The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-05-08
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ira support Of the Monopolies.

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rhs support Of the MOnOpolies.
The three great monopolies Of which =
the people OF the west and indeed Of the Y
whole country complain are the financial :
monopolios called the national banks, the :
monpolies, like the Pacie
railroad companies, and the mar" --ic
ing monopoles, supported .alactur-
protective tariff syster" ny the high
The imitation -. i
was devise ~ lall which Grant vetoed
MAR a "a for the further support and
..venance Of these monopohes, which
are eating out the substance Of the PEG,
pie, and which already WELD political
strength far beyond that controlled by the
old slave power. The bill provided ior an
increase of the national bank Circulation OF
SAC. 900, 900. On the present national
hank circulation the people are paying a
tax of $4,000, 900 per year, in gold, and II
the bill had become a law further tax OF
$&O36, 600 in gold would have been called
for as bonus to be paid to the bankers
every year. The national bankers now
control a majority of the members in both
houses of congress- and were able to de-
feat by this majority the passage OF reso-
luton requiring a report showing how
many senators and representatives were
interested in these banks. If the imitation
bill had become law the monetary pow
CT of this grand system of monopoly would
have been enlarged, increased and strength
ened. The national banking system is also
a sectional monopoly, the strength of
which is concentrated in the east and,
therefore, is so much the more dangerous,
We oppose steadily any and every measure
which shall increase the power of this
monopoly, which is an evil in every point
of view e.. ....
The transportation monopoies also ere
to have been strengthened by the effect of
the proposed law. All monopolies have
been fostered by the issue of irredeemable
paper money, but the Pacific Railroad
schemes and the other subsidized national
highways were bred of the corruption of
the rotten monetary system. Even now
the owners of the two confidence
games . propose as meas
ure of relief to the country an imitation,
not Of the volume of currency, but of the
national bonds, and Tom Scott aIid Jay
Cooke suggest that the new issue OF bonds
shall be handed over to them as means
of giving relief TO the country. But be-
sides these corporations, which are the
mere outgrowths of imitation, all the rail
road managers in the country wanted in
fation for debased currency gives them
an excuse to keep up their prices for trans
portation. They watered their stock in
1861 on account of the Morrill, tariff, which
increased the value of their rails, $l2 per
ton in gold; they watered it again when
the legal tender act went into effect they
watered it again when the tariff on iron
rail was increased to $l4 per ton in gold,
and again when gold ran up into the two
hundreds and now they want the currency
watered to allow payment of dividends
on the watered stock.
Finally the manufacturing monopolies
wanted the currency inflated, for an in.
hatod currency is the basis, safeguard and
protection of the protective tariff system
France had n protective tariff in the days
of JohO law, aud this was increased I'll
trade danced in letters, as one Of the
men of the times expressed 1t. During
the suspension of specie payments by TIT
Bank of England, a protective tariff fet
tered her trade also, but in each case wher,
specie payment was resumed free trad
was also established. The experience o
thiscountry, SO far, is precisely parallel
As soon as imitation was decided upon tht
Morrill, tariff was invented to protect on
manufacturers from the pauper labor o
Europe which was paid for in gold. Ev
cry time the currency has been inflated
the protective part OF the tariff has beel
made more stringent, until one year age
when slight reduction was made In th
duties ON protected articles and large re
duction q articles which produced revenue
BY the aid Of protection and imitation tn
manufacturers Of this country are enable
to get $75 for sewing machine which ma
he bought in England for SIS, and to gt
on an average three prices for everythin
the people use OF wear.
The success Of the imitation bill woul
have been hailed with delight by all th
speculators, sharpers and confidence me
all over the country; not only by the mn
nopotTsts, who own national banks, raj
roads and factories, but by those who ha,
monopoly Of the gambling houses an
bawdy houses. Cheap money" n
abundant currency, is good for all thes
Outside property" in Chicago increas,
in price rapidly under the influence of i
fiAtion, and the Representatives of credit
which the faro banker and the keno ban
or issue are in demand, and consequent
all the gamblers, from the negro W
spreads sweat cloth on the deck OF
steamboat, up through the gradations
faro bankers, grain gamblers, and &C
gamblers, TO the stock gamblers
Wall street-an, ike the monopolists. wa
an inflated currency, and scornfulIv SEQ
the idea of hard money.
The compromise currency measu
which the infRtionists in Congress nrono'
provides for free banking and for the ,
tirement of greenbacks to the amount
fifty per cent Of the additional currer
issued What is meanf in this conDecti
by free banking is not very clear.
cording to the general understanding
Washington, il means that the volume
the bank currency shall be unlimited I