This paper, the third in a series exploring future options for public policy in the communications and information arenas, argues that the communications spectrum--e.g., public mobile service, private radio, and domestic satellites--is a valuable but limited resource that should benefit all Americans. After a background discussion, it is recommended that a spectrum-charging scheme be implemented. It contends that: (1) such a scheme would create an economic incentive for efficient use of the spectrum; (2) less time and money would be wasted in awarding a license; and (3) the most important, the U.S. public would benefit from the inherent value of the spectrum, with the monies then used to promote public telecommunications, public interest programming, and minority ownership of broadcast facilities. The paper concludes by suggesting that charging for the spectrum is particularly appropriate now in light of the weakness of traditional broadcast public trustee regulation and the growing demands on the spectrum overall. (DB)