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278 A money thus secured is fit for civilized people. Any other money, though it have all the essentials, belongs to barbarians, and is hardly fit to buy the Indian's dug-out.

LELAND STANFORD'S LAND BANK.

introduction in congress by Leland Stanford of a bill proposing to issue one hundred millions or more of United States notes to holders of agricultural land, said notes to be secured by first mortgages on such land and to bear two per cent. interest, is one of the most notable events of this time, and its significance is increased by the statement of Stanford, in his speech supporting the bill, that its provisions will probably be extended ultimately to other kinds of property. This bill is pregnant with the economics (not the politics) of Anarchism. It contains the germ of the social revolution. It provides a system of governmental mutual banking. If it were possible to honestly and efficiently execute its provisions, it would have only to be extended to other kinds of property and to gradually lower its rate of interest from two per cent. (an eminently safe figure to begin with) to one per cent., or one half of one per cent., or whatever figure might be found sufficient to cover the cost of operating the system, in order to steadily and surely transfer a good three-fourths of the income of idle capitalists to the pockets of the wage-workers of the country. The author of this bill is so many times a millionaire that, even if every cent of his income were to be cut off, his principal would still be sufficient to support his family for generations to come, but it is none the less true that he has proposed a measure which, with the qualifications already specified, would ultimately make his descendants either paupers or toilers instead of gigantic parasites like himself. In short, Leland Stanford has indicated the only blow (considered solely in its economic aspect) that can ever reach capitalism's heart. From his seat in the United States Senate he has told the people of this country, in effect, that the fundamental economic teaching reiterated by Liberty from the day of its first publication is vitally true and sound.

Unhappily his bill is vitiated by the serious defect of governmentalism. If it had simply abolished all the restrictions and taxes on banking, and had empowered all