
forced by the State, would destroy monop.
oily, annlhilate trusts, eliminate watered
stocks, equaiize an profits, opportunities
and locations and force the wealth of the
Nation, rather than the poverty, to bear the
heaviest burden OF taxation. This tax Is
graduated tax upon cumulative valuation.
but suppose a compromise Of these views
was adopted, dnd that the Government or
whole loaned TO the individual, or unit, such
an amount that the interest shall pay all cx.
pcnses of the General Government; and that
the states. etc, levy "A graduated tax on
lands, and graduated tax ON all species Of
income producing property. such tax to be
levied on cumulative values. Then let all
tariffs and internal revenue taxes be abol
ished.
Then II should be enacted that our basis OF
measurement, or comparison (so-called
value) he chang, from so many grains of
gold or silver, to two hours' labor, and call
that the "unlt of value" Our unit dollar
would then read thus; "The people Of the
United States, individually and collectively.
promise to 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 OF
gold ard silver Ia small, variable and de-
creasing. Let the day be established at six
hours. so that all may work; and then work
will be worth three units (dollars) per day,
and land now worth 81 per acre, or two days
work, will be worth Sc (unlts) an acre. or
twelve hours work. Thus we should have a
currency composed OF labor scrip, or due
bills for labor, based upon land, which labor
can not produce Then gold and silver, like
all other commodities, would be worth the
labor Il took to mine them no more, no less.
The gravest objection that should find to
such a system would be that the volume OF
currency would be neither flexible nor auto.
matte, which qualities can be given to cur
rency only BY the provision of a system OF
funding In consuls, bonds or funding notes
redeemable In currency at the option Of the
holder or the Government. And, aside from
this, the "no tax" feature neccsstatcs that
the land of the Nation shall be mortgaged to
its full capacity. at all times, In order that
the interest fund may be large enough to
support the General Government.
IL must not be forgotten that many who
owned land, and few who, owning land.
had not borrowed thereon, would accumu-
late or save money out OF their earnings. II
not funded with the people, this money
would become a disturbing factor. as we
must bear In mind that each additional issue
OF money must either add to the sum total of
labor owed and to be performed by the COM
munlty. seyerally and collectively, or. when
the number OF promises to ray labor ex-
cceds the ability or capacity of tho commu-
nifty to perform labor. due bills for more than
one days labor are given for one days labor
actually performed.
In the last paragraph, read promises To
pay gold" for promises 20 pay labor" for
capacity TO perform labor" read "to supply
gold" and you can understand why paper
money based upon gold always depreclates.
The points, however, that more particu-
larry wished to make were;
First. That while an automatic system of
currency i desirable, yet as prices are, to u
great extent, governed by the volume OF cur
rency, there must be limit TO the total vol
ume in existence in order 20 insure stability
of prices.
Second. In order TO 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.
dlvdual, but there must also be a mode in
which the individual, having no need OF rs
use, can return such money to the people.
There are several countefeit forms Of
money. The man who issues watered stock
should be put In the pcnitentlary for coun.
terfeltng. lie issues and owns and offers for
sale fictitious certificates for labor never per.
formed, which he exchanges for money the
result OF others honest toll. and then the
stock share draws interest just like amy other
money.
Land currency reduces profit and interest,
and the benefits derived from the Individual
ownership. of the means OF production, to
the minl,num or nominal rate declared by
the people TO be the legal rate OF interest.
Money is not wealth, but is tool OF com
merce. medium Ut exchange OF wealth for
wealth. The 1900 per capita Of National
wealth with the exception OF less than ST.
O0O,0o, 600 Of gold and silver Is not money,
but land and personal property Of all kinds
and descriptions; while II papsr currency is
counted, or bank deposits or balances, etc,
there Il simply duplication OF wealth state
ments. II gold and silver were demOnetized,
we should not be confused, or led 10 con-
found money with wealth, as these metals
are wealth, not as money, but as cOmmod-
tiles. II by the abolition OF usury, we make
II useless 10 accumulate money, there Is
probably money enough, or nearly enough,
In the hands OF the people at this time, to
wit; Twenty dollars per capita, but from Sl2
TO S5 per capita Of it Is boarded or kept out
of circulation, In order to enhance the rate
OF interest upon the residue, For Instance,
assuming that there are 100000 OF work.
ers In the United states, and that land cur
reney raises the average price OF labor from
81 10 - day; then remember that the mar
gin OF profit (sayings) is that amount only
which remains after living Is provided
food, shelter and clOthing) Now, assume
that " OF the s. Will provide living or the
necessaries, and we hnd that the sum OF
81 S,GS, 10000 represents the margin Of profits
OF this Nation. out OF which the comforts and
luxuries must 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 witt. homes OF their own, the
residue only being available as savings for
old age or sickness. ! doubt very much n,