The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-02
Tuesday. June q, 1874.
A wisconsin Farmer on CHEAP Money"

Il .c
longer standard of values lot course Chls
means that greenbacks arel Iney oeny
in one breath that the imitation OF Cne cur
rency necessarily advances the premium
on gold vet they also say, that on Know
tbe oreeDbacks cannot be redeemed IN
cold and II Is a lie to say so. Here is the
consistency that the infationists calmly
and tr1umphantly lean upon as an argu-
ment par excellence for making no effort
TO resume.
If gold is no longer standard OF values,
let us inquire into it. We believe that
gold and silver are representatives OF a.
certain amount of labor bestowed IN dig
ging them from the soil and converting
them into coin. We admit that there may
be slow appreciation or depreciation in
their purchasing powers, as compared to
their scarcity or abundance but they are
measures Of value
THE WORLD OVER,
and will probably remain so for ages to
come. Were fresh mines discovered, and
the now precious metals found to exist in
the same abundance as iron or lead, some
other metals would take their place; but
the world has not yet recognized the near
approach Of such probability, and, while
their relative scarcity continues they will
remain a standard Of values the world
over.
The civilized nations, at least, recognize
another thing aud that is the wonderful
power Of the great lightning printing
presses, and their capacity to emit, with a
small amount of labor, AN unlimited amount
of promises to pay" and, therefore, each
Of them wisely refuses to circulate these
~ 30
their valuable commodities therefor, for
fear that some fine morning they may
awaken to the fact that these same foreign
presses had stolen march on them, OBJ
tanned their wares, leaving instead worth
less lot Of paper.
The inAationists say that gold is no
longer measure of values. Step into any
store, tender the gold and note the avidity
which the merchant figures out his tea to
you at 81 cents gold, 100 cents greenbacks.
Follow up the tea, coffee, sugar, spices,
etc.to our own Government Custom House.
Gold IS only receivable for dues here. The
great legal tender ceases to ply its won
derful functions with the very government
that forces 1t on its own people Sagacious
government well does it know that the
interest Of ifs debts must be paid to the
foreign creditors in coin, and that they res
olutely and stubbornly refuse to recognize
the sway of our great king Greenback.
Maybe the greenback doesn't ike the
smell of salt water however, we will cross
the ocean, and follow up the tea, coffee, and
spices, few thousand miles farther Does
the foreign factor receive our greenbacks ?
No. Do the Chinese or the japanese? No.
Coin everywhere passes current; green
backs
ONLY AT HOME
l doubt if handful of fractional currency
would buy dinner in any leading hotel on
the Continent, not kept by an American,
and he living in reach of brokers' Office.
Every American starting abroad on jour
ney, previously converts his greenbacks in
to coin, knowing how useless to leave with
out it.
The following is an illustration of the
purchasing power Of greenbacks abroad,
where the law doesn make them legal
tender The United States steamer Tus-
carora stopped at the Cape de Verde ISL
ands during the war, needing coal, pro
visions, &c. The articles were obtain
able, but the benighted inhabitants of these
islands refused to take the greenbacks, and
it was only through the kindly aid of the
English Consul there that enough gold
could be borrowed to pay for the necessi-
ties. The Captain of the Tuscarora had
credit with the Earrings, of London, and
the Consul accepted the Captains draft on
that firm, and the vessel was enabled tC
sail only after the Consul had borrowed
every gold coin he could find on the isl
ands
1t is the boast of the inhationists, that
We never had such currency before,
because, they say, it will pass all over the
country. This is blessing in disguise,
we admit; but so it would be if gold was
ut 1000 per cent premium, for, more plain.
ly speaking, the same depreciation would
be recognized the country over, at the
same time. That's all there is to that ar.
gument.
The cry of the merchant, the specula.
tor, and the manufacturer, for more curren-
oy, In order to stimulate business, is well
illustrated by the heaps of business done
IN France during the reign of
THE FAMOUS AsSIGNATs.
In those days, the Frenchman heard the
same spread eagle" talk about the Clio.
~, the power, and wealth of France; and
believe death penalty was added, should
hls patriotism ooze out, and he refuse tC
take them. Nevertheless he did refuse.
and the inevitable crash arrived. Prior tC
the crash an old fish woman sold 10000
francs worth Of fish in a single day,a hack.
ney driver received 5000 francs for short
drive on the boulevards, and a moderate
lunch at cafe cost 5000 francs. Every.
thing was booming, business was stimulat
cd, and the inhationists must have been il
high glee.
A few Americans are still alive whose
memories almost reach back to similar
times in the history Of our own country
when wheel barrow full of Continental
currency would hardly buy a return load o.
flour. There was song in olden times
that Uncle Sam was rich enough to buy
every man farm - it should be changed
now to give every man has fill of green
backs. Metaphorically speaking, it may
come true. The cry that I'VE have no
currency enough, is well answered in ;
recent speech of the Hon. Alexander Nit
chell, In which he states that England hal
only 100000 of paper money afloat
while her commercial transactions lareel,
exceed ours with $S0O,OO0,OOO. Yet tn,
rates OF interest in England do not aver
age % per cent; and the inhationists il
this country are clamorous for more cur
rency so as to cheaper money.
., As to the inhationists' money being tn,
people money" let US inquire into it
We say it is
THE SPECTATORS MONEY;
Tor, when gold is kiting ii. e., premium ad
yancing rapidly, every gambling hell il
the country is opened. Have we alreadr
forgotten the days Of the New York golc
gamblers during the War, when MANY o
the nanerS that are now hnllnpr;. r.