268 'HISTORICAL AND POLITICAL. 



one-fourth of one per cent for thirty days ; five-twelfths of one per cent 

 for sixty days ; and one-half of one per cent for ninety days. Permit 

 increase of circulation according to public needs. The withdrawal of 

 bank notes from circulation would not affect the volume of currency, 

 because the notes are secured by lawful money, on deposit, and as fast 

 as notes are retired, an equal amount of lawful money is put out in their 

 place for this reason no restriction as to retirement of bank notes need 

 be placed upon the banks. 



From and after the inauguration of the proposed system, all moneys 

 shall be non-taxable. If bonds are not taxed, and they ought not to 

 be, then the money of the people ought not to be taxed in anybody's 

 hands, except it be in cases where it is hoarded in large amounts, and 

 thus kept out of circulation. Lands used for a public highway are not 

 taxed, though lands adjoining are. Money used by the people in the 

 transaction of their ordinary business, in facilitating exchanges of the 

 value of commodities, ought not to be taxed, and the use of money as a 

 commodity ought to be prohibited. No man has any more moral right 

 to monopolize the use of money than he has to exact tribute from persons 

 who travel on the highway, and the legal right ought to be taken away. 

 Money is not to be used for purposes of private speculation, because it 

 is made for the common use of the people as they need it. It is not 

 proposed to keep money on tap for persons to draw at will, as they 

 would draw water from a public fountain ; but for those only who are 

 willing to pay the cost of delivery, as is done in obtaining the service of 

 a railway or ferry company. The fare must be paid, or the service will 

 not be rendered. So in this case, money will not be delivered to per- 

 sons who are not willing to pay the cost of handling it and secure the 

 return of an equivalent at the time agreed upon. It is proposefl only to 

 issue money directly to the people as they need it, and as nearly as 

 practicable at cost, on condition that they pay the expense and return a 

 sum equal to that received. The only change from present methods in 

 this respect consists in the lower rate of charges, and in the money being 

 non-taxable. Working people will earn money just as they do now ; 

 but this scheme, if put in operation, will force money into productive 

 industry instead of into mortgages, as now, thus creating new and perma- 

 nent demand for labor ; it will increase the value of products of labor, 

 and that will be good cause for demanding advance in wages. Nothing 

 is proposed which is not now being done in all parts of the country. 

 The changes would be only two: (i) the government would take 

 charge of the work, and (2) the people would get the use of their 

 money at rates which they can afford to pay. It would not require a 



