The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-12-06
III. Best currency We Ever Had.

"Our present currency is the best we
,,h,ve ever had Under il our NATIONAL o
prosperity has been greater than everpe u
''6,re Our volume Of circulation mas
.'been less disturbed by violent and sudden
"cb.ncas than ever before" Such IS the
tribute which Mr.. Opdyke paid recently
10 our inconvertible paper money. YES
terIav he renewed his protest against
measures looking 10 the speedy resumption
OF specie payments We propose TO throw
the light Of some indisputable facts on TINS
question of the merits OF paper money
Money, as Mr.. Opdyke well knows mas
two distinct and separate uses IL serves
as n measure. or standard OF value, ana a.
the instrument by which exchanges are ei- !
fected. When u man lends money he LENDS
certain value, and Justice requires that
when payment is made the creditor shall
receive AZ nearly as may be, the same val
ne which he lent But how Is il under
this Hbest currency we have ever had
Did the man who in 1860 lent fifty thous-
and dollars on bond aud mortgage and was
repaid the same amount in dollars IN 1863
Obtain the same value which he lent
Md the man who borrowed fifty thousand
dollars in 1868 and paid them back in 1873
return the same value which he borrowed
Can the man who borrovs or lends NIFTY
thousand dollars now 10 be paid back hye
wears hence make any calculation ot what
JollrrS will represent IN 1882 Does u
lie within the power Of mortal mind to tell
what action this Congress OF the next one
will take 10 affect the value Of the dollar 7
Gold and silver, though not perfect stand
ards of value. are still the best that hav,
vet been discovered II anything is known
ii there exists am,ng men the smallest
atom Of what is called knowledge II u Ger
tain that either gold,or silver or copper,o
iron, or corn as u measure OF value l. q
million tines % be preferred 10 ineonyeru
bic paper money. The paper experlmen
has been tried over and oyer again, an'
the end has always been ruinous failure
We beg the reader h Impress this trut
on his memory that the function OF money
90 be a measure of value is Of the very e
seneo of its definition. Now nothing is BET
ter kn,wn than that the greenbacks, if in
creased in number, will become less yaua
be IL is not ignorance, simply. tina
sends up the cry tor more grvenhack'
There is a great deal Of accurate knDwledg
mixed up with that ignorance, and guldin
and directing IL. Here Is ma
with property worth at present price
but $4,000, and with debts 10 III
amount Of 100000 That man know
that unless the price of his property ca
be worked up 10 800, 100 he is insolveu
He know, that fresh issue of greenbacl
will raise the price Of his commodity
anything will, and that large issue car
not fail to do IT, Unless he is a man ,
more than average integrity you will lind
him an earnest advocate OF an expansiC
Of the hest currency we ever had. Dos
not Mr. Opdyke know that for this reas'
we live in constant peril OF initiation al
must live on under the same cloud uni
the gold standard il restored2 Viii,
would Mr. Opdyke prefer, II contract
deliver five years hence all his proper
for its present value in paper dollars, or
pay five years hence an equal number
paper dollars for another property ne
equal in value TO his own We cam
say what his choice would be, but the We
fact that different men have decided OPT
ions on opposite sides shows that there
risk involved which no one but gambl
would willingly take, aud that the 'bt
currency we ever had is one of the wo
measures Of value that can be Imagined
Scion, the Athenian, when asked
Crpsus If he did not consider him
most fortunate Of men, replied that
man should be accounted happy until
life was finished We say the same to {
eulogists of paper money. Not before I
nation has finished its experiment with
convertible paper will a wise man be p
pared 10 give an affirmative opinion on
question whether greenbaeks, national ba
notes and fractional currency are the b
money this country has ever had. WI
this mad folly is over the statesman {
and the historian will be able To make ii
estimates of the effects Of paper money
the prosperity and morality Of the matt
When the books are closed, Judgment WI
OUT appeal may be pronounced on the m
nitude of the disturbances in the voiu
OF circulation aud the sudden and viO
changes which our paper dollars may h
encountered. Then will the wise mel
the nation decide aud settle the dispu
point which it seems the selishness
creduhty of mankind are determined
dispute, in spite OF the most consul
experieuce, whether the best standard
value is paper money, subject to ind d
changes in quantity by the wisdom OF
Rress, the popular will or even the !
plicable workings of the inner consci
ness of a Boutwell,, "A Richardson, ora I'll
" T. Tribune.
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