The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-03-23

tConcluded,)

years. Let all men stand on equal footing.
Inssmuch as greenbacks paid the govern
rnent for bonds, let greenbacks pay the
bondholder for the same bonds. Let him
take that which he gives. BY public declare
ton announce readiness to pay off bonds
with greenhacks, which constitute the money
Of the government This public notice be-
ing equivalent to tender of payment on 30
much of the bonds as have been outstanding
for five years, will stop the interest on such
bonds, and to that extent relieve the people
of taxes, whether such bonds be actually
presented for payment or not.
In this last event such bonds not present
ed would continue TO be debt against the
government, but it would be debt bearing
DO interest and finally payable according to
the terms Of such public notice, except
where otherwise specifically provides. in the
act under which they were issued. Let US
briefly trace out the operation OF this plan.-
The first result, as have said, would be to
stop the interest on all matured bonds, there
by saving over hundred millions yearly
As further result, those bonds which are
now on deposit in our treasury, in exchange
for national bank bills, and drawing now
gold interest, would cease to be profitable
as idle capital, and as consequence would
be converted into shape adapted to CONNER
cial and business purposes. This withdraw
al of the bonds could only be effected by a
return of the currency issued on them and
by the same process all the national curren-
CIV, or as it is sometimes called, "black-
backs" would go out of circulation, and its
place supplied by greenbacks which pay OF
the bonds. So by quiet and expeditions
means, alike just and necessary, we would
get rid of every national band and save to
the people all the profits that these banks
make on both bonds and currency and in
lieu of both, furnish circulation uniform
and equal to all classes of citizens. Why,
sir, the question of bank or no bank once
shook this government to its center, and an
| parties to-day laud the independence Win
which Jackson once crushed out. 1e' we
have to-day national banking system exer
cisinp almost paramount control In political
affairs. and under the present policy perm
ant in existence. And, sir, when did the
people consent TO the establishment OF this
giant financial monopoly? When did they
stipulate that their material interests should
be controlled and their finances regulated
by bankers and boudholders? They have
never agreed, and predict never will agree,
to bow submissively and wear the chain of
seryitude to financial task-masters, even
though that chain be forged of gold.
But, sir, let us still further trace the re-
suit of this plan What win be its effect on
the business of the country? To answer
that question properly let us understand
what Is the present condition of business in
the Union. Trade is paralyzed, industry
crippled, labor ihadequately rewarded, and
manufactures, except such as are protected
by enormous tariffs, crushed ont of existence.
And one of the main reasons for this condi
ton of affairs is, in my judgment, the search
ty of money. Commence demands capital
mot idle. dead capital in bank vaults, but
live, stirring, moving, available capital
money. Business requires ready circulat
ing medium, proportional to the producing
and purchasing power OF the country, and
that quantity is not in reach of the people
to-day. During the past year it was with
great difficulty that western produce could
be moved to market for want of means to
command transportation and pay freights.-
In the west the great cause of business stag
nation is lack of money. Men owning large
tracts of valuable real estate and possessed
of much substantial wealth are troubled to
raise even enough money to pay their enor-
NOUS taxes. Shippers and traders in pro-
duee and stock-men who never before per-
mitted q contract TO overrun a day-are
begging for time on shipments or paying
heavy rates of interest to national banks for
''black- backs" to pay contracts and mortgag-
ing their real estate to secure payments of
such compulsory loans.
Before the war our money in circulation
was estimated at, think, about four hun
dred millions, which sum was required to
meet the demands of business. OF ;his
very considerable proportion was coin. The
expenses of the general government in all
Its OUTLAWS were inconsiderable, compared
with the estimates of the present day. The
whole expense of the government during the
year 1860. under Buchanan, for civil service
war department and navy, was less than
thirty five millions. The estimate for the
present year, for the same service, is SlS2,
10000 So far, then, as governmental af
fairs are concerned, it reasonably requires
five times as great volume of the circulat
ing medium as it did before the war in
other words, it takes FIVE times as much
money for the government TO do business on
as in 1860.
Take every department of business, and
prices of freight, materials, and everything
else which enters into the estimates OF ex-
penses in conducting business, are largely
lncrehSeu. Ne COSt VI 70 MoiS .boh
doubled. Why, sir, a seat in congress was
once considered fair thing at $4,000 a
year, which was itself a great advance on
early salaries. Now $4,000, with mileage
and stealage included, is considered q very
small compensation! But, TO be serious, it
costs at least thirty three per cent more mo-
Eey to conduct the same business than it did
before the war. Make now some allowance
for great increase of population through
our producing regions, and admit the influ-
ence of greater facilities for travel, and YOU
are not far wrong in saying that fifty per
cent. more of money is now needed over and
above the amount which answered the pur-
pose OF trade, commerce, and general bust
ness in 1860. And still another point re-
quires consideration in estimating the CAPT
tai needed by the country today. In 1860
money used in trade was worth par, Judged
by the gold standard, or 30 nearly par as to
pass without challenge, whereas now Judged
by the same standard, dollar of money
"so-ealled,' is worth measure varying
from sixty to seventy-6ve cents, and Of
course greater quantity is now required to
accomplish the same results. In consider |
ing these facts, and measuring present and |
future necessity by these facts, ] am led to |
the conclusion that an increase of say two |
hundred millions of active capital would
stimulate all branches of industry and prove
= blessing alike to producer and consumer.
But, sir, as / maintain, no prostration of
business would follow this increase of mo- |
r. Al