The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-05-22

they think is valuable and likely to increase
IN price, and if they have anything which
they fear will fall in price they sell it. we
have never had any money panics. I'VE
have never called upon the Congress of
the United States to relieve the gambler
from any portion Of his liabilities, or to is
sue more money in order that he might
more easily pay his debts. Applause.
The spectators in California are de bt-
ors, as they are on this side of the noun
tains. They and they alone are demand
ing an increase of the currency.
HOW TO RESUME.
Gentlemen ask, How will you get the
gold with which to resumeA. sne-
Gle \ payments ?" As "a general
proposition, / would say that the
government should hoard the gold. that
it should take no part in the gold gambling
Of this country. admit it would be a
great injustice to the debtor to saw that
specie payment shall be resumed immedi-
ately,because he contracted his debts when
currency was worth about what it is to-
day, and it would not be just to make him
pay In an appreciated currency. But he
mas to pay some time. would put it off
three years, and say that on the lst day of
January, or on the lst day of July, 1877,
the greenbacks, the national legal tenders,
should be redeemed, either in bonds or in
gold, at the option of the government, and
destroyed, and at the same time [ would
repeal the legal tender clause as to all
debts contracted after that time This
would be contraction, and would cause a
reduction in the price of everything.
Without such contraction the maintain
ance OF the specie standard would be i'm
possible. The effect Of that would be to
make the condition precedent to a return
to specie payments. Unless we make these
conditions precedent, unless we fix that
time certain in the future, the people will
never commence to prepare for it. and will
never be more ready than they are to-day.
1t IS as though they were owing a Ger
tain debt and you asked your creditor when
you should pay it, and he should say,
well. pay it by and by; pay it almost
any time" The debtor is never ready to
pay debt when that is the understanding,
! But if you are told the exact time when
the debt is to be paid, you will put your
house in order and get ready and pay it.
If you will fix time for resumption, it
will not be the government alone that will.
resume; that will be the least and easiest
part of it. Resumption will take place on
the part of the people of the COUNTRY. II
the Secretary of the Treasury alone were
to redeem, he would be a shining marx
against whom all the banking houses of
the world could make their combinations,
and Wall street would assist IN the work
They could and would make corners on
him in gold, but they could not make cor
ners on forty millions of people. When
the people knew that gold was to be the
currency of the country at any stated time,
each man would have his little amount of
gold, and it would flow into the country in
a thousand Pactolan streams. There
would be no doubt about it. The people
would be ready. Gold will be found all
over this country when you do not Danish
1t when you permit it to circulate when
you give its true function.
TIE SITUATION AT THE SOUTH.
Perhaps the South. which has, within a
few years experienced great change in its
whole social fabric, has not entirely adjusted
!tselt to the conditions have named. 1t
would be strange, indeed, if it had But
! the sooner its people see in them the way
TO success, the sooner they will see the
dawn OF returning prosperity.
Loans upon uncultivated lands have new
er been considered very desirable invest
ments, more than upon salubrious climate
or unutilized water courses. The long
loans which may be required to enable we'll
applied industry to anticipate at times the
products of its fields, would never be ex-
tended by the banks of circulation now
asked tor. These must come from say.
, ings-banks which require no charter irom
Government, but are the outgrowth Of al
) industrious and economical people The
land owners of the South, though they full
! " realize that slavery is abolished, do not
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