The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-05-19

SiOA VI uiAuSlu6 oStAoA IuA ou6u eASiA
state government. II carried, these
cases would come within the original
jurisdiction of the supreme court,
whose decision regarding constitu-
tionality of the laws thus questioned
would be final and binding.
Our national government should
take possession of all railroads, inter-
state express companies and telegraph
aines.- Bonds issued in payment should
be made payable in full legal tender
American money. Holders of present
Taifread and other securities to be re-
enumerated by conversion of their hold
ings upon basis of stock exchange quo
tati0ns between boom and panic prices.
Privilege reserved to make evolution
airy payments of all bonds. AT regular
intervals small payments to be made,
each bond being proportionately re-
duced. To prevent imitation all banks.
national, state and private and also
trust companies will be compelled to
evolutionarily increase the proportion
Of full legal tender money in their own
vaults, as compared with their ag-
gregate deposits, loans and discounts
Pursuing the system outlined in a
short time our citizens through our
government, without snock or dislOca-
lion, will have killed several birds
with one stone. The all-controiling
misunderstanding clique will be shorn
of their iniquitous power. Their roads
owned by our government and operat-
ed for the welfare or an. The falla-
cious, panic-breeding, trust-nurturing,
bank credit monetary system will be-
come a thing of the past. Possession
of railroads, ETC., secured under clause
OF constitution permitting taking or
private property for public use, ade-
quate compensation being given Reg
ulation of banking institutions based
upon constitutional prerOgatlve OF
congress to coin money and regulate
its value (The value OF money is its
purchasing power) Right of con-
gress to enact uniform taxation can
also be invoked to attain the end
sought, viz. evolutionary abolition of
bank credits. Suitable additions to
present national bankruptcy act can
also be made to cooperate, and we
should likewise enact that all wages
must be made payable in lawful mon
ey.; also that terms of credit extend
ed upon all lines or merchandising
shall gradually be decreased until the
entire merchandising sphere be
brought to cash basis
The cumulative theory of money is
correct, but it should be borne in mind
that whatever performs the exchange
or debt paving function, performs the
monetary function, and is therefore
subject to congressional legislation.
A bill should be drafted up imposing
a graduated tax upon incomes. This
bill should also contain provisions i'm
posing a graduated tax upon property
received through inheritance or will.
Under our present constitution it is
not within the power OF congress to
impose taxation upon land values in
such manner as will prevent holders
from taking title to wealth which
they have not created. Direct land re-
fern at the present time is therefore
merely a local issue ana must SO re-
main until our national constitution is
amended. Local enactments to the. eff
feet that, through sliding scale OF
taxation, no land should be allowed
to increase in value unless improved
through the expenditure of labor or
of capital thereon, would speedily
work a great change for the better
The drastic operation of the present
unconstitutional plan of the single
takers would not alone destroy the
equity of many real estate holders in
their property, but would in many. in
stances inflict loss upon those holding
mortgages on real estate. Monetary
and transportation reform will indi-
rectly solve the land problem TO con-
siderable extent.
Our present economic system can be
likened unto milk supply. There Is
at present moderate supply of milk