The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-27

The lions skin drops of. The Pre-
dent has signed the Inhatinnfs' hill.

The lions skin drops off The Presi-
dent has signed the Infationts' bill.
I. II sanctions the inc reas' OF the legal-tender
circulation from 1856 0OO,O00 TO 1882, 100000
IL for the second tim since the promises
that beyond this pnut here shall be no imitation,
and requires also that there shall be no. reduction
without consent Of Congress
II substa italy abolshes the difference be-
tween greenbacks and National bank notes, since
thH greenbacks are no longer required as part Of
II reduces the reserves which the National
banks are required T. keep to per cent, and thus
600.
1t provides for transferring s55, 100000 Of the
National bank circulation from Eastern to Western
banks.
In December, 1868, Congress restricted
the United States Treasury from paying its
legal tender notes, the issue having then
been reduced to $356,O00,0O0. And
now again, in June, 1874 Congress,
with the consent of the President,
once more restricts the Treasury from
owing less than 1882, 100000 in notes
payable to bearer. The United States
Government is, then, commanded not to
pay its decisive mean that class of debts
which it forced upon its creditors during
the war which we have seen deprecated
sixty per cent below par, and which are
still at a discount of ten per cent. Since
the restriction Of 1868 there have been
paid off 1915, 100000 of interest bearing
Indebtedness, we suppose, in pursuance
Of the principle enunciatcd in 1868 at Chi
cago, that the national honor requires
''the payment of the public Indebtedness
in the uttermost good faith to all credi-
tors. Again thisJOvernment, in accord
ance with the financial policy forced upon
the Treasury by Congress, whenever II has
had surplus of coin, or real money, has
not used that money to pay its greenbacks
according 10 promise, but has held IN auc-
ton and bought back its l. .. Us. from
those who were willing to sell at the great
est discount, which |. o. Us. being legal
tender, it has again paid out to its credi-
tors for full value.
When Gen. Grant, five years and four
months ago became President, the legal
tender circulation was $3.50, 600, 900; the
semi legal tender, or bank circulation, was
1928 100000, and the tag rag and bobtail
or fractional currency, was S37,OO0,OOO.
making a total Of S6S6, 100000 Now, over
thirteen years since greenbacks were first
made Use Of, the legal tender circula-
ton is S3S2, OOO,0OO the semi-legal- ten
der circulation S3JO,OOO,OOO, and the
fractional currency $47, 900, 900, he
ing in all S779.OOO,OOO. The in
crease in FIVE years l. 1913 900, 600, or f6Ur-
teen per cent Meanwhile we have had a
decision from the Supreme Court that any
thing is money which the Government j.
pleased to call money, and that contract
% pay dollars ldollar in former times
meant specific quantity of coined gold or
silver, of a certain ineuessl is satisfied by
paying whatever substance the Govern
ment may choose TO issue and force into
use a. legal-tender What more could
Louis XIV, or the Sultan of Turkey.
have asked? Degradation Of Congress A.;
degradation Of the Supreme Court; de-
graduation Of the Executive degradation
Of political aud private morals; degrala-
ton Of State, municipal, private and cor
p1rate credit this is the harvest we reap.
Those who shamelessly demand that mon
ey be made Of less worth, in order that
they may escape the obligations of their
contracts, ARE now in the ascendant in Con.
gress, in the courts. and in the White
House " y YjtLUae. 25R