Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-01-28

the demand for money for legitImats
nse would be three or four times as
great as at present with interest rates
as they are.
II, then, the supply Of gold and silver
is 50 grossly inadequate for money pur-
poses, Ia what direction shall we look
for real or acquired values which will
afford a safe and reliable security upon
the basis OF which tho people. as a
community or government, may loan
their collective credit. ia the form Of
units OF accounts. 70 themselves as in
dividuals? Land Il the basis OF all
wealth, the source OF al kinds and
varieties Of food AMI sustenance,
the st re-house from which Is
taken all forms Of mineral wealth.
Land has an absolute Intrinsic or in
hercnt value. and leaving aside the
ethical question as - whether land Is
proper or Legitimate article Of COM
merce or exchange, the fact remains
that under the present conditions and
systems land always commands
price and possesses a value, independ-
ent OF all legal ena ;tmenis or fats OF
law. Moreover, re luced 10 the last
analysis, land Is the basis Of all the Sc
curity given to the banks FOR advances
of what Mr. Atkinson IS pleased 10 clll
"credit" win productive real estate
furnish n broad enough basis upon
which t. Issue the credit Of the people2
The Approximate assessed valuation
OF the land OF the Unitel States ard
permanent improvements thereon. is
sixteen billions OF dollars Casting
aside one-halt OF this valuation as un.
available, being nnimproved and un-
productive, we have left an assessed
value OF eight billions Of dollars, or
twenty billions OF dollars OF actual
value. Land is a safe basis as security
for the issue of money, and the present
assessed value would afford q proper
arbitrary limit to the total value Of
such money. We, therefore again as
sert that the peoples party Luilded its
platform wisely ard well whea it de-
manded that the credit Of the people
should be loaued 70 themselves, as ifi-
diviluals, at a rate Of interest not 10
exceed two per cent upon real estate.
We now, having money direct at two
per cent on real estate security, need
one more feature - form and complete
a perfect monetary system. We must
give ourselves an elastic, flexible vol
ume OF money that will automatically
adjust itself to all demands ordinary
or extraordinary, made upon it. To do
this we must provide a surplus or rc-
serve fund, which drawing less interest
than the normal rate cstab ished by
the government, will at once offer itself
for active use and circulation the mo-
ment a demand develops itself for
money, in channels that promise re-
turns equal T.. or greater, than the rate
OF two per cent established by the gov
ernment
This can be effected by establishing,
in connection with the land loan sys-
tenn " hat might be called p stal saw
ings banks in which the people, as in
dividuals might deposit their surplus
earnings or savings, receiving therefor
United States savings bonds of con-
vonient denominations drawing ono
per cent interest and int 'rconvertiblo
into United States lawful currency or
legal tender units, at the pleasure Of
the holder Under such a system the
moment any extraordinary pressure for
money developed a demand which
raised the rate Of interest above the
nominal rate, the individuals having
ille surplus money invested in Unite
states savings bonds would coavcrt
such bonds and wi Ii the proceeds sup
p'y the demanl FOR an a aidit.oaal
volume Of IN, ney.
As for instance, whea the corr or
wheat crop is harvested and has II be
handled, notice " at an enormous de-
maud springs up and develops itself
for money, and what a time the eastern
banks aided by the United Sta IS
treasurer, have in getting money west
10 the gain buyers and merchants.
Under the system have outlined, with
United States postal savings banks in
all principal towns and cities the re-
serve or surplus fund would not have to
come from the cast, it would always 10
on the ground whore it was wanted
Brother toilers and wage-worllers,
think over these things and consider
well the qucsti IN OF finance and the
monster iniquity, usury, as it affects
yuur ind vidual interests An honest
aud conscientious Inquiry and inve ti'
gat on will make of every one Of you
peoples party voter and worker
George c. Ward ia locomotive Fire
mems Magazine.