Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-02-18
A ooNclsE STATEMENT
Z the Conditions and Requisites which
Demand tho Land Loan and sub-Treas-

AHD hENn iWaN ~ " wv N1 NttNt~~
the mines end banks
The con tion by which the earth is
made TO cid money to certain fortu-
nate individuals is not now for public
discussion. 1t will come up In the
future but not Immediately The
cause of offense 10 the matter Of mines
money is that while men are fortunate
in owning a successful mine, that good
fortune is not OF necessity a serious
draw back to the people. A man who
gets wagon load OF gold or silver,
under free'coinage can take that TO the
mint aud have II coined. When
coined 1t is in his pocket, 50 TO speak,
or in circulation, without owing any
debt 10 a bank, and without owing
annual interest 10 increase debt
There are matters to adjust, however,
in he future, 10 relation 10 mines.
But as to artificial money or p ire ex-
change, there are the most important
even distressing issues which have
arisen, and which the peoples party
proposes to settle at once and settle
| forever.
Ninety-nine dollars out of every hun
dred of exchange, in the commercial
world, Is artificial or credit exchange.
This credit exchange is Of two kinds,
primarily. That Is, there Is the money
made aud delivered By the government,
or by the people. There is also the
cheoiS and draft issues of the bank; all
under legal restrictions which are sup
posed to make them secure
All government issues by all govern
ments, with very few exceptions, have
been uttered by the government, but
placed in the hands of either private
persons or private corporations TO be
essentially owned or completely con-
trolled by such private concerns. OF
this nature are all national banks. in
cluding the United States the Bank Of
England, the Bank Of France, Prussia,
Vienna, etc. the John Law affair, the
Argentine Cedula, etc, etc The green
back was not OF this nature, but the
greonback was not made full legal
tender
The underlying principle upon which
all these issues are made is as follows:
If no other exchange but this was
created In any government thea every
dollar in existence in such nation would
be-
l. Issued by the people.
Issued to private concerns for
their private bencfts-all interest go
ing TO the government, or any part Of
it, but wholly TO the private concerns
8 Every dollar that exists (of pure
exchanged, II issued by this method,
has no value OF its own, but is a debt
This distinguishes it from intrinsic
value. or exchange issued to pay debt
In other words, not dollar" really
exists under such issues but debts ex-
ist, and debts not 10 government, but
TO the bank.
4. The sum total OF such debt ma
tional in extent because national IS
sues, Is always greater than the amount
of exchange OF "money" in existence
TO pay IL with because the debt is al
ways bearing interest To illustrate:
II a nation issues ten hundred millions
In this way, the people will owe, at the
end of the first twelve months, eleven
hundred millions aud only ten hun
dred IN existence 70 pay with-one hun-
dred millions TO pay solely BY mort
gage. II this were paid to the govern
ment il would be, in sense, taxa
tion to pay expenses. But 1t is paid TO
private concerns 10 build up vast for
tunes and centralize wealth.
The peoples party, following in the
lead OF one or two civilized nations
proposes that currency or exchange
(pure or artificial exchanged shall still
be issued by government
/. still issued by and for the people.
.. still limited in extent by law, as
IN all history OF such matters.
8. Secured by property, the same as
by promise Of both greenback and
bond but in reality as well rs promise.
4 Issued directly 70 the peoplc-the
interest solely 10 represent the expense
Of issue-any overplus to be applied
as taxation is applied
5 To be issued, at least at first as a
debt-lifter rather than a debt
The first proposition that appeals to
a man Of sound Judgment, as he under
takes thus 70 create exchange for the
people. is this
There are two kinds Of artificial ex-
change the permanent and the flexible |
or expansive The permanent currency
exists from generation b generation.
so long as nation has an existence -
or until replaced 10y other forms. lf-a .
bill is worn out il is replaced. But 7
flexible or expansive currency is pro-
duced by extraordinary demands made F.
at certain seasons Of the year, at de- /
nand OF naturc itself. Tuis requires /
Al. 4 fla1 1.l. .NfF fs,
move crops. This Is not an expansion /
tn accommodate a theory. II is an /
actuality and a necessity, ami during .
these times every citizen in the nation /
feels the contraction Of currency pro- l
duced by the extraordinary demands. /
Mercantile houses find their accommo- /
dation loans cut ctf, and every pro- /
Queer finds himself paying l16 cents on /
every dollar--and IL he borrows on 4
storehousc checks" he pays besides /
from one TO two per cent a month /
All Of this enormous tax ton over one /
half billion dollarsl goes to the men I
who furnish ''credit'-the banks of
this country and England.
The peoples party says: Let the I
permanent currency be based on per /
manent security. There is but on2 A .
stock Of goods in stors could not |
furnish security for currency to exist a I
hundred years In five, ten, twenty I
years, it would be destroyed, or sold, I
or divided by tcstltion among heirs |
There Is bat one imm pvable, indie /
structible, unstealab'e property for a /
permanent security aud that is land /
Let that lani b. solely honestea Is oc- .
cupied let il be in the city or cou1- /
try And many OF rs hold that at first I
Il should be on homes,eads whore the I
loan OF the government takes mp a pre- /
existing debt Let the loan be for long /
time-say twenty years. In SNitzer- /
land it is thirty years Let it he az ono .
half the value. Let it he at two per
cent II ever forc,losed let it be Just
as taxes are collected. Then the is"d
will not be accumulated by corpora /
tiors but by government
In regard to flexible currency there
& 1,,,s ~, .Iana of r,~ar,a -f~ hat could