The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-29

Monday, June ~, lS74
TIE NATIONS BROKEN FATS.
'The United States $50 solema my
pledges its faith to make provlslop =. sne
earliest practicable pesfod tor tne paynIn,ntf
of the United States notes III coin' Az "
Congress, MIra6 1869. .,,
WHAT HAS BEEN DONE hlIannr ' ~ AhA'
THE NATIONS PROMISE.
Nothing. as.-
WHAT HAS BEEN DONE HITHERTO To-
FREAK THE NATION 8 PROMISE.
Amount of legal tender notes
or broken pledges, in circu-
latiou, 1869. $3.50, 000, 900
Amount Of legal tender notes -
or broken pledges, in circu- y. L.J4.t
lation, l874......-.........3 S2,Ol0.OOO
WHAT MraHT HAVE BEEN DONE HrTHERTo
TO KEEP THE NATIONS PROMISE.
1855, 100000 of the money that we have
applied 10 the payment o. the debt not yet
due would have brought all the remaining
greenbacks up to par in gold.
$4,000, 900 Of greenbacks we paid as pre-
MUM for our bonds would have accom-
plished this result Of specie payments. y.
Senator Sherman, Republican Chairman,
Of The Senate FiRduce Committee.
WHAT MORE THE FORTY THIRD CONGRESS
PROPOSED TO DO TO BREAK THE Ma
TION's PROMISE.
THE bill increases the paper circulation
$l00,0O0,000, less only the amount of re-
serves restrained from circulation by the
provisions Of the second section. "-Presi-
dent Grants Veto Message
WHAT PRESIDENT GRANT AND THE FORTY
THIRD CONGRESS HAVE NOW DONE TO
BREAK THE NATIONS PROMISE.
That the aUount of United States
notes outstanding and to be used as part
Of the circulationg medium shall not ex-
coed the sum of 1882. 000, 900, which said
SUN shall appear in each monthly state
ment of the public debt, and no part there
of shall be held or used as a reserve -
Section of the last Conference Commit
tees Currency bill, passed by both Houses
Of Congress, Signed or President Grant,
and nop the lalo of the land.
PROGRESS OF PRESIDENT GRANT AND HIS
ADMINISTRATIONS TOWARDS SPECIE PAY
MENTs FROM 1859 TO 1874
Amountof broken pledges in
circulation FIVE years ago,
1857. =. ................ $500, 0O0,0O
Amount Of broken pledges
put in circulation now,
1874. ................. $50, 900, 900
"
Amount Of progress back
wards. .-...... $500. S2b,OOLOOO
FRIENDS AND FOES OF SPECIE PAYMENTS
DECLARE THE ACT TO BE INITIATION.
''Itis merely in my opinion the first di-
rect step TO Reputation. Itisnothing else y
M. Flanagan. Republican Senator from,
Te.rdS nEE
The question of the resumption of spe
Gle payments is postponed. There is no
time fixed aud no provisions made here for
the RESUMPTION of specie payments.
| was in hopes that every Sen
ator would vote for this report without OBJ
lection. "-SendtOr Sherman, Republican
Chairman of the Finance Committee
"The effect OF tie abolition of reserves
will be, it will set free and
put into circulation some $3l, OU0,OO of
legal tender notes that the law now re-
vaults. 1t is a practicable
measure of expansion to that ertent. -
Senator Horton, Of Indiana.
Now there is Mt one word, syllable or
sign of specie resumption in this proposed
conference bill. OF course the
entire amount of the reserves, save what
is deposited ut the Treasury of the United
States will be at once let loose ard thrown
upon the country, and as the Senotnr from
llfidia4t. has prnPerly said, ~ Is IL thnt e5r
tent so much expansion. '-,SendtOr MorrW
Of Iermont
This bill legalizes the issue of part of
what was called the S44,0OO,OOO reserve
The $44,OOU,OOO were retired
cancelled, destroyed, wiped out as part Of
the legaltender circulation and could moi
legally be put out again. Ang
ear post tuctO enactment legdlizilg the reiS
Sue Of any part Of thoSe retired United State
notes toOuid dns1,nt rirtuaily TO a fresh IS
sue Of srredeemdble paper currency as le
gnttender IN time Of peace, which looking a
1t from the point Of view of constitutions
power or OF sound policy cannot give ny
assent TO directly or indirectly. y
cannot vote for any measure pretending
to legalize the reissue Of any ps-s-pf,,-riI'
so called $44,OOU,OOO reserve instead
providing for the retirement of the amour
illegally issued. Senator SchuTz, of Ms
sour. .r
Congress has thus finally won in its con
test with President Grant 1t has mad
no steps towards specie payments as rec
commended in the Presidents Manifesto t
Senator Jones, of Nevada. 1t has take
away from the President the power whic
he usurped and exercised without war
rant of law, in letting out the so-called 'sre
serve, 10 initiate the currency l''Ther
is not one word in any law of the Unite
States which implies that any portion q
the $500, 900, 900 shall be held as a re
serve. That is merely a mythical crea
ton of the Treasury Department for tn
purpose of keeping up the notes whic
had been cancelled - Senator iSher
man, june 20 1t has taken away tn
Presidents unused power to call in the re
serve and thus to contract the currency
1t has given a legislative Endorsement G
that Executive nfuiun, which Presiden
Grant by the hands of the Secretaries G
the Treasury had accomplished to tn
amount OF $26,O0O,OOO. 1t has seized an
fixed that amount of initiation as that b,
low which there shall be no recession b
law OF Congress or act of the Presiden
THE fear of contract on resulting froI
taking back into the Treasury the $26
OOO,OOO of the $44, OOO.OOO reserve hi
been taken away = Senator Morton, Jr,
~. The President has signed the hi
and these twenty-six million steps iurth'
away from specie payments have now q
10 be retraced before the country can
even So near TO specie payments as it WI
when General Grant became its Chief Ma
istrate.-N " World.
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State Rights and Railroads.
One Of the resnlutinns of rho Ilinu