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C. F. TAYLOR Editor and Publisher

Equity Series

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Money. The campaign of 1896 was memorable in many ways. So also were the industrial economic and political conditions during the several years preceding. Evidences of the fact that the relations among the various factors of our civilization had become sadly "out of joint" were so plain that every one was conscious of the fact—many painfully so. To bring about normal relations again was the desire of all. While absolute Equity among all the participants in our complicated life is an ideal that will never be fully realized, we wish to keep near enough to it to at least avoid serious disturbances and suffering.

After the excitement of the above-mentioned campaign had passed, 1 set on foot a series of studies designed to go to the bottom of our ills and lead to the avoidance of recurrent periods of panic and depression which have been our lot in the past, and bring our citizens into more equitable relations than heretofore.

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At the time mentioned, the money question overshadowed every other public question; so, appropriately, we took this question up first. The fight in 1896 was between silver and gold. Every student knows that the money question is much broader and deeper than a question of either silver or gold. Many fetiches have existed as money substances, among them being certain kinds of shells, iron, bronze, silver and gold. These and many other substances have been used from time to time to promote exchange, and the use of these substances for this purpose was and is a great improvement upon barter; but the science of accounts, of banking, a complicated commerce and the inter-workings of these activities, all point to intricate relationships of values not properly measured or controlled by any one or two substances which are themselves articles of commerce. Partiality to any one or two such articles is partiality to those who produce, possess or control such article or articles. The true basis for a measure of value and a medium of exchange would be an average among all the articles entering into the commerce of a country, considering the quantity and desirability of each. Money, then, is not, or should not be, a substance. It is an expression of relation of values. Such expression of relation should be steady and true to the average. Individual products may, should and do vary according to supply and demand; but the thing which measures values and which is



Equity Series.

used as a basis and medium of exchange should be true to the average among all of the products. So long as this is done, justice is done to the producers and owners of all products as near as justice can be done. To take a single article of commerce, with all its vicissitudes of production and control, and put it in control of all the other articles of commerce is irrational upon the face of the proposition. The general average basis is the only rational basis; so we called our first Equity study Rational Money. It is a study of the money question which is just and fair to both gold and silver and to every other product. It seems to be the ultimate solution of the problem.


But the increased production of gold, the changes in our banking laws and our increased exports since 1896 have relieved the stress then existing, so the money question is not "an issue" now; but the world will yet turn to the above-mentioned theory (the Multiple Standard theory), and perhaps to this book, to get a real and permanent solution of the money question. The book is still on sale, as per announcement elsewhere.

Land.-Land is the basis of all living (except for creatures which can live in water). It is not strange that questions concerning the ownership, control and taxation of land have come up from time to time. Since the appearance of Henry George's "Progress and Poverty" the "land question" has been specially in evidence. There are many enthusiastic partisans for the single-tax, and there are many opponents of that system. Books have been written for and against that system. It was an opportune time to cover different phases of the land question. Hence the next book of the Equity Series was "The Land Question from Various Points of View." The following chapter headings will give an idea of its contents:

Indiana Bar.

ALIEN LANDLORDISM IN AMERICA. Its extent, evils, and proposed remedies. By Ex-
Congressman John Davis, of Kansas.

OUR SYSTEM OF DISTRIBUTING THE PUBLIC LANDS. It has been an instrument of fraud and injustice and general demoralization. By J. L. McCreery, of Washington, D. C.

CONSTITUTION AND COMMENTS. Provisions of our Federal and State Constitutions relating to taxation, showing what property must be taxed and what property may be exempted from taxation, thus showing what constitutional obstructions there are to the various land reforms now being proposed. By Newton M. Taylor.


Two PARABLES: “GIVE US This Day Our DAILY WORK.” By Bolton Hall, author of "Even as You and I."

FORESTRY. Effects of forests on the surrounding country and the results of their destruction. By Newton M. Taylor.

A CRITICISM Of the Single TAX. By Newton M. Taylor.

REPLY TO "A CRITICISM OF THE SINGLE TAX." By Edward D. Burleigh, of Germantown, Philadelphia, Pa.

MEMORANDUM IN RELATION TO "A CRITICISM Of The Single TAX." By Edward T. Peters, Washington, D. C.

JOHN STUART MILL'S PLAN OF LAND REFORM. By Edward T. Peters. [Price given elsewhere.]

Public Ownership and Home Rule.-Industrial association is the corner-stone of civilization. However, there are two kinds of industrial association: one is composed of only a part of the members of a community, the object being to make a profit from the remainder of the community; and the other embraces the entire community, the object being to supply to all an article needed by all at cost, the object being the service of the community and not profit. The first may be illustrated by any company, private corporation or firm doing business for profit; the other is typified by water works, gas works, electric light works, etc., owned and operated by municipalities, for the service of all the citizens and not for profit. As civilization progresses, the latter kind of association increases; for, it may readily be admitted, an association which includes all the members of a community is a higher type than one which is composed of only a part of the members of a community, organized to make a profit from the rest of the community; and service to all is a higher object and motive than profit to a few.

There are many private water companies, gas companies, electric light companies, etc.; but many municipalities have seen the importance of taking these public utilities out of private hands and making them public functions. If "cleanliness is next to godliness," then the supply of water should not be subject to a tax for the profit of a few; it should be supplied at cost. Good health is a prime essential to the good of a community, and a plentiful supply of pure water is essential to health; then the supply of water should be as completely under the control of the community as the drainage (sewers). Crime flourishes in the dark. Darkness is an enemy to civilization. Therefore the streets and other public places should be lighted. And the means of such lighting should be under the control of the community, without a profit to private individuals. Cheap light to individuals for private use favors culture, refine

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