The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-02-14
For the Argus.


Washington said:
al do not scruple to declare that if I had a
voice in your legislature, it would be given
against paper emission, upon the general prin-
cipies of its utility as representative, and the
necessity of it as q medium. l contend that it Is
by the substance, and not with the shadow OF
thing that we are to be benefited. An evil
equally great is the banks of circulation open
for speculation, by which the least designing,
and perhaps, the most valuable part of the COM
munity are preyed upsn by the more crafty spec
ulators. Ten. Washiagton to Gen. Stone.
& 1t will be vain to talk of public credit until
we return to the pure, unmixed circulation oil
standard gold and silver."-Joh" Adams to Cot.
Crdcford.
"The system of banking we have both equally
and ever reprobated. I contemplate Il blot
left iu our Installations, which, if not corrected,
will end in their DESTRUCTION, which is already
eoualling gamblers in corruption, and is sweeping
away in its progress, the morals and fortunes OF
our citizens '-Thos Jefferson to John Taylor.
ofaI the contrivances for cheating the Ia
boring classes of mankind, none is so efectual as
that which deludes with paper money, 1t is the
most perfect expedient ever invented for fertlh-
ring the rich mans soil by the sweat Of the poor
mans brow.-Senator Webster, 1872.
As to bankers there is little difference be-
tween them and the counterfeiters; if should
give any preference, the countereier is the best,
for neither of them ever expected or intended to
paw their notes. The banker, more bold and da-
ring, robs the people under cover of law; the
counterfeiter more difident and unassuming.
.robs them without law."-John Q. Adams.
81 am not bank man: l once was. and then
they cheated me out of every dollar l had placed
in their hands."-Gen. Harrison 1870.
a Profits. too, made in this manner, [by banks
cannot be elassed with those which result from
ordinary gsming they are precisely of the same
nature with the winnings of the gambler, who
uses false dice or marked cards, unknown TO his
victim, and the act of claiming them is deserving
of no milder epithet than that of s'oiHdig or rob
binq."-Professor Fethahe's Political Economy.
Sire. (said Heretius to Frederic the Great. on
presenting petitions for mouopolies) you need not
trouble yourself to read them through; they all
speak the same language. We beseech your
majesty to grant us leave to rob your people of
such q sum: in consideration of which, we engage
| to give you a certain share of the "pitiage."-
Lord Brougham.
The above quotations are from men
statesmen-whose honesty and devotion to
the rights of labor have kept them from Ia
king part with bank swindlers, in a legahzed
system of rohbing. / will next quote from
the " WorkSngmaR's Manual" by S. Simp-
son, who was for many years cashier of the
United States bank, and ought to be well
| versed in the modus operdadi of the whole
SYSTEM iIe says kpaHe ifl
What is a bank bill 1t is an order for so
much money. OF labor, drawn upon the producer
of wealth It's acceptance, receipt ani circulation
| is antamount to the payment of an order upon
| ttc person receiving it. Suppose farmer sells
twenty barrels of -four for bank bill of SI00.
This bill, in ITSELF is worth nothing 1T has no
intrinsic rdEue. 1t is the mere presumption, ap-
| pealing to bis faith, that it will bring him 500
| in gold silver Acting on this mere presump-
| ton he purchases goods and offers in payment
his 500 note. The luckless farmer has parted
with his Sle0 worth of -four and his property
has passed into the hands of the adroit specula-
tor. Such is the character and operation of
every bank bin, treasury note or public stock Ger,
| hfeate. Each is draft from capital drawn upon
labor at sight, and paid by public crad,itp faith
| what Is termed credit. The party that profits,
and the only in this transaction of action and
| fraud, is the banker, the stakeholder and specu
| lator, who are generally trinity-three comhi-
ned in one. A bank bill, then, it will be seem is
| worth nothing in itself; its whole worth is deri-
| we'd from labor, which pays it the moment 1t
comes into circulation. The complaint then
| justly exists that governments should have ven
tured TO delegateto corporations absolute power
over the labor of the producer by placing it at
| the disposal of these bills of credit.
:" This power, however, of corporations over
| the masses would be less intolerable if it were
| exercised with spirit of equal oppression over
all. But the hardship is exclusively to those who
l
pampered of idleness and capital Industry
| is the riefjm-idlcHess the rictor Under these
facts, why should public credulity continue a
| slave to this oppressive fraud? The reason is,
| the public is not enlightened. Let every man
| come to a correct conception of bank bill and
| society will unanimously unite to put down the
fraud and return to the of realities a meas
| ure of value in the exchanges of commerce."
now respectfully invite Mr.. Osborne, OF
any other advocate of a paper currency, to
refute the facts and arguments of the above
quoted authors. If their positions are un
tenab.e it will be an easy task TO refute
| them, and thus exhibit the folly of the com
mercial world in its universal adoption of the
| precious metals as the standard of value.
| Aud if Mr.. Osborne succeeds in this, by
| proving the practicabillty of his rag money
system, Mr.. Chase will, after all, not only
have superseded him in the invention, but
he viii have immortalized his name by the
success of his financial system of Legal Ten
| der GreebGcks," which are certainly superi
or in form and beauty to Mr.. Osborne's d" Pub
| Tic moneQ and Public credit pictures. Mr.
| Chase will have effected more. He will
have exhumed the defunct financial system
introduced by Gen. Hamilton, and have bu
ried forever that of Jefferson and Jackson
thus giving the world, and the rest of man
4
| and sagacity of the old Federal party.
| The reader will recollect that Gen. Ham
| ilton, after his signal defeat in 1900, prophe
sled that his governmental and financial
theories would unquestionably be brought
about, and most likely be permanently es
tabiished By a mar betUeen the states-a wal
which must necessarily convert the Federal
government of a Union based on consent
into a sovereign national government based
on force"
The first part of this prophesy is history
to-day-the fulflment of the latter part de
ponds on the intelligence, the undaunted
spirit, and the uncompromising devotion OF
the democratic party. to the time honored
principles which placed it in power, under
the patriotic and statesmanlike leadership OF
| Thomas Jefferson.
In fine, if our sad experience in the prac
teal utility of paper money, the facts and ar
guments quoted above, and those vet in re-.
serve. will not convince the democracy, and
all other producers of wealth, of the utter flu
tility of Mr.. Chase's financial system of"Le
gal Tender Greenbacks,' they should, in be
half OF their pecuniary interests, it not from
patriotism, at least, await the future and not
distant developments which this accused
system OF swindling and robbery has in store
tor the honest, industrious and oppressed
producers of wealth, before they render a
verdict IN its behalf, and, consequently,
against the financial theory of their first
and second oracles, Jefferson and