The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-04-01
REPUDIATI0N.

The National Republican Convention of
1872 said, in its thirteenth resolution I'VE
denounce repudition of the public debt, in
any form or disguise, as national crime.
We confidently expect that our
excellent national currency win be perfect
ed by speedy resumption of specie pay
DIents.
And yet there are men. who are anxious
to preserve the integrity of the Republi-
can party who favor imitation, which is
another form of Reputation, under the
false impression that the exigencies Of the
times demand more money. Carl Schurz,
who has one of the best minds in the Sem
ate, thus illustrates this feature of the in.
hation theory:
have seen and heard this kind of thing
before. About seven or eight years ago
some politicians thought il would be a very
popular idea to repudiate our duty to pay
the national bonds in gold they proposed
to issue the necessary amount of green
backs to pay off the national debt in de-
preciated paper, in the cheapest possible
money They thought the people would
jump at the chance of getting rid of very
enormous burden. Well sir,what was the
result? AT first the proposition seemed
to become quite popular in some quarters,
and politicians OF both parties-who are
always ready to run after popular cry,
right or wrong, and always think what they
think the people think saw there was
chance for profitable game for themselves.
They advocated the scheme, OF at least did
nothing against it. They thought they
could not afford to opposeit. Well, sir, here
IS piece of my personal experience. In
hepresldential campaign of 1865 was in
yited to make speeches in the State of In
diana. When / came to that State was
met by some politicians who told me, 20,
now we want you not to say anything in
your speeches about that greenback
scheme the people of Indiana are almost
universally in favor of it; they want to get
rid of this heavy debt; they do not want
to pay the bloated bondholderin gold and
so on. l replied IF cannot say about
the greenback scheme what please in this
canvass, will not speak in Indiana at all "
After some hesitation those politicians con-
scented that should proceed; but they
watched me with great trepidation. Well,
did speak my mind, and in every speech
L denounced the greenback scheme as a
most rascally conception, ard l insisted
that it was the sacred duty of the govern
ment to pay to the national creditor every
tarthing according to the letter and spirit
OF the law. And there were the people of
Indiana before me, who had been repre-
sented to me as fairly wild on the subject
OF the greenback scheme. What was the
result ? No declaration in my speech was
more heartily applauded than this, and
that applause came from the same people
whose weak-kneed politicians had repre-
scented to Inc as all afre for Reputation.
All, sir, those miscalculate their chances
who think they can safely speculate upon
the rascally instincts of the American peo-
pie. The imitation cry will 60 on the same
way the reputation cry has gone. l am
convinced the imitation cry will be the most
short lived cry this country ever heard
and l am not much mistaken when | saw
that those who advocate initiation in this |
body must make hot haste to commit the
Senate to that Ubiquitous doctrine, or the
last semblance of popular support will
drop away before the decision is reached.
No, sir it is not the people, it is the spec
ulators and their deluded victims, who are
continually DINING the cry Of imitation into
our ears, and SO it will continue to become
manifest to every one who has eyes to see
and ears to hear.