The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-03-26
The wsrungnen ana the Currency.


An Indiana newspaper, circulating among
the mechanics and laboring men of that
State, prints communication from one OF
its subscribers, mechanic, who has not
yet learned that there can be too much pa
per money. His communication recalls to
mind the "shinplaster" time of jackson
and Van Buren,, when, for a while, the
same notions prevailed, until the crash of
1887 brought people to their senses. Me
chanic" writes,-
Tomorrow have taxes to pay. Any,
thing that the tax gatherer will take VIII
answer me just as good rs gold dive US
greenbacks National Bank money, state
Bank money, or city script, or anything
else that will pay taxes, pay doctors bills,
buy bread and meat, that will keep me
from begging or my family from starving
That's what VIC want, we can't eat gold.
A piece Of tin would answer the same pur-
pose to hungry man if he could not buy
bread. We want Uncle Sam to make mon
ey 50 plenty that it can't be all locked up.
Then capitalists will lend at a fair per
cent our factories can then get money to
20 10 work our citizens can then borrow
get their customers paper discounted, and
we can all sell our plumber, and everything
will be lovely again.
To this the editor responded as follows /:
Our correspondent makes the common
mistake Of confusing deprecated and ir-
redeemable paper with money. He wants
more money to buy groceries with, to pay
doctor bills with and to save up. Most
people are afflicted in the same way. We
do not object to a little more money our
selves. But can Mechanic tell how an
imitation of the currency will give him
more money? No one will give it to him
for nothing, he will have to work for il,
Just as he does now, iust as we all do. An
imitation will depreciate paper more than
it is now, and Immediately the prices Of
groceries and dry goods and doctors bills
will go up Will Mechanics" wages 90
up too? Not Immediately. He will find
that they will not be affected for months
after everything else has been touched, and
in the meantime he is getting the old price
for what he does and paying the new price
for what he buys. If he has money owing
to him he will find that it will not buy as
much, is not worth as much to him as it is
now. And after the country has again
EiONu up W level VI lu6eC
the spectators say it will, then there will
either be another initiation with the same
result or another panic and contraction.
Then Mechanics" wages will be the first
thing TO 90 down, perhaps his work will be
stop entirely, and his candle will be burned
at both ends. But suppose his wages
keep pace in rise and fall with the
prices OF all necessaries. Suppose he gets
two dollars and half where he now gets
two dollars. Is be any better off if he has
TO pay the two dollars and a half for the
same things he now gets for two dollars
On the contrary he will find things worse,
for an expanded currency always gives the
opportunities Of gain to the rich and grinds
the poor; where dollars hare small pur-
chasing pO1oer, the man leho has fec OF
them fares III. The currency for the people
IS one IN 1chich the cents count, IN lrhich a
quarter ,ciH bUy something 1oorh haUing.
Mr.. W. c. Flagg, a leading Granger, and
President of the Illinois State Farmers
Association, in a speech at Carlinville. I'll.
on the I'd inst, said,
/ feel that the producing classes of thi:
country are being used by those whose in
terest is not for their interest, Ito renew
the gold gambling on Wall street, and in
fate anew the railroad schemes of specu
lative fnanciers. The engraver and tht
printing press can never make this nation
rich. Labor must make money, as it does
all other wealth, by earning it; and ther
1t will have equal value over the civilized
world, and it will make the service of one
man count fairly and at its worth agains
the service of another, and the only money
that costs and means labor is gold, silve
or some article promising value in itself
or certificate representing that value.
The Savannah Geo Sunday Heralc
says
The laboring class would suffer by inha
ton, as an increase in the volume of cur
rency will make it more fluctuating and the
lab0ring class is exposed to most loss BY
epreciation-prices falling for the lahore
latest and rising soonest while wages fal
soonest and rise latest. When the day OF
payment comes, in case Of another increase
we must bear our portion of the additions
burden, and will then, ike DR.. Franklin
think that we have paid too dearly for the
whistle.