The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-02

MUM besides. The wild Designs OF the
infiationis had not got abroad then, either.
think it is an incontrovertible PROPOSE
t;on that every considerable addition to
the volume of an irredeemable currency
will decrease from its purchasing power,
NOT only in the exact proportionate increase
of such currency, but also speculative
addition. 1t has always been so, and | do
not think things have changed so materi-
ally but that the same consequences will
follow at the present time.
The speculator who holds 1000 bags of
coffee. or 1000 chests of tea, at once cal
culates and adds on the increased premi-
UNI on gold caused by each fresh issue of
irredeemable currency but, if he thinks
another batch is to be issued soon, he adds
speculative increase for that also. Thus,
while we have shown that each article of
consumption (most notably imported arti-
cles) rapidly advances, we now propose to
show that no corresponding rapid advance
awaits the remuneration of the labor of the
country If our deprecated currency de-
serves the appellation of the people
money" let it be demonstrated. Whilst
the Spectator is quick to mark up his
goods, he is proportionately 10th to mark
them down again. The Spectator in for
eign goods at once ceases his importations.
and proceeds to work off the stock on
hand. As the premium on gold generally
advances on the heels of panic, he is aid
ed thereby; whilst, at the very first
sound of the financial crash, at one swoop
DOWN COME THE WAGES OF THE LABOR
of the country; whilst thousands are turn
ed adrift, unable to earn anything The
| lo,k - Co tAa 20 IA 10
Dor is the first to experience the inevitable
and disastrous results Of the final crash, for
sooner or later it must come.
This was the spectacle of the past panic,
and with our irredeemable currency in full
blast yet the imported necessaries have
maintained values far in excess of those
prevalent before the War. Coffee is worth
IS to 40 cents per pound; tea 81 to 81 so ;
many other imported necessaries In the
same proportions and we ask, Does the
labor of the country bear a proportionate
remuneration l paid carpenters So. so to
So per day in 1855. Sc, and 81 and l
know they have worked for $3.50 to 81
the past winter. Thus, while the specu.
lator and dealer have held tenaciously to
their commodities land seek now by infla.
ton to work them off on the consumer),
have shown that the tumble in labor was
sudden and decisive. and it remains, in 9
great measure, PROSTATE. The labOTel
feels most sensitively such state of af
fairs, and it should be the desire of every
well-meaning man that the currency of the
country should be placed on the soundest
basis, and that the interest of the specula
tive classes should have secondary consid
Grafton.
Let US now take the American farmers
condition. In the absence of a foreign
demand for his productions, the same diff
6culty stares him in the face. The de
preston of the industry of the country re
acts on him with
|, TREMENDOUS FORCE.
| believe it is shown that 95 per cent o.
American produce is consumed at home
how important, then, is it that the indus
tries Of this country should be placed on
permanent healthy basis, and not given VI
as football to the Spectator. Wills
the farmers sales are paid for in a depre
ciated currency, his purchases of import
ed necessaries and luxuries are based OF
the gold premium. Every farmer will re
member that, during the war, his real es
tate never kept pace with the depreciation
and that, for many months, his wheat anC
corn remained low. | sold wheat at Madi
son, Wis, several months after the wa
opened, at 65 cents per bushel, yet golC
had advanced, and imported articles also
Thus the American producer and labore
are alike the victims Of each successive de
probation of paper currency, and, in tn,
final panic that always supervenes, are tn,
first and last to feel its evil effects.
The cry that went up from the initiation
lists threats Immediately on the heels of tn
panic, that 1T was caused by a dearth O
currency, would soon have been drowned
in shower of good old English and Con
tinental gold, for, had the banks and hoard
ers of greenbacks held on to them a fey
weeks longer, our farmers would have bee
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