The San Francisco call., 1896-02-18
LETTERS FROM THE PEOPLE.
coxEY's MONEY SYSTEM.

MUNICIPALITIES, ETC.
To the Editor of the San Francisco Cdll-sIRss
Bankers above all other men, have ceased 10
laugh at Jacob S. CoXey. keep OF the grass
Coxey," was amusing to many people IN 1894,
who are now coming TO take the man some
what seriously. 1t turns out that these people
did not discover what lay beneath the Coxey
movement. The uprising all over the country
to join his Commonweal Army was as mucn
OF a surprise 10 him as to the puplc' out ne
seems about to afford a greater surprise 70 the
country in his movement for the adoption OF
new financial system because 1t Appeals 10 the
common sense of all men, regardless OF pre-
vious views on the money question, and, al
though his recent tour of the Southern States
has not been reported i'll the daily newspapers
his work will yet bear q harvest OF news which
will be daily reported. If any one who reads
this statement regards it with incredulity he
has only TO wait little and be Will see the
point.
Every thoughtful man is prepared TO admit
off-hand that there is no power IN modern
society equal, or anywhere near equal, 10 the
money power, and in close alllance with III are
all the great corporations, the telegraph, rail-
road, standard OIL sugar trust and Hour trust
These allied corporations rule the country, as
we all see, and the master monopoly or all Is
the money power. In this we are all agreed.
We quite well agreed that the rule ana
control of these allied corporations, inspired
and led by the money power, have brought our
country and ell other commercial countries 10
present deplorable and disastrous conditions
through the enactment of laws favorable to
their interests and oppressive ve to at least W
per cent OF the entire population.
The spectacle of great Nation so conducting
its affairs to become dependent borrower
from small number OF its wealthy citizens
and placing bonds upon the next generation
for its current expenses in q time OF peace, ana
the deadly struggle of this great State ana
other states with gigantic railroad corpora
ton, now going at the National capital,
should arouse the patriotism and kindle the
wrath of every man worthy of American c1ti-
zensh1p We have fallen on evil times and IN
less effective resistance is made by an awak-
ened and outraged people, worse fate awaits
US.
He serves his fellows and posterity best IN
these times who comes forward with measures
Tor the relief and redemption OF the Nation
rom the expressions and exactions OF our
soulless and greed-inspired masters, the cor
porations, and his place in history will bn one
OF honor and fame and the enduring gratitude
OF poSterlty. No one need feel surprised,
though just now he may not be pleased with
the suggestion, to find that among those who
are to be held in high esteem and gratitude in
the near future by grateful country Will be
Jacob S. CoXey OF Ohio, the author OF the non
interest bond bill, comprised in three short
paragraphs, which he is diligently bringing TO
the attention OF the people by speeches and
through. his newspaper named ''Sound Money"
and which is winning its way to the hearts Of
the masses Just as quickly as they hear its
provisions Those who have not even heard of
it win perhaps discredit the fact that men of
all shades of political faith as well as news
as certain and simple means OF breaking the
power of money to oppress and rob the people
and of bringing in an era of prosperity and
happiness unknown 10 the people OF any
nation.
Among the recent converts to the non-in-
terest bond bill is the Philadelphia Item, one
OF the great daily newspapers of the country,
the average daily circulation of which for the
year 1895 was 191 ,606, and the average Sun
day circulation 221 ,Oi9, and probably 1000
weekly papers are advocating the same prln-
ciples
The three sections of the bill may be thus
stated:
ritory, county municipality, township or in
corporated town or village deem it necessary
to make any public improvements they shall
deposit with the Secretary of the Treasury of
the United States MISUNDERSTANDING twen-
ty-five year bond not to exceed one-half of the
assessed valuation OF the property in said State,
Territory county, municipality. etc, and said
bond to be retired at the rate Oh 4 per centum
per annum.
Sec 2. That whenever the foregoing section
of this act has Deen complied with it shall be
mandatory upon the Secretary OF the Treasury
OF the United States to have engraved and
printed treasury notes in the denominations
OF 81, So, $5 and $40 each, which shall be
full legal tender for all debts, public and pri-
vate, to the tace value of said bond, and deliver
to said State, Territory etc, 80 per 'centum of
said notes and retain per centum for expense
of engraving and printing the same.
Sec. 3. That after the passage OF this act it
shall be compulsory upon every incorporated
town or village, municipality, township,
county, State or Territory to provide employ
ment TO any idle man applying for work, and
that the rate of wages be not less than 81 so
per day for common labor and 50 so per day
for team and labor, and that eight hours shall
constitute days labor under the provisions
of this act.
A fourth section could be added providing
for the deposit of like bonds to secure money
for the purchase of any public utilities such as
the streetcar system, lighting plants water
works, ETC., and by setting apart enough of the
revenues to make per cent on the purchase
price OF the water works; for example, in
twenty-five years the City would own the water
works without ever having paid out nickel
in interest, while the payments for the prop
erty would be divided into twenty-five parts,
to be paid annually. In the same way the
streetcar system could be. bought and paid for
out of the earnings and not cent OF interest
paid to acquire and own the property. After
being paid for, the revenues from these great
public utilities would be turned into the City
treasury and would probably pay al the run
ming expenses of the City and eliminate all
other taxes, or be turned into other public
utilities, such as scientifically constructed ten
ements on grand scale for the poor of the
City, the rent of which at a low figure would
bring in an enormous revenue.
This system, when fully adopted, would end
in the reign OF the money power, for it would
destroy usury and compel the owners of money
to engage IN some useful work.
JOSEPH AsBURY JOHNSON.
IL Essex street, Sal Francisco.