The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-26

hand you nv views, in brief, of the fnan-
cial policy which l should be pleased to see
adonted by the Convention to be held at
Springfield on the 10th inst, to which we
are delegated. find that / shall not be
able to go to Springfield, and, from CONVEX
sations with yourself and other co-dele-
gates, | regret to learn that your views on
questions of finance differ so greatly from
my own.
Inasmuch as the main object of the
Convention is to take effective measures
for the general prosperity of the whole
country, such as will have a beneficial and
permanent influence upon agriculture,
manufactures, and commerce, and beIiev-
ing that such measures can only be success
full under the guidance of correct principles,
and the adoption of basis which has been
firmly established by the consent and ex
perience of the whole civilized world, I am
very desirons that, on this subject, the Con
ventiOn should not make what it seems to
me will be serious and fatal mistake.
Honesty is, in all cases, the best policy.
whether in national or individual affairs.
We should demand its exercise on the part
Of our own representatives, and have a
right to expect it of all public officers and
corporations.
Although tt6ef credits is iustiiffia
BILE as a convenience to facilitate business,
its extension beyond a reasonable limit is
dangerous to the credit of nation or an
individual. The subject of the currency
of the country is one which is likely to oc-
cupy much of the attention of the Conven-
ton, and which will, perhaps, disclose
grave differences of opinion. All concur
in the belief that the present condition of
the currency is unsatisfactory but many
and various notions prevail, often irrecon-
cilable, as to where the remedy for the ac-
knoWledged evils are to be found. All be-
heve, or profess to believe, that the cur
rency should, at some time. be brought to
specie basis; men differ widely as to the
details Of the measures bywhich this result
is to be obtained. In the meantime, feel
| ing the pressure of the evils existing, the
stagnation Of business, the doubt which
envelops the future, causing capital ohes-
! itate to embark in new enterprises, many
are looking about for some remedy which
may afford temporary relief
| Among the measures proposed to this
end, one, perhaps the most specious, and
| yet, as it seems to me, really the most
| dangerous, is further initiation of the al
ready deprecated currency The effect of
such imitation must be twofold: First, to
| depTeciate the currency still more, and
| thereby increase the embarrasments with
which such a currency surrounds the bust
ness of the country and second, to make
| the ultimate return to sound standard
more difficult and disastrous. five are
ever to return to a specie-standard for our
/ 40 HrSN M +1
stop the further issue of irredeemable pa
per- The existence of such paper at pres
ent impairs the National credit, and its in-
crease in violation Of the plighted faith Of
| the Nation, will be alike disastrous to pub
lie credit and private business.
From what have above said, you will
see that am unalterably opposed to a
further imitation of the currency. THIS,
perhaps, answers the questions on which
you desired me to express myself; but, as
| am deeply interested in the successful
action Of the Convention, permit me to add
a further suggestion
The true source of prosperity to the
| people of this country exists in the effec-
/ tive and economical application of labor
As industries of all descriptions are pur.
sued at various localities over the wide
spread territory Of the United States, free
inter-communication and cheap transporta-
ton are essential to the welfare Of the
| people, and hence railroad monopoly is one
of the principal causes of the present bust
ness cmbarrassments Of the country. The
subject Of control Of railroad transpOrta-
| ton is one which has recently largely oc
cuuied public attention, and it seems to me
that popular opinion is, perhaps. inscnsibly
drifting In a wrong direction. The Difficult
| ties which surround it are 50 great, and
| the subject is so intricate, that many seem
to despair Of relief by State legislation, or
/ by the proper application Of the remedies
afforded by the common law, and to APP
peal to the Federal government for relief
| Already wild and improbable schemes
have been suggested, involving the expend-
/ iture Of untold millions, and throwing wide
open the door for corruption, and for Nc
clearly defined advantage, which, | trust,
will not receive the approval Of the Con
/ ventiJn.
/ The States can conserve their own rights
and dignity, promote the welfare of their
own citizens, watch over the economical
expenditure of public revenue. resist the
tendency to Federal Capitalization by re-
fusing to receive from the General Gov
eminent help to do that which they can SC
much better do for themselves.
You are at liberty TO communicate these
views as you may deem proper.
] utITs VCTy truly
RICHARD p. MORGAN. Jr.