The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-08-26

,sarfn This is what Judge Pierrepont
recent letter to Senator Sher-
man " Taking this declaration for its text,
anwsnaner advocate of national repudia-
a;nn in 81. Louis, called the Democrat, pro-
ceeds to demolish Judge Pierrepont and to
demonstrate the financial grandeur and
Glory of an irredeemable paper currency
Sbased on the faith Of the government, in
way characteristic of persons who hold,
with the remarkable Judge Strong, that
value is merely ian ideal thing that may
be given by Legislative enactment to an
ideal dollar" made of paper, leather
pieces of birch bark, or some still more
worthless substance.
The farmer, says the reputation advo-
cate, is paid no better than the serf, now.
Considering the quantity of the commodity
called lawful money" which the farmer
can get for his corn in relation to the guam
tity of other things that he can get for tina,
commodity. the statement Of the repudia-
ton organ is not very incorrect. But, says
the reputation advocate, Judge Pierre
pont knows something about the deplora-
bic present condition of the farmer. Let
us'--the reputation advocate-"tell him
that the farmers are not suffering from
the possession of an 'irredeemable paper
currency. 1t is the lack OF that desplsed
currency that is their only grief. There
is nothing they have that they would not
gladly sell for some of this 'irredeemable
paper currency Jm nobody '1ts'es 10
'buu Those who have the worthless cur,
'rency cling to it with a miser s tenaclty,,
Probably Judge Pierrepont would ask
tho renndiation advocate what the farm
ers would do with the irredeemable cur.
rency. if they could get it, How would
the possession of it assuage their grief?
Wor,lJ they eat it? Or wear it2 Or
roof their houses and barns with it Or
consume it for fuel in place of corn? Prob
ably they would not realize their desire by
using it in any of these ways. Probably
the only use they would expect to make
of it would be to exchange it for somes
thing else. Desiring some imple-
ments of iron, same repairs to his farm
tools, some new shoes for his horses, ETC.,
farmer A, having got a supply of cheap
irredeemable paper currency, would carry
it to the blacksmith and offer to exchange
it for the things furnished by that artisan,
This stuff isn't worth so much as it was,
says the blacksmith 1T is fallen in value;
| am compelled to give good deal more
: of it for the iron buy than | had to pay
for iron before Congress inflated, or wa
tered this irredeeuable paper money.
Consequently, | must get more of 1t for
commodities sell. How is that|'
asks the farmer, Isn't it lawful money,
and has not Congress said that dollar of
it should be legal tender for the ideal
thing called dollar in itsef??'
II must refer You to the infationists fol-
an explanation says the blacksmith
"All | know is that socalled dollar Of
this stuff won't buy so much iron now az
it would before it was inflated or water
ed, as they say of stocks. To me, there
fore, it is certain that dollar of it is
worth less than it was; you must give me
more OF it or we cannot trade
Farmer (solus) blow then, am benefit
ed by imitation? As / cannot get any
more iron for my corn--in fact cannot gel
so much iron for it as could beiore,--l'
seems to me that this imitation business
turns out rather an injury than a benei
to my interests. 81
Let not the good man despair. For does
not our repudiationist declare that it il
the lack of this irredecmable currency that
constitutes the farmers 'only grief?'
And is not the stuff plentier and cheap
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