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Show Utah Valley news UtahMUMValleyrcto News nrr ITTAM V ALLAY V iMk tin hr VMfer PUBLISHING CO. Wat Pan KL tka Aat W March Via, THE CAPITALIST . , . 1 IMT IMA at Utah Ma prct atttaa SYSTEM Hie Capitalist system is based upon the sound theory that those who create wealth by labor, inventive genius, organization, and thrift should be entitled to enjoy fully the proceeds of their labor, sacrifice, and talents. As such there is nothing in the world wrong with the Capitalist system. Everybody believes in just such a system. However, Capital so acquired is the offspring of labor, and the labor which creates capital should not be exploited or oppressed, or reduced to poverty by the process of organized capital, which in itself is the offspring of labor. The failure to recognize this truth has resulted in most of the disturbances in the world. The Capitalist system in Russia rendered life, under the Romanoffs, unendurable to those who labored in the field and factory. The violent revolution of Lenin and the complete overthrow of the capitalist system, involving 165,000,000 people, is merely the protest against the sweating of labor. China is suffering, under the same pressure, and other naitons are being greatly agitated. Even in America we have communism being advocated by groups of people who see no better remedy. But America is still America. It is a free land and its democracy can be preserved if only enough people will take the trouble to learn the facts. One of the basic facts concerns money. at now point the way clearly to a means of doubling the national production of wealth by creating enough money for food, clothing, permanent family homes, the comforts and conveniences and even the luxuries of life, to all people who are willing to do their full part in the creation and distribution of the wealth created. students of the money question.' The following is the first of the series, and is given that all readers may recognize that Americas greatest emancipator, Lincoln, sought for the very thing which these Monetary Reformers are urging upon the Government. It is entitled; Lincolns Monetary Policy Money is the creature of law and the creation of the original issue of money should be maintained as an exclusive monopoly of National Gvernment. Money possesses no value to the State other than given to it by circulation. Capital has its proper place and is entitled to every protection. The wages of men should be recognized in the structure of and in the social order as more important than the wages of money. No duty is more imperative on the Government than the duty it owes the people to furnish them with a sound and uniform currency, and of regulating the circulation of the medium of exchange so that labor will be protected from a vicious currency, and commerce will be facilitated by cheap and safe exchanges. The available supply of gold and silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible into coin in the volume required to serve the needs of the people, some other basis for the issue of currency must be developed, and some means other than that of convertibility into coin must be developed to prevent undue fluctuations in the value of paper currency or any other substitute for money of intrinsic value that may come into use. The monetary needs of increasing numbers of people advancing toward higher standards of living can and should be met by the Government. Such needs can be served by the issue of national currency and credit through the operation of a national banking system. The circulation of a medium of exchange issued and backed by the Government can be properly regulated and redundancy of issue avoided by withdrawing from circulation such amounts as may be necessary by taxation, redeposit, and otherwise. Government has the power to regulate the currency and credit of the Nation. Government should stand behind its currency and credit and the bank deposits of the Nation. No individual should suffer a loss of money through depreciated or inflated currency or bank bankruptcy. Government possessing the power to create and issue currency and credit as money and enjoying the right to withdraw both currency and credit from circulation by taxation and otherwise, need not and should not borrow capital at interest as the means of financing governmental work and public enterprise. The Government should create, issue, and circulate all the currency and credit needed to satisfy the spending power of the Government and the buying power of consumers. The privilege of creating and issuing money is not only the supreme prerogative of Government, but it is the Government's greatest creative opportunity. By the adoption of these principles, the long-fe- lt want for a uniform medium will be satisfied. The taxpayers will be Baved immense sums in interest, discounts and exchanges. The financing of all public enterprise, the maintenance of stable government and ordered progress, and the conduct of the Treasury will become matters of practical administration. The people cm and will be furnished with a currency as safe as their own . Government. Money will cease to be master and become the servant of humanity. Democracy will rise superior to the money power. MOTE: Tbe above la an abstract of Lincoln's monetary These Monetary reformers assert that the Government, representing all the people, must prevent either inflation (which is the indefensible expansion of credit or money) or the corresponding undue and indefensible contraction of credit through which the people have suffered. Already these Monetary reformers have taken strides toward their objective, and succeeded in having their views printed in the Senate records. Robert L. Owen, chairman of the Committee on Banking and Currency, has written an exposition of the principles of modern monetary science, and this is now published, and is available to every citizen. They propose a constitutional plan, based upon the exclusive right of the Government to create money, whereby the Government shall perform its explicit duty of regulating the value thereof. Their plan does not propose to take away from the rich that which they have acquired legally, but it proposes to enable the unemployed millions to be employed. It proposes to create the wealth needed for food, clothing,, shelter by the millions out of the proceeds of their own labor. It prod of the American poses to end the suffering of one-thir- people. Surely if this plan can accomplish one tenth of what they claim for it, it deserves the careful study of every intelligent man of good will and honest purpose. The Utah Valley News proposes to publish week by week excerpts from Mr. Owen's booklet on National Eecon-om- y and Banking in United States and from other Students of modern monetary science believe intelli--' gent capitalism can be preserved, and that the present ' imperfect system we have is the result of excessive abuses of monopoly which have arisen from our banking structure in United States. They do not indict .the motives of other people which may arise from and probably are without any inimical or unjust purpose. What they do argue is that under the knowledge acquired in recent years, modern monetary science can 1 self-intere- The Joy of Ownership The thrill and satisfaction of accomplishing that long yearning to be a home owner can be yours without depriving yourself of other luxuries. tGome in today and inquire about our unusual bargains in homes. Make Your Rent Buy You a Home! 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