Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-01-07
soMe TAouoATs on MONEY.
Nationallstlc Results Can Be Brought
About Under an Indlvldualisiic Regime.
From the New Nation OF December

as such commands respect. In MasSi
chusetts the peoples party has gon
farther In the line of nationalism tina
in any other state. In its platform n
less than eight planks out Of fourtee
have n nationalistic flavor. The yves
has not yet reached such high ground
The February meeting at st. Louis vii
be awaited with deep interest, and II !
very easy to see how IL unwise counsel
prevail and the line of battle decidel
upon is simply OF a currency reform
order that not only nationalist
but the labor contingent wouli
look elsewhere for political aiiilia
tions A great party cannot b
built upon the ruins OF over-du
mortgages; because, II they were pai'
to-day, demoralizing riches and dir
poverty woul still exist in this coun
try. The people are beginning 10 de
mand change in our economic system
and no party can gain foothold Sc
cure enough TO fight effectively capita
and the entrenched trusts and indus
tries upon plank the width Of 4
greenback dollar. majority Of the
voters OF this country cannot go single
file on 50 slender a plank across the
abyss of vicious political economy,
which has already placed over fifty pei
cent of the wealth OF the richest coun.
/ try on the globe into the hands OF less
than one per cent. OF the population,
which one per cent pays less than
| twenty-five per cent OF the taxes A
| reformed currency will be great re-
( lief; but 1t cannot do it all. Let the
west and the south think these things
over in all soberness.
| The factor usury is responsible for
the accumulation of wealth il the
hands OF the few The sting of wealth
and the power OF money to oppress is
moneys interest drawing attribute.
Take away from money the power to
absorb the earnings OF labor through
the medium of interest, and all must
work or starve. quote from the New
Nation:
"In this old nation not only does
wealth devour poverty, but wealth de-
yours wealt1, and, year by year, the
assets of the nation pass more and
more swiftly and completely into the
hands of few score individuals out of
65, 900, 600 people.
What accomplishes this but usury, or
interest. in its vari us forms? Give a
people free or public money. aud the
naturalization of the money, thus ef.
fected, will give labor in its total prod
net, less the cost in labor Of the service
Of distribution, that must be performed
under naturalization rs well as under
individualism. Give us free money and
then will t. great extent come 10 pass
the following eloquent forecast of the
New Nation;
'In the new nation, the debauching
influence OF wealth being banished, and
the people raised to real equality by
equal edu alton and resources, a true
democratic and popular government
will become possible. as IL never was
before. For the first time in history
the world will behold true republic,
rounded full-orbed, complete repub-
lie, social, industrial, political" "
Now while it may be true, or at least
possible, that |, as nationalist lay too
much stress on the financial reforms
demanded by the peoples party, the
fact remains that | consider the pro-
posed changes in our monetary system
as being far greater progress in the
direction Of nationalism than does the
writer whose expressions am CRITICS
ing.
shall essay, as briefly as possible 10
indicate my reason for believing that a
monetary system that would issue
money direct 10 the people, at the cost
Of issue, would bring about national
istic results under an individua listic
regime. 1t may be well TO remark at
the outset that the great majority OF
the rank and file Of the peoples party
advocate national ownership and
operation Of all lines OF transportation
and communication and the municipal
lization Of all natural monopoiies' ia
the cities and towns.
Briefly epitomized, nationalism pro-
poses that all men shall work, TO the
best of their ability, and be rewarded
according to their needs Nationalism
proposes that all men must work in or
der to eat and that all who thus work
shall receive the results OF their labor,
less the labor cost Of distribution.
What factors, under the present system,
enable men to live in idleneSs and yet
absorb a goodly portion of the wealth
produced by those who do work? The
answer is rent. interest and profit
Leaving natural monopolies' ont of
the question, they not being governed
by competition
Now. without entering into alengthy
dissertation to prove why such asser-
tions are true. shall simply formulate
the following propositions a beng
basic. immutable and true.
First-All investments are counted
good, bad or Indifferent, as they return
profits less, equal To, OF more than the
legal current rate of interest tob;aiuable
for money.
Second The competition of land
lords, one with another, has tendency
TO constantly provide an available sup
ply Of buildings at a rental equal - or
below the level of the prevalent cur
rent rate Of interest money.
Competition among mer-
chants and manufacturers tends in the
direction of the limitation of profits TO
a per cent equal to or less than the
common rate of interest upon money.
Fourth-The rate of interest upon
money is taken out of the domain of
by the operations Of a cum /
ningly devised monetary system which
places in the hands Of a few corpora +
tions the absolute control of the volume
of money and makes them the sole +
avenue OF issue and the sole arbiters Of .
the rate Of interest 10 be paid for the
use of such money.
Fifth-The peoples party proposes TO .
take away from these corporations and /
banking institutions these powers an
restore them - the people whose pre-
they solely are. The people
will then. as a community. issue direct
to themselves as individuals, money al
cost Of issue. such cost Of issue viii az
once become The legal, current and pre-
vailing rae OF tax or interest for
money.
Now. II under the present system,
with interest at per cent. rent inter