The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-05-18
lConcluded from second nooala :

SApcfIHcuC. w HctucI tlc icsdi tSuueifit-
self piece of paper, can be made ST. su-
perior to the bank note that the holder
OF the bank note will prefer to ex
change it for the legal tender, is yet pro-
blem To he solved, To insure the success
1T the experiment, all artificial means Of IN
creasing the value # the legaitend should
be adopted The bill of the committe,
finds the legal tender now superior to the
bank note, mainly in the fact that the le
gal tender is the bank reserve. This in
sures the cooperation of the banks They
will force redemption as far as their int1u
ence reaches. Is their influence sufficient
to regulate the whole issue? | am OF opln
ion that it is; that whether the citizen
prefers the national note to the bank note
or not, If the banks d., safe and practi
cal redemption is secured The danger of
a fixed volume of such currency as passes
for money, in view of the probability of
panics, is such that the prudent mind may
we'll choose the risk of practical redemp-
ton. There is danger OF less suffering
from an excessive issue of bank-notes
which are not sent home for redemption.
| than there is from the devastatiuns of d
anic, which would be aggravated by a Inn
| tied issue Even without the restraints of
|
cessive issue. The profits OF the banking
system are no longer great. The purch-
ase of the bonds requires much money
Just been distributed. Under these cir
cumstances the risk cannot be great.
We could afford to run a greater risk
simply to CHI, ok that cry of monopoly
which will be urged loudly and with rea-
| hos LOT
in certain citizens excludes others from
the profits of the banking business
NOTICE THE LAST PROVISION.
1t practically directs that we shall not
use our GOLD to buy bonds; that we will
pay, or save our gold to pay obligations
that are due, before we anticipate the pay
ment of obi CATIONS not due. This is sim
pie business thrift and honesty Our
Government when needed With thi:
drain upon the Treasury and the dunn
ished income of the Government, gentle
men who deal in gold need have no feal
! that the Accommodations will be much be
yond the necessities of the monthly pay
meuts. | fear they may fall short. Ii
that case he deficiency must b. met by ;
sale of bunds or increased taxation
Means Committee of another Congress
may need to report But the sale of few
bonds, or tax upon tea and coffee, is bet
ter than forever to continue the disgrac
of an irredeemable currency.
Another objection is, the gold green
back makes another kind Of currency
That is an objection; but both kinds per
/, form the same function, and, if in circula
ar "a vol
THE LAST OBJECTION
is, gradual as the process is, it is process
ultimately of contraction, and must enta
> some suffering This is true. 1t is i'd
to disguise it. We can regain specie pay
ments only at cost. But it is worth tn
cost. The people are ready to bear tn
: pain; they clamor for the knife that sha
save them. Shall we lack the courage t
apply it to a willing patient? 1t need
only the determination, the start. Begi
to rid us of deprecated currency thu
stops our trade, saps our morals, an
\ makes the rich richer, the poor poore
Begin to give us sound currency, the do
lar of the fathers, the dollar of the worlt
" We freed the slave; we saved the Union
e, we will pay our debts.
:, ID Mr. Farwell--1 desire to ask my frieu
from New Jersey question. He a,
&c nuunces that he speaks in behalf OF I'll
u puor laborer of his State and Of 9th,
rs States, VIII, he says, has suffered and
u, m suffering ON account of this depreciate
e currency. The question desire to as
/ him is this: Whether the advanced pri'
r. :. OF labor is not four times greater than II
present premium on gold
Mr.. Phelps. My answer to that woul
bo fho / do r,
think the price of labor is four time
er greater than the present premium {
20 gold" If my friend is correct in supposir
- that labor has increased fourfold beyor
toe premium on gold. make this repl.
Much more certainly than he can she
the price of LABOR has increased four tim
beyond the premium of gold, can she
the price of living has increased six time
Grant that the laborer gets 40 per Ger
s. more than he once did, it costs him 60 D
cent. more to live than then. And my a
swer to hun now, which has been catego
cal does not include the moral iniuenc
OF deprecated currency, which ultimat
2 ly stops manufactures, ultimately sto
v trade. and 50 tends TO deprive the labor
of all wages.
What is the result? A deprecated CT
reucy slowly raises the wages of the labs
4 err, but at last the bubble bursts. Labe
ers instead of obtaining advanced wag
cannot obtain wages at all. And if {
gentleman wants to know whether the
borer with our deprecated currency g
:, an increase of wages four tunes great
s %x than the premium ON gold, let him go
md Paterson and ask tn, Se FIVE thousand III
'e chanics who do MT get any wages at all