The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1870-03-15
SPECIE PAYMENT PROSPECT


The daylight of specie payment seems to
be actually in view, after q currency obscur-
alton of nearly nine years. In humble re-
sources 1t has been resumed alreadv-as
some retail stores and other places of bust
ness in this and other cities announce that
IN making change for small amounts they
Will return specie; and last week it was
stated that one of the banks of St. Louis
1.-THE Mechanics) had decided to redeem it's
outstanding circulation in coin This looks
as though these old friends, gold and silver,
were about to become familiar to us again
One swallow, indeed, does not make
spring, and the fall of few drops of rain
does not always mean q coming shower.
Still, the steady and uniform tendency Of
things, ever since the September gold battle
In New York, toward specie payment, would
seem to show that specie payment is one
OF the probabilities of the near future-and
this, too, in spite Of the strong popular
feeling that existed month ago in favor of
an addition to the currency. The Lough-
ridge resolution in the House for the issue
OF S50,000,000 additional currency was
passed by an emphatic majority of the rep
resentatives of the people, and was IN
doubtedly gratifying to the people them
selves. The steady decline in gold-which
is really a steady appreciation OF green
backs-since that time, however, makes the
n e a. Il .-1x
unnecessary; for the decline of gold from
I2O to 10 has practically added 10 per
cent. to the volume of the currency, within
four weeks. The total amount of currency
in the country, roughly stated, is $500, 000,.
600, and the practical increase addition to it
caused by the fall of gold is
$G0,O00,0OO, which is SlO,O0O,o 900
more than Loughridge's resolution called
for. Every daily decline in gold makes
another substantial addition to the volume
of this amount, and when gold falls to par,
the currency bill, to all in,ents and purposes,
be S60,000,0O0 greater than now, and
$l20,000,000 greater thsn it was four weeks
ago. With gold fallen to par, or, more &C
curately speaking, with currency raised to
par, for gold is, in truth, the universal par
OF value the world over-$G00, 100000 of
paper money and $500, goo 900 of coin will
be an ample supply of currency fer all the
wants of the country, if needed it should
not prove to be couple ofhundred millions
too much. In this event, the moment the
rock bottom was touched, all business would
revive, under the s,imulous of REDUNDANT
currency, and expand into wild and unhealth
full proportions, and speculation would be
come as rampant as in 1857. These con
tingencies are in the future, and it is not
necessary to speculate on them at present
1t is notable fact that the feeble attempts
TT specie resumption coming into view are
not from the government, but from the PEG
pie, and are put forth in spite of the adverse
policy Of the government The government
still refuses to redeem its greenbacks; and
not only that-it cuntinues TO degrade them
by refusing to receive them in payment for
import duties. Nothing would so greatly
appreciate grsenback as the making them
lawful payment for such duties and it is
questionable if gold can fall to par, and
specie payment be universally resumed till
this is done.