The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-02-04
THE AUTHORITY AND DUTY OF Gov
GRESS,

THE AUTHUhlTY AND DUIr Oc WV
GRESS.
What Congress first and most needsis to
get rid of the idea that it has any business
to decide what should be the volume Of the
currency. This fundamental fallacy with |
the currency agitators who assume that 1t
is proper function of Congress to settle
how much money is needed to transact the
business of the country. This idea Is the
parent Of numberless schemes which per-
pick the public and excite the gravest APP
preheusions. Members pretend to know
by calculation, by experience, by compari-
son, by this method Of computation and by
that, how much money the country requires;
and then each brings out his little plan to
make the Treasury furnish it. From this
point they deyiate into all sorts of reason
ing and augmentation, on the way to cause
panics and prevent and cure panics and all
other financial complaints, which are of no
more value than essays on squaring the
circle, or discovering perpetual motion.
These attempts of Congressman are too
wearisome to challenge individual notice,
and generally too absurd to demand expo
sure and yet the people are constantly fed
on such chat. 1t is to render the public
good service, however, to now and then dis
embowel one of these grandiloquent spec
tators, and such service was performed on
Kelley, of Pennsylvania, a few days ago by
the n Y. Tribune in way to excite adml-
ration We trust we shall hear less here
after of that mans preposterous disgust
tons on financial topics.
But the shortest way to cut the throat OF
every scheme for increasing the currency
by the arbitrary fat of Congress, is to de.
mand of that body to leave that subject
alone, and to insist that it has legitimately
nothing to do with it. The country is left
in certain financial condition by reason
of the necessities of the war. Our paper
circulation is composed of mass of legal
tender notes, known as greenbacks, and
another mass of national bank notes. We
dignity them with the name OF money,
though they are not money at ALL The
bank notes are redeemable in greenbacks
and the greenbacks are redeemable IN moth
ing; so that practically there is no redemp-
ton whatever, and the volume OF currency
is Just as fixed and inert as though it was
a currency of sea shells or sand bags.
This is simply our lot, our misfortune.
The courts have held that the legal-tender
notes were a necessity Of the war and are
therefore lawful. But they have never
decided that an issue Of such notes in time
Of peace would be lawful; aud we pre-
sumo they never will, since such a decision
would be hagrantly unconstitutional
This state of facts constitutes a conclusive
reason why members of Congress should
cease to consider the question of initiating
the circulation by issuing more greenbacks.
They have no constitutional authority tc
take one single step in that direction.
But another reason is TO be found in this
that if il were constitutional act 1t is al
act of gross impolicy and improperly
NO man and no body of men is wise enough
to determine the needs Of great CONNER
cial and manufacturing nation in respec
of its circulating medium. Besides, the
claim that there is legislative power to dc
this, with the constant assertion OF an In
tention to do it, forms perpetual peri
and perpetual Encouragement to trade
and industry in all its branches. No mar
knows or can measure the mischief which
the constant agitation Of the question il
Congress inficts upon the country. II
threaten TO change the length of the ma
tiOnal yardstick, or the size of the bushe
measure, or the gravity of the pound
weight, would be no more injurious, i
there were an equal chance Of executing
such threat, than the menace to arbitra
rily increase the legal tender issues of thu
Treasury To 60 on filling the public
mind with apprehensions of such scandal
Gus legislation is simply to trihe with thu
public interests to engender the stabilit,
of trade, to check development, to repres
enterprise, to drive prudence aud homes
industry into sullen inaction, and to excit
with fresh stimulation the spirit of specu
lation.
The whole duty of Congress is don
when it tries to cure the mischief of tn
financial situation left us by the war. Gu
evil is an irredeemable and inelastic cuI
rency. To propose to give us more Of tn
same sort is as if doctor who found
scald on one side of his patient, shoul
propose to scald the other also. Congress
has no legitimate power in the case but t
cure the existing disorder OF to let it alone
The true remedy for the financial situatio
is to return to specie payments. If W
cannot do that, then we should do the mex
best thing. We should establish a vail
and substantial standard Of value in Tn
ted States bond, interest paying and r.
deemable in coin by which all oblig,
tons should be tested and measured, pull
lie and private. Either Of these measur,
would enllven the inert mass of legal te
ders and bank notes. and by enforcing r
demption would, by shifting its basis al
changing. its volume, confer the nece
sary and desired elasticity. The san
measures would still further promote IL
public welfare by allowing fresh issu
from new banking institutions to
launched into existence at every poi
where commerce and enterprise might d
mand.
1t is alone within the circle of measur
here indicated that Congress has a,
proper right to act. 1t has no authorit
constitutional or moral, to act outside