The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1867-09-07

in greenback currency during the war, every
man who prognosticated depreciation in
value for this currency on account of the
pending war and the stagnation of business
consequent upon it, was hooted at as "cop-
perhead." Now, the matter is reversed; the
democrats generally favor the proposition Of
paying off the debtin greenbacks, and argue
tina. the revival ofbusiness, the additionalex-
tent of territory in which the currency will
circulate, the stimulation that will be given
to industrial, commercial and manufacturing
pursuits will prevent the great depreciation
IN value that the horror-stricken bondhold-
ers' advocates affect to see ahead, if this
great anti-repudiation movement of the peo-
pie shall be successful. The following arti-
Gle from that sterling organ of che people,
the Cincinnati Enquirer, effectually spikes
the heaviest gun in the bondholders' bat
terry:
Hon. John A. Bingham, in his speech at
New Market, Harrison County, on the I4th
| of Aug. made an argument fora the bondhol-
| ders, and against their payment In the cur
| rency.which allother people receive for their
4
debts. He said:
"Mr pendIeton's proposition is that there shall
he isspe. an amount of legal tender notes suici-
emit TO redeem these bonds at once, and thereby,
as he says, the people may be relieved of the bur
den of interest on that amount. Add 81, 100, 000-
900 of circulating medium and legal currency to
the 00,0O0,000 of bank currency, and legal
ders now afioat and you have the enormous am
cunt of 81, 900, 0O0, 900 of circulating medium.
Why, when it would come to that it would require
about peck of legal-tender notes to buy bushel
of potatoes, and then the question would arise,
after the exchange had been made, whether the
farmer who gave the bushel of potatoes, or the
citizen who gave the peck of legal-tender had
suffered the most by the bargain"
Now, mark how a little arithmetical cal
culation lets the gas out of the bag which Mr..
Bingham has inflated. If we had $1,000. 900
600 ef ei.~ ui"tipg medium, and if it was all
| in actual circulation at one time, which it
would not begin to be, we should have less
than $50 for each person in the country to
obtain. When, on an average, there is not
over $500 for head of family, we don't
think that money would be so plenty that it
would stake peck of legal-tenders to buy
a bushel ofpotatoes," as Mr.. Bingham asserts.
There is not family in this country that
| would consider $500 to handle an immense
sum /; no, they would not think it near enough
| to meet their expenses. We had thousand
millions of dollars out during the war, and
only one end of the Union in which to cir
culate them. We never heard of many per-
sons finding money uncomfortably plenty
at that time, and neither would theyif we had
nineteen hundred millions of dollars now,
| with the whole thirty-six States as field for
circulation. The only persons who might
have their peck-measures full of legal
tenders are those who have them now, viz
the successful army contractors, the success
full oil spectators, the favored aristocratic
bondholders, and the corrupt congressman.
These classes of people have so much mon.
ey that 1t is oppressive to them to carry it,
| but the great mass of the community are far
from suffering in that way. Mr.. Bingham is
afraid, if the government should put out
eleven hundred millions of dollars, bearing
| no interest, in small notes, to circulate among
| the whole people, they would become worth
less; but the same amount, when circula
! ting with interest among the whealthy class
es, is perfectly good One form of govern
| ment obligation is to depreciate to nothing,
while another, to the same amount, is always
to maintain its par value. Bingham thinks
$50 head to each person greatly too much
to be in circulation, vet he expects every
person to pay the bondholders in gold about
eighty dollars in order to take up these very
bonds
While the radical papers generally-the big
ones are leading and the little ones will fol-
low-are ranging themselves in opposition
to this proposition, we here and there fad a
radical politician who has the wit to preceive
that matters are rapidly shaping themselves
into such a position that there will be only a
choice between greenbacks and reputation,
like the radical mayor of Jacksonville who
wants his party TO resolve
That it is the duty of Congress to convert the
national debt, as soon as possible, into green
backs, by which the people would save, in inter
est, Sl5o,000,00O per annum.
AS greenbacks are our national standard of val
ne, and as our debt contracted in currency;
therefore
Resolred That justice to the people requires
that Congress shall make said debt payable in
currency by making greenbacks a legal tender
tor all debts, public and private, without any ex
ception.
That the present banking law should be re-
pealed, and greenbacks substituted in place of the
so-called national currency.
There's still little room in our boat, gen.
ilemen; jump in, and take our chute, if
you want to avoid the channel where "repu-
diation" snags will tear the bottom out of
your craft.-Oquawka Spectator.