The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-03-21
Views Of an old Fossil.

From the N. Y Tribune
Some Of our old subscribers who have
read the Tribune from its first number
may remember a gentleman from Massa-
chusetts, who occupied chair in the Uni
ted States Senate some forty years ago.
He was generally considered good speak
er; he had read the Constitution, and he
used frequently to refer to it. Sometimes
he would speak on financial topics. He
was not as eloquent OF as profound as Mr..
Bogy or Mr.. Morton, but civilization and
science had not advanced then to the pitch
they have since reached, especially at
Washington. This gentleman's name was
Webster-Daniel Webster. Just as a
matter of curiosity, just to show how far
the attainments of Mr.. Morton and Mr..
Bogy are elevated above What passed for
craftsmanship with on" fathers, we will
quote few of this Webster's strange no
tons on true money and false money:
There are some political evils which are
seen as soon as they are dangerous. and
which alarm ut once as well the people as
the Government, Wars and invasions.
therefore, are not always the most certain
destroyers of national prosperity. They
come in no questionable shape. They an
nounce their own approach, and the gener-
al security Is preserved by the general
alarm Not so with the evils of debased
coin, deprecated paper currency OF
depressed and falling public credit Not
50 with the plausible and insidious mis-
chiefs Of a paper money system These
insinuate themselves in the shape of facili.
ties, accommodations, and repayment of
debts, and lighter burden Of taxation. -
Speech IN the House Of Representatives.,
April 20, 1916.
Very special cases may, perhaps, furnish
exceptions; but there is, in general, no Sc
curity, for the credit of paper, but the
ability of those who emit to redeem it.
Whenever bank-notes are not convertible
into gold and silver at the will of the hold
err, they become of less value than gold and
silver. All experiments on this subject
have come to the same result. 1t is so
clear, and has been so universally admitted,
that it would be waste of time to dwell
upon it. The depreciation may not be
sensibly perceived the first day, or the first
week, it takes place. 1t will first be seen
in what is called the rise of specie ii will
next be seen in the increased price of all
commodities. The circulating medium Of
a commercial community must be that
which is also the circulating medium OF
other commercial communities, or must
be capable of being converted into that
medium without loss. 1t must be some.
thing which has value abroad as well Ms
H.,
domestic debts can be satisfied. The pre-.
cious metals alone, therefore, are money
and whatever else is to perform the Off
ces OF money must be their representative
and capable of being turned into them al
VIII. 30 long as bank-paper retains
TINS quality, II IS substitute fol
money; Invested of this, nothing can give
1t that character. No solidity of funds, M
suthciency OF assets, no confidence in the
solvency Of banking institutions, has eve,
enabled them to keep up their paper to the
value of gold and silver any longer thar
they paid gold and silver for it on demand
This will continue to be the case so long a
those metals shall continue to be the stand
ard OF value, and the general circulating
medium among nations.-Speech an III
House OF Representatives., Jan. 2, 1915.
we are In danger Of being overwhelme,
with lrredeemable paper, mere paper, rep
resenting not gold nor silver no sir, rep
resenting nothing but broken promises. ba,
faith, bankrupt corporations, cheated cred
itors, and ruined people. Speech IN n
Senate, 1888. w
But what is meant by the 'Constitut;on
al currency" about which SO much Is sa;J
what species or forms of currency doc
the Constitution allow, and what does '
forbid2 1t is plain enough that tL;s A.
ponds on what we understand bv c,,,r s oe
Currency in a large, and perhans in q 80; ;.,s
sense includes not only gold and silver an
paak'nOtes, but bills Of exchange also. 81" !