The independent., 1903-10-08

questioning the constitutiQnality OF
acts of congress, unless they be as
sailed by a sovereign state Of our
Union.
In prior article submitted unmis-
taxable evidence that the natural ul-
timation of the principle of Justice
namely, access upon basis OF equal
ity-is the non-speculative plumb line
of the economic domain. II single
takers, socialists and other economic
reformers fail to question the accur-
acy of this development, their silence
can only be interpreted as according
consent. The true course for practi-
cal reformers is to bend their energies
to devising practical plans for inaug-
urating non-speculative land, money
and transportation systems. Plans
submitted should be open for amend
ment, but by riveting our attention
upon specific plans there will be rap
idly formulated proposed laws which
will. command the assent of major
ity of the voters. Candidates for pub
lie Office will then be pledged to enact
the proposed laws and the people will
regain control of their government.
By combining the money and trans
portation questions judiciOusly, our
national government can take equit-
able title to the railroads and pay for
them without burdening our citizens
with Onerous taxation, or loading them
down with enormous bonded indebted
ness. All of our gold. silver and paper
money in existence is but fractional
portion of the volume of money re-
quired in the multitudinous monetary
transactions of our nation. 1t is the
hanrers' boast that their own and
other credits form the real circulat-
ing medium of the United States of
America.
A credit system is debt system. for
there cannot be a credit without
debt.
A debt system of finance is dis
honest system for the borrower is al
most invariably at the mercy of the
lender
| Our government should take posses
sion Of all railroads and make equit-
able payment for them by issuing
| bonds to the holders of the various
securities, as their interests may ap-
pear according to present stock marie ct
| quotations. All bonds issued should
be payable in full legal tender United
States money. Privilege of evolution
ary payments of bonds reserved by
government. The law should direct
that as evolutionary payments of full
legal tender money is made upon the
bonds, that all banking institutions OF
| every character, national, state, and
local, should be compelled to carry a
1 larger percentage Of full legal tender
| United States money in their vaults
as compared with the aggregate of
their deposits, loans and discounts. All
banks failing to carry in their own
vaults the legal reserve required by
law, would be subject to high tax
! upon the excess of credits which they
had issued.
With each evolutionary payment up
on the bonds the percentage of full
legal tender reserves to be carried by
the banks would be evolutionarily in
creased. In this simple, equitable and
constitutional manner full legal ten
der money would be substituted for
bank credits. The title to the rail-
roads would pass to our government
and generous payment be made to
present holders of all railroad securi-
ties.
There would b, no imitation, merely
the substitution of full legal tender
governmental money for fallacious
bankers credits If necessary con-
g~ess could likewise correct the in
| judicious use of credit in mercantile
transactions. This important factor
could be evolntionarily corrected by
enacting uniform laws on the sub
ject of bankruptcies throughout the
United States" Section s of article
l of our constitution.
A cash system of doing business is
in every way preferable to a credit
tdebt) system. | do not assert that
the roughly outlined plan submitted
IT. this article is final solution of the
mOnev question. IT will. however, riv-
ct attention upon the fact that cred
its (debts) play as important (and
even more importantly part than the
volume Of specie and paper money
The enactment of the legislation rec-
commended would solve the transpor-
tation question and partially solve the
monev and land problems. These
statements will be elncidated in sub
seUnent communications