They look upon the iron highway as a Public Road that should belong to the Public. They believe that the tremendous power which private ownership gives to the private corporations now owning the railroads is too great, too ruinous when improperly used, to be exercised by those whose sole aim is to extract the utmost possible dollar of profit out of the franchise.
The Populists believe, also, that there should be a return to the money-system of the Constitution.
The National Banks have USURPED the function of supplying the country with a proper currency.
At the present time, when the Government has but $353,000,000 of its own paper notes circulating as money, the National Banks have the enormous sum of $583,000,000 of their paper notes in circulation as money.
Populists contend that it is the prerogative and THE DUTY of the government to create ALL THE MONEY THAT CIRCULATES, and to hold unto itself the power of regulating the supply.
Populists believe in the Tax upon Incomes, and contend that this tax should progressively increase as the Income increases. They believe also in a tax upon Inheritance.
Populists lay particular stress upon the great principle of Direct Legislation. They believe in allowing the people to compel the law-making power to act when they, the people, want certain laws. They contend that it is no more than right to compel the law-makers to refer proposed legislation to those who are affected by it. This principle has worked happily wherever given a fair trial, and is usually called the Initiative and Referendum.
Populists contend, also, that all officers should be elected by direct vote of the people, and that the people should have the right at any time to retire an officer who has forfeited their confidence.
This principle is usually referred to as the Right of Recall.
In practice it proves a most excellent method of MAKING THE OFFICE-HOLDER “WALK THE CHALK.”