The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1867-08-24

pe1So8 "a Tue SoVeIue1Cnss~
~, ssFtic1r n1rnose in changing the mode
fenja OPERATION! We cOuldn't see why it
sas hat thew xere not content to issue the
eurreslcy in the form of "greenbacks" and
let IA 10 into General circulation, Anstead of
stsortIte to bonds, which bore from to
nar cent interest. and more, according to the |
hire If gold. They told rs it was necessary |
to rednce the currency; that, if we continued |
~ ;ssue "greenbacks," the volume of cur.
rency would be so great that the country |
would be ruined that we must resort to |
bonds, make them pay interest, and in time |
redeem them from the holders,-and all |
would go. we'll. g - "a s----
) The congress Of the United States listened |
TO these charming stories aboutthe necessity
OF resorting to government bonds; and be-
fore long they were upon the market. They
didn't bring their full value, it is trne, bnt
went into the hands of A, B. and G, who had
money to purchase;-who put them INTO
their safes, and setni-annually draw their in
terest upon them, in gold. 4-3 ~ e. s"
THE NATIONAL BANKS.
This scheme didn't afford opportunity en-
oagh to crafty the ambition or cupidity of
many monied men of this country some
thing else must be done in order to enable
them to live without labor. They must get
up a splendid banking scheme,-maket these
funds thus issued the basis ofthe capital of
the banks, and so make the people pay the
interest upon the bonds called "banking cap
ital,n and at the same time let these bankers
make whatever profit they could by issuing
the currency denominated shank notes" or
national currency" 1t was nice scheme
to make money, but rather ruinous one.
The government "legal-tenders" would have
been worth Just as much as, and no more,
at any time, than these bonds. The curren-
cy furnished in the shape of "legal-tenders"
| was just as good as, if not better than, bank
currency and we could have, by pursuing
the course of issuing "legal-tenders" instead
of bonds, dispensed with national banks,
| saved the interest upon the national bonds
and the profits we pay to the bankers, and
| had just as good currency as we had ever
| had. But that wouldn't have suited some
| people in the country! It wouldn't have
! enabled bankers and bondholders to fleece
the great mass o. the people, for their indi-
vidual benefit. Hence they objected to fur
nishing the country with "legal-tenders," but
/ must have bonds that would draw interest,
making them payable in gold-making
| them the basis of these banks,--that they
might not only draw their gold interest upon
these bonds, but make over 80 per cent,
profit las NAV banks have done in these
last years. upon the labor of the country.
| We cannot get around this. When one
of your merchants or trading men goes to a
| bank and borrows two or ten thousand dol
| lars, when he buys your produce,--when
he buys your cattle,-when he engages in
| any branch of business,-the interest he
| pays the banks for the use of the money
enters into the calculation, and he buys your
head of cattle at so much less and you pay
the profits to the banks in the end. This is
| the practical working of this thing. So, then,
to enable those men to support the bonds
and banks, and fleece the people, instead OF
issuing ''greenbanks,' they issued bonds, y
and put them on them on the market, sold
them, and established the banking scheme,
| in order, as | have already said, that the
people may be heeced by these banks, not
only in the way of interest on the bonds, but
actually by the banks themselves. 1t is only
astonishing that the people will sit quietly
down and see themselves thus robbed, with.
out any necessity; for | repeat once more
that theiissuing of these legal-tender notes
by the government would have subserved the
interest of the people just as well and would
have furnished the country a better currency
| than it now has in circulation. while, at the
same time, costing us nothing in the way Of
interest upon our indebtedness, nor profit
| and interest to the banks for the currenc,
they now give u.s.
1t is a scheme of this republican party tc
build up money power in the country at thu
expense of the labor of the country And
appeal to you, democrats, | appeal to you
republicans If it is just, if it is honest if it is
right, that you should submit to these things
longer? IF you are willing to bare your
back to the burden, merely for the sake Of
5party triumph or some notion of consistency
then vote with the republican party; leave
them in power and "they will continue to
issue bank-bills"; they will continue to tax
4 you to your hearts content. But, if you are
honest with yourselves, and desire that the
burdens of government shall fall equally
upon US, you must go with the democratic
host that is to-day rising in its power, de
termined to hurl from their places those
men who have betrayed their interests, anC
fastened upon the laboring portion of the
community this great Indebtedness anC
these exactions.
II PAYMENT OF BONDS IN "GREENBACKs."
But it may be asked, HHow are you t.
help it? We have incurred this debt; w
have promised to pay these bonds, and have
| pTOuiiSeu W pay tuc AutcleSt upOh tucu w
have established these national banks,-an
.. what are we to do?" will tell you, m
fellow-citizens, what propose to do,-ant
it is this: Pass q law in the congress of tn
United States requiring those who hold on
bonds to present them at the treasury de
partment of the government, and receiv
there, for principal and interest, whatever j
DUE in greenbacks. Cries of "That'n do
"Thats IT, z~#
':Ohr' but say one, "these men, whe
they bought these bonds, expected to ge
} their pay in gold" I expect they did,
Laughter But is it right that the
should? Let us look at it moment
| When you, my friend, loaned your neighbol
in $780, 800 to enable him to buy fey
cattle and better his condition, and took hi
note, payable in seven months or two year
. after date, with interest on that money, 20
expected that, when he got ready to pa
!. you. he would pay you in gold, or somethin
else which was its equivalent, didn't you
= The congress of the United States stepped i
l in the meantime, and said that he can pa
in "legal-tender though you expected" I
get gold, 'fegal.tendern was good enough 70
youl If was good enough for you in q
Individual debt, it is good enough for thes
1 bond-holders! What did you who entere
the army in 1861, at the call of your countr,
'expect?n-how did you "expect" to g
your pay2 As the law was, you was to b
e paid in gold, for it was the only legal tende
t then. You went into the army, served thre
: or four years, and came out. How did yo
t get your payl In gold or silver? { MOI