The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-05-22
The Rest OurrAnnv

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question. Nevada l believe, is State in
the Union, and yet Nevada refused to &C
cept that which the Congress of the,U nited
States did makela legal tender, and the
legal tender currency of the United States
has been Professionally rejected both in Ne
vada and California.
R Mn. Jones4-The people Of Nevada were
honest enough 10 do this: When man
agreed 10 pay certain sum in gold and
silver, which were worth more than green
backs, they forced him to do it. They
were unable to see how the government
could be assisted by allowing a debtor to
plumber his creditor, 1t is one Of the
glorles Of that State, and one of the glories
Of that coast, that debtors there were new
er permitted to plumber their creditors, as
it seems to me is sought to be done here at
this time.
Mr.. Morton-Will the Senator allow me
to ask a question right there?
Mr.. Jones-Certainly.
MIR. MOrton-l ask him what would have
become of our country if all the States of
the Union had followed the example of
Nevada and rejected the legal-tenders?
Mr.. Jones-We should have put down
the rebellion for fifteen hundred millions
less money than it did cost.
MIR. Hamilton, of Maryland-That is
true
Mr.. Jones-That is what would have
happened to this country. And more than
this, we should have been spared all the
embarrassments and uncertainties which
have nearly overwhelmed us during the
past nine years. We should have saved
since the close of the war hundred mil
lions year, and prevented untold disasters
yet to come If we do not retrace our stems.
and which will, as | believe, imperil the
honor and prosperity of the country. WHY,
sir, il the opportunity the war gave us to
issue the greenbacks had been denied us,
and if such great benefits, as some seem to
think, have flowed from such issue,I trem-
bic at the contemplation of the condition
we should have been in if peace had CON
tinued, and the glorious opening had been
lost to us forever for with the increase of
population and the alleged necessity of
certain amount of money per capita, we
never could have owed enough on which to
do our business.
Now, sir, what did happen? Ignoring
the history OF other nations; taking no
warning from the wrecks Of false financial
systems strewn along their pathway, the
first thing we did was to make irredeema-
BILE paper legal-tender, and thereby al
most immediately advanced the price Of
everything 100 per cent. Having thus
made everything we we're compelled to buy
double its former price, we then entered
upon the negotiation of loans aud rigor-
GUS system OF taxation to raise money with
which 70 buy This we should have done
In the start, and Is what we could have done
but we first thoroughly demoralized the
whole country and all its industries we
pluudered the creditors and allowed the
debtors to discharge their obligations nv
paying from 30 to 50 per cent less -,
they owed, and then we started .nan
money for putting down tbS 70 70. la'se
the only way we shoafd reoeinon ~
commencement 81 nave done IN the
set IN nnasnrr we resorted at the out
everywh" IS condemned by hnancleTS
ouIv re; to that which L would
have been willing to do al
the last extremity. When every dol
lar had been raised that could be
raised by taxation when every man hat
been put into our ranks that could hav
been forced into them byconscrlption, then
as last resort, | would have agreed t
the issue of irredeemable paper money. Z
great war cannot be carried on by piece
lug no interest This paper currency, in
stead OF adding strength to the imperilet
country, was source of weakness. It's is
suance was an impeachment OF the patriot
ism of the nation, and an undertaking o
the resources Of the country. 1t was
cheat upon the people in teaching then
the pernicious idea that, in carrying on
great civil war economy aud industry wer
Nhnk ,nkf.,v nr,l Il
struction were convertible terms and tina
the activity of the printing press in tn
production of paper money would ampl
compensate for the activity of armies
the destruction of wealth
Mr. MortOn-I will say TO my frien
that his position is consistent, inasmuch
he regards the greenbacks as curse fro
the beginning.
Mr.. JOues-I do most undoubtedly,a AN
further believe that it is the duty OF me
TO face that question. | know that til
loyal people of the United States hay
been disinclined to discuss the morality c
wisdom Of the financial measures of ii
Government inaueurated during the r
bcllion. So joyful were they with Il
thought that we were able to put it dow
at all, that they have not cared to scrut
nize the means by which it was suppress
ed But it seems to me, if history
philosophy teaching by example, it is tt
duty OF this body to investigate the subje
so that in case another rebellion ST.
arise, we may see whether the lart ~
was not put down at about double the co
that need to have been incurred. 1t seen
10 me that it was, and thai the experien
of the past is the best light to guide q,
footsteps in the future.
PAPER MONEY DESCRIBED.
What does piece of this Gc ,,o.rn,e
paper say-this paper that IT, . boror Of :
government is pledged 90 raJoam =
90 roJoon, onJ = /, of that honor retl
to 20 Ieuge nada anu etuse to take any ste
or of m; .eming2 1t says ''The no
SER .s piece of paper has rendered
Ice unto society of an uncertain, UNI
certained, and unascertainable value.
pendent entirely upon the precise day
the week or month when such service '
rendered, and is entitled to such sery
in return as the bulls and bears of W
street, or a vote of the Congress OF
United States, or both, may determln
Laughter.
We are told that money is the utensi
trade that it is the tool Of the workm
Well, sir, it seems to me that our pres
currency, instead of being the spade OF
husbandman, is the dice box OF the g
bier, Applause
1t is said that it is the grease that lu
Gates the wheels of commerce. Well,
this irredeemable paper is a sort of or,
that makes the hub expand, the spoke
pand, and the axle expand At one
mept the grease spurts out on everybt