The Bismarck tribune., 1933-03-04
CO11qfeSst11Qt1-Elecf Will
Seek NelU Banking System,
William lemko 70 Affiliate With
All.American Bloc In
Washington
By WILLIAM LE,KE

va tkl0 eVo OF my OepNItul0 4OG
Washington. D. G., to take part In the
new congress which win undoubtedly
b called into special session, ! wish
to again express my appreciation to
those who 50 generously supported me
In the last election. As I am about
to assume my duties ut Washington,
I invite all my friends, as well as those
who opposed me, to wholeheartedly
cooperate with me In reaching solu-
ton Of the problems that confront
this nation. These problems can be
solved and solved speedily, Il we use
common sense.
I shall take my place In the coming
congress, not as Republican or DEM
ocrat or any other partisan, but Is q
citizen Of the United States concerned
solely In working to bring to IN end
this fearful depression that has all but
wrecked this nation and has made
beggars out Of q once-proud people.
I shall affiliate with an All-American
bloc in congress which has for Its
purpose the making Of our whole sys.
tenn Of government once more respon-
sive to the viii Of tho people.
Therefore, I favor the national In
itiative and referendum, 50 that when
Z large percentage Of the voters Of q
majority Of the states desire the en-
actment OF certain legislation, they
may gain their object by initiating
such legislation and have the same
submitted to q vote Of the people TOR
their approval or rejection. II we had
had the national initiative and REFER
endum the Frazier bill would have
been passed long ago, 50 would the
Patman bill and the soldiers would
have been paid in cash and the de-
preston would have ended.
Wants Bank OF The y. 3.
favor the creation Of the Bank OF
the United States, owned, operated
and controlled by the government OF
the United States along the lines OF
the Bank Of North Dakota. This
bank to control the money and the
credit Of this nation, not In the inter-
est Of Wall Street and the interna-
ional bankers, but in the interest OF
all the people Of this nation. Such
Z bank with capital Of about four
billion dollars Of lawful money OF the
United States as Z revolving FUND
could refund the twenty-six billion
dollars Of this nations bonded indebt-
edness and thus stop the interest up
on these bonds.
Why should we. Is an intelligent
people, permit these twenty-stx bill
lion tax-exempt national bonds to re-
main outstanding and we pay hum
dreds Of billions Of dollars interest?
Why not the government finance It.
self through the Bank OF the United
States and refund these bonds through
the issue Of lawful money and avoid
the payment Of interest? But the In
ternatioual bankers will again cry
"fiat money" May we ask what Is
the difference between "fiat money
and '.fiat bonds except that we have
bankrupted the nation paying interest
on "fiat bonds"
AS an emergency measure I tavol
the immediate enactment Of the Fra
xier bin, which provides for the re.
financing Of farm Indebtedness 81
IL per cent interest and IN per cent
principal on the amortization plan
not BY the issuing Of bonds but BY
issuing federal reserve notes. FIJI
teen states have asked congress tc
pass this bill to date. They are: Cali
fornia, Oregon, Nevada, Arizona
Montana, North Dakota, South Da-
kota. Nebraska, Wisconsin, Illinois
Indiana, Tennessee, Colorado, Min
nesota and Idaho.
For the same reason I am for the
immediate cash payment Of the SOL
diers' compensation, not by issuing
Of bonds but by issuing federal re-
serve notes. In addition I favor an
old-age pension, unemployment in
surance, q six-hour day and . five
day week. We must take care Of the
unemployed some way. Why not do
It intelligently?
Must Redistribute Wealth
I believe the net income-and the
inheritance tax, to be the only fair
Just taxes and therefore favor an
absolute limitation Of the amount
that any one individual may receive
e net income or inheritance. The
wealth Of this nation must be re-
distributed and kept redistributed II
this nation Is to endure.
In conclusion permit me to state
that We have at our fingertips all the
things that are necessary to bring
about the greatest happiness and
prosperity this nation has ever seen.
This depression and its continuance
Is to the everlasting disgrace Of the
officials whose sacred duty it Is to
govern this nation-they have failed
the United States and have failed
the people. Let Us hope that the new
administration will step out boldly
ana unafraid and work for q new
deal for Ill Of the people and then