Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-13
PROPOSES LEVY ON CAPITAL
GLENN PLUMB WOULD
THUS PAY NATIONAL DEBT
Sliding Scale OF Assessment Ia Pro-
poaed by ADVOCATE OF TrlpartIte
Control OF Railroads.
10y AssocIated prc,s !,

our our affair; Affairs SO that the . per cent of
this btcdness the 81 9er per eeSe OF
the , people pie, owning 80 per cent Of the
from them. and that the 65 per cent
Of Of the PEOPLE who own 8 per cent OF
r nay wealth %aro Shai not be required 10
amount OF this indcbtednessi' or''ohatc
III We meet this indeble ness by a
i h;ii,, on industry. We distribute the Tia
nility 10 each man in accordupce with
his purchasing power. When all 10
said sa and done. We. may be compellcd
in Germany and now considercd as I'M
charge Of the. entire national dept by
p'ae'" De eap'is 4oy ,s.y S3Sn property.
do not say that this Is the method
i a.; i. must be adopted. Eut in our own own
Whisl Ne uai}sd!y reeokmenSd for the
The iarmcr-iaoor conference looks To
I The establishment OF co-ouerai;vc
enterprise. Mr.. Plumb said. cmb stashs
materials to collection, inannfacture.
storage and distribution 10 the uiti,
i eiads is hone9 to in
! wards Of ec,ooo.O0o citizens In tie
duress imposed by u govornme Il. mt Of r" a
small group Of dominant men, the
. speaker said; ITO free ourselves from
. obtain for ourselves independ enco in
many fields of cndeavor from which
we are now barred"
lie continued. '.has projected us into a
crisis economic. Industrial. political.
mat conyic;a the administration and
poth po.iticai parties OF absolute i'm
potency"
..,,. Would Di"trIbute Liability.
We have an admitted Indebtedness
Ia cot
IF No meet this debt bv a tax on in
d Dust, We distribYse the l;a6li:y to
chasing power. When all is said and
. done. VIC may be compelled to accept
the solution already adopted in Ger
in Great Bri;a:n-shc discharge OF tho
entire national deb; by Placing cap
ia, levy upon property"
NJ. lDu!nD said those holding the
credit monopoly were able TO exhaust
,no , 'h ,S power OF the government
OF private Industrial control" lie
c!ted The operat'om OF the Federal re-
Member banks absolutely control the
distribution OF credit which they make
20 ind'vidnals in the community. and
usually componed of group OF men
who control rho great Industrial en-
tcrpT!scs OF thar community. Such en-.
within their control.
Initiation Increases Liability.
This. If not backed by real
value. is an imitation or tho volum.
Or o. , eurrcncy' an imitation based upon q
II am. reliably Informed .hs, the
banks Of this country have advanced
$500, 100000 on credit on representa-
iioS mad ,s C ,na ssnpnssed
soods received BY the soyernn'oni or
ss r ICES re enfs 70 IT, and The Treas
governmental liability at all. Ye, hun
dreds OF millions or dollars of Fedora!
such Bills
The recent Treasury Department, rrl-
inS tina, Fcderal reserve BANKS might
price, whom paid whom purchased was
an abuse" OF national credit. Mr.. Plumb
said; as man! cap!,alists SUBSCRIBED for
them. Such holders have deposited the
bonds with their notes for rcdiscount,
and Federal reserve notes have been
Depreciation % bonds.
DEPRECATED "aluc or Liberty bond
issues had caused member banks great
small groups" tho Treasury order was
i'romnlCatcd. At tho same TING per,
TO protect deprecated values Mr..
Plumb expressed the belief shat tho
aS.!on Of hS TGsasury vas s"Gonis,l
!nent OF al reserve notes issued against
these obligations would dcnatc the ma
t:cnal currency by Si;5oo 100000.
Mr.. Plumb vigorously attacked pend
ing sedition Legislation as the first
time tho law has undertaken TO declare
s tGa' han an nnIS to cons At ass
scdition against tho government,
THE people have the inal!cnabie. IN
altcrablc right 10 change or alter their
OF
p p"fc ra psa ;t he saIa. THAT IN.
aitcrable right Is now threatened. IT
suggests Co-Operstive Stores.
Chains OF cooperative stores with a
highly sys;ematized method OF opera
ton were advocated By Duncan McDon-
aid, president OF the Illinois State Fed
GRAFTON Of Labor, another speaker.
way employees and railroad shop work-
ers have FIVE factories turning out pro
ducts for them at less than present
wholesale prices. Co-operative buying
per cent reduction. he said They
turned out good socks for % cents Il
pair in their hosiery factory. Gloves.
underwear and clothes were among the
products.
The people Of the country must mako
farming worth the farmers while If
Lansing, Mich. president OF the Farm
ers' National Council, said.
Must Undersrite Risks.
American people collectively must
undcrwrite the Inherent risks OF agri
cultural production no said. THE
farmer who invests his small capital
and long hours cannot be expected TO
carry out the program OF production
unless q means be found to relieve the
individual farmer from carrying the
hazards which nature imposes OIL his
calling"
Sidney Hllman. general president Of
the Amaigamated Clothing Workers OF
America, said that cooperative bank
ing would put the wand Of money
power into the hands Of, the working
man and make 1t possible for him to
deal to advantage in tho world OF busi-
ness.
Isaac Sherman. representing the Mos
COW Municipal Cooperative Bank, said
In Russia every industry had its organ
Ization OF workers, which took an i'm
portant part in community life.
STOP IMPORTS OF SUGAR,
CANNED MEAT AND CHEESE