The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-04-14

10r1ty OF congress IN VOTING W w ooi WIN
out taking some decided and dehnlte posi-
ton in regard to the resumption OF specie
payments, as a mistake aud in the end
those who now advocate TINS course Will De
sadly disappointed. = Alton (IH1 Iete-
graph. .
But it is said that Grant will sign no
bill that does not fix day for the resump-
ton of specie payment The plain mean
ing Of which is this, fix a day. TOR which
they shall pay gold and SILVER for all they
owe, or bny, for all taxes, Tor salaries 10 al
public officers, but the Government will
issue its paper when it wishes, and pay its
debts with that irredeemablc paper. The
people had as well look to this in time, or it
may be too late.- Quincy (IH.) Herald.
The country is waking up to the enor-
nous dangers of further imitation Of the
currency. The Chicago Board of Trade
emphatically condemned the policy yester-
day, and there are similar movements in
various parts of the Union. Can we not
have some expression from Burlington
Board OF Trade and business men upon
this subject? In inaug
urating this system of initiation, Congress
is guilty of one Of the greatest blundcrs
ever committed by legislative body, and
it is disgrace to our country, and will be
forever conspicuous in our history as fol-
ly so absolute and inexcusable as to be lit
tie less than a great crime. burlington
(La,) HdUkeye.
We shall be gratifed if the Inter- Ocean
will explain how nation can permanently
relieve itself from embarrassment by plac-
ing in circulation more of its promises to
pay Waterloo (Ia.) Courier.
While this discussion has been going
on, the facts, or apparent facts on which
the infationists have based their demands
have vanished into the air. The theory that
the panic of last fall was due to a deficient
currency is untenable Bardboo I WIS J
Republic. -.
On Monday the Senate, after heated
debate, passed the absurd and suicidal in
flation bill If this bill he
comes law it will prove the most fatal
act the Congress of the United States ever
committed, and will be a death-blow to all
existing political organizations The vital
issue will hereafter be this great question
Of finance; and as between the party that
espouses the policy of safe currency, and
thatIwhich advocates deluge of rags as a
medium of exchange, there cannot be any
uncertainty as to supremacy. The inha-
tionists as a political organization must
soon 60 to the wall, and il the Republicans
in Congress assume the responsibility OF
this act land the responsibility will be
theirs whether they assume it or not they
administer finishing stroke to tie party
-F0a Din Lac His. Commonwealth.
What the West especially needs is not
more funds. but more capital to exchange
for them. All new countries are poor in
mere cash, until surplus Accommodations
overcome the difficulty. The reason is
that the means of settlers are transferred
into fixed investments, and until they re-
turn profit parties are poor, or have nc
moneyed surplus. Paper currency of any
kind is a mere business agent OF itself il
is without value. If other things were not
required to be reduced to this one stan
dard as u means of traffic, it would have
no advantages over other kinds of proper
~, either in panic or at any other time
Whatever the quantity, only a certain
amount can be used at "a time The chea-
per 1t is the more worthless it becomes
81 Paul MINI, Pioneer
1t is impossible to read the report Of
the debate in the Senate yesterday with.
out feeling of disgust and apprehension
for the future. The majority not only
carried their main point, but they shame
lessly refused to accept any proposition
for modifying the effect of their .ction on
the national credit, at home and abroad.
\ There is but one hope of relief.
and that's from an Executive yeto.-Neu
York Mail
All that is now left the country is the
veto Of the President, and falling in this
such rebuke of the men in power by the
people, as will be remembered to the enc
Of time. -Nelo York Express.
TO save the country from the deplora
bic effects anticipated in this picture Sen
ator Schurz's substitute, the Presiden
is now our sole reliance. Will he be eaua
to the occasion p NeU York Eveninl
Post.
The bill which was finally passed by
the United States Senate yesterday having
Tor its object the cheapening Of paper mon
ey by making it more plenty, is of imme-
date Importance chiefly as an indication Of
the requirements. intentions, and opinions
ct the men who voted for it, As a prece
dent, indeed, nothing can be imagined
more outrageOusly bad. A policy is inaug
urated which, il not soon reversed, must
necessarily dishonor and weaken the Gov.
eminent, and bankrupt the people. II
paper money was necessary to save the
country, what sort of a figure shall we
make IN our next great war, into which it
seems that we may have to enter while al
ready up to the ears in the slough of paper
money?-Ne,o York Tribune.
The Senators have deliberately dis
honored the name of the nation which they
represented in what were once its chief
places of dignity. They have told their
countrymen and all the world that the pa
per promises of the United States to pay
the creditors of the United States will re-
main forever, so far rs any act of theirs
goes, untulfilled paper promises to paw.
Nay more, they say by their votes tn at
they Will not merely refuse their helm
to redeem the promises already made.
but that they will put aHoat
$44, 100000 more of paper promises to nav
gold dollars, trusting that the public faith
they have broken will be accented again
by the public creditors in the hone that
future Senators will be wiser and hopester
than themselves. We care not
whether these cowardly demagogues were
Democrats or Republicans If the Demo.
cratic party cannot survive without the
sacrifice of all the principles and all the
sentiments which it exists to embody and
contend for the Democratic party had bet
ter die.-Ne,o York World
,-Certainly no more significant nor EN-.
bhatle token OF popular dissatisfaction with
hepuDllcan rule could be given than has
Deen onered by the people of Connecticut,
following, as 1t does, the similar rebuke
administered by New Hampshire. Jhe