The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1869-11-25
coEeRFss AND THE FINANCES

financial question vii! overshadoW Gil o'nefs
:: a.. Authorizations of the next session OF
conpro,s. 1t has been very important one
;r nror sessions, but the reconstruction ana
nsgro business was given PRECEDENCE
probably this might be the case again, but
for the very general demand throughout the
country upon that body for some reiei from
present distress and some guarantees against
apprehended endorsements.
Whether there are any real grounds Tor
the complaints about hard times ana scare
;tv Of money, or not, it is certain that there
exists a very wide spread feeling OF nerV-
business and fear of the future in business
circles. The natural effect OF this, even II
such fears are totally imaginary, IS to pro-
dnce the very state of affairs feared. Conn
dence is the very foundation OF commercial
cred, and business activity. If there 10 a
failure of this, even where there 10 every
reason why it should be firm and eAu'ta"''
business is inevitably and ininroos'y aheo'-
ed. There exists to-day throughout lne
country, and particularly the "eS'' 'ni8
want If confidence, and although a slight
falling off in crops aud in the prices command
ed BY them in the market, accounts IN some
measure for it, we think this by no means
the sole cause of it. The primal cause IS
found rather in the ll.deined though Fener'
ally felt dread of something t. come III the
way of a mistaken financial policy on the
mart Of Government The air has been tul'
of rnmors of the resumption Of specie pay
rnents at q very early day, which IS regarded
with no popular favor. Notwithstanding the
impotence for the free circulation o.
money instead of paper substitute
The producer and laborer see IN al
early or sudden return TO specie pay
ment sudden depreciation OF values
and a great Scarcity Of money, which wouiC
be the condition of the past few years of ap
parent prosperity exactly reversed for We
have had an increase Of values and grea
abundance of paper money with which tt
buy what we wanted and pay what We owed
Though this condition has been undoubted
" sort Of business delerium, preludiciai I
the nermanent welfara ~e $40 ~"""''J' fo
tia not safe to suddenly remove 1t, ana II
store the monetary condition which 1t SUI
planted. OF this there is general and -"
think a needless dread; for, however IlttI
wisdom has beeA displayed in the manage
ment of the finances of the country by the
party in power, there i. but little danger
that it would perpetrate o folly IN which 1t
own members would be equally and rum
ousIy involved with the rest Of the country
Much. indeed most, of the unwise ieglsia
ton OF the pas. eight or ten years was de
signed to operate only upon localities an'
affect only portion of the people. But III
restricted affect can be given to the opera
ton of measure Of such universal ant
vital importance as return to specie pay
meuts.
There has long been felt dread OF the
PRONUNCIATION of decision by the Supreme
Court on tho eonst,tutiouah'y OF the lega
tender act. The fact that the decision /
Withheld, has beeu veil taken rs evdenc
that it will be adverse to the validity OF tn
act. Many persons have imagined that wit
such q decision all the debts Of the country
would be payable in gold, dollar for dollar
and this has created nervousness scarcel
less than that felt by passengers on vesse
which ia expected every moment to strike
snag aud 20 to the bottom. As we have H
ready attempted to show in these column
we think there ia not the slightest occaslo
for uueasness on this subject. There
scarcely doubt, We think, that those wi
have contracted debts since the passage
the legal tender act, may pay them in gree
backs, unless they otherwise expressly ST
ulated when they made their debts.
We therefore conclude that there is not
ing to be apprehended from hasty and
advised resumption Of specie payments, a
tHhL uOtnlHB "h6tsNet lh 10 DC lcArtti Ny L
great mass of debtors, from the Suprer
Court. We further conclude that the me
bers Of Congress, soon to convene, VIII
with each other in laudable attempts to
wise some genera! financial measures
lessen public burdens, afford relief fir
present distress. and impart confidence
to thr future. If this hope were foanc
upon the assumed wisdom and moderat
Of Congress, it might fail us; but, sPri
ing as it does from the opportunity ollie
TO gam popular favor bysuccesstully deal
with the question, we think some relief Il
be confidently relied on.
The Tnfnra of tha Wheat Mnrknt