Agree or disagree: the proposition system in California should be abolished?

My personal view is that this Progressive experiment has gone far awry of what the Progressives wanted. The idea was that it would give the people a check against government dominated by big money interests, such as the Southern Pacific Railroad. I do not believe they envisioned a system where the big money could itself buy its own legislation through the initiative process. If you could prohibit anybody from paying to have signatures collected, that would be a major reform. However, since it looks like any such bar would be found unconstitutional, I think it is high time to abolish the system. However, despite what to me are its obvious failings, the majority of Californians still seem to support it.