The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-04-23
Rock Island Illinois, Thursday April 90, 1874.

puls0ry redemption OF circulating notes OF
banks in coin or United States notes, them
selves redeemable and made equivalent
to coin. AS measure preparatory to free
banking or for placing the Government in
position to redeem its notes in coin at
the earliest practicable momont, the reye-
nue. of the country should be increased so
as to pay current expenses, provide for
the sinking fund required by law, and also
the surplus to be retained in the Treasury
in gold [ am not believer in any arti6-
cial method of making paper money equal
TO coin, when coin is not owned or held or
ready to redeem promises to pay,for paper
money is
NOTHING MORE THAN PROMISES TO PAY. |
and are valuable exactly in proportion to |
the amount of coin it can be converted |
into. While coin is not used as the circu-
lating medium or the currency of the coun- |
try is not convertible into it at par, it be |
comes an article OF commerce as much as
any other product. The surplus will seek
a foreign market as will any other sur
plus The balance of trade has nothing to
do with the question. Duties on imports
| being required in coin create limited de-
mand for gold and about enough to satisfy
that demand remains in the country. To
increase this supply see no way open but
by the government boarding through the
means above given and possibly by requir
ing national banks to aid
1t is claimed by the advocates of the
measure herewith returned that there is an
i UNEQUAL DISTRIBUTION
lof the banking capital of the country. l
was disposed to give great weight to this
view of the question at first, but on refec-
ton it will be remembered that there still
remains 81, 600, 900 of authorized bank note
circulation assigned to states having less
than their quota not yet taken. In addi-
ton to this the States having less than
, their quota of bank circulation have
the opinion of $40, 100000 more than their
proportion. When this is all taken up or
when specie payments are fully restored
or are in rapid process of restoration,i it will
D be time to consider the question OF more
: currency. US. GRANT.
WASHINGTON, April 22.-When the
message had been read, Senator Conkling
moved that it be printed and laid on the
# table,
l. There was very oppressive stiffness il
the Senate when the message was read
It The Senators who had been the especia
e champions of the Senate bill were visibly
= affected The emotion was notably visibl,
e on Mr. Morton's face.
e Upon the conclusion of the reading, Mr.
l. CARPENTER arose and moved that the mes
1t sage be printed and placed upon the table
=. Mr.. Conkling did not fix any time whe
le he should call up the message from tn
IN table
er Messrs. Morton and Logan, directly al
D. ter the message was read, entered into
E. prolonged consultation.
O. At the conclusion of the next bushes
e, matter, Mr.. Morton rose (which, from b
ne infrmity, he seldom does and called a
ly tention to the fact that Mr.. Conkling ha
on fixed no day. Mr.. Morton, therefore, ii
e. dicated it to be his intention to call up ii
he bill on Tuesday next.
he Mr.. Conkling objected that many of tt
ry Senators would then be absent, and tn
,u- it would be better to postpone the consi
re, Grafton. Mr. Conkling very plainly I'M
all mated that he should place himself in Il
* front as the leader of the specie payne
re, party. He also dropped a hint tnat NJ
lid Morton, by action, showed that ne inte
he ded to support the message.
eff, Mr.. Morton gave no sign at this a
nouncement, but his c0untenance indie
ted great displeasure.
to When the news of the veto reached t
ges House, similar groups gathered there, t
the friends of the bill In that branch, as tho
me in the Senate, openly avowing dlsappoi
ess ment at the result.
an LITTLE Rock, April 22.-Baxter t
'cr, evening issued a proclamation convent
the legislature to adjudicate on the gu
the ton of the governorship and convey
OF to them assurances of the President q
lch they should be protected during the S
at sion.
Sne WASHINGTON, April 22-Baxter tt
19 " graphed the President to-day stating Il
A0u he proposed calling the Legislature
gether and asking a guarantee of prot
T. ton. He would abide by the decision
:. that body. The President replied,
.oat a. proving peaceable and legal adjustme
'th tha and giving his assurance of protection.
# LITTLE Rock. April 22.-A comp
r of regulars arrived this morning to as
he the United States troops. Everything
at quiet. Prominent citizens are endea'
mild ing to get Baxter and Brooks to agre'
nds call the legislature to settle the dificu
alne The war is over and the Baxter tro
etr;- are being rapidly transported home
sLas onela Whites band left this evening.
am extra police force will aid the federals
pay. night.
,HIate LAY SAN Francisco, April 22.-Three |
cnr- dred Grangers are present at the )
arm Convention in session here. The proc
egis- lngs are secret. -
0 to YANKToN, d. T., April 22-The Gl
date Jury this morning returned an indictn
cur against Wintermute for murder, anc
was remanded
ress- PRINCETON, ILL.,, April 22.-The cas-
the Mrs. Walker VS. Jacob Albreeht, W
reso- was commenced in our Circuit Court s
Sec days ago, was given to the jury this IL
the ing, after very able arguments of the c
rency sci on both sides. This was suit bro
n OF by Mrs. Walker against lager beer
,rests der for S., 900 damages, for selling be-
g CO. her husband The jury rendered ave
pos for $4,000. Great excitement was L
'orty- tested throughout the trial, and the We
1869, gives general satisfaction.
erred fLAWlS TLHutS