The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-05-13
CHE 9si1p Areas.
LpttepeHdent IL Eoeruthing.
concluded from second page.

HBut how is it with labor You cannot
put labor into a warehouse and hold it for
future demand or speculation. The de-
mand tor labor is Immediate, as labor is
needed; and therefore, when initiation
taxes place, labor is the last thing to be in
Hated and the first thing to feel the evils
OF it.
NV read what Schurz says of the peo-
Pile who want initiation, as follows:
The resumption policy is opposed and
new imitation of the currency pressed by
three classes OF persons; first, the men
who, with honest purposes and patriotic
intentions, have arrived at what cunsid-
er erroneous conclusions-and on this floor
we have heard their voice; secondly, men
who, hearing the cry for more paper mon
ley, think 1t popular cry, and therefore l.
join In it but behind them, pushing on
with all the energy OF unscrul uloIs selfish,
ness, is a third class, consisting of specula-
tors and gamblers, who were caught by
the recent revulsiun in the midst OF their
reckless operations, stripped OF their
spoil, aud involved in heavy liabilities, who
now want ~ end OF imitation and further
depreciation of the currency to settle their
. old scores cheaply, to recoUer their losses,
n and then set out ,cith full SAL again on a
!, neU career Of speculation and gambling, |
/ knowing tull well that they are not only
3, preparing "a new crash. but hoping to reap
&c at least their harvest before it comes, and
: then '1et the devil take the hindmost,
y no matter what may become of the coun-
# try.
e The first of these classes we may hope to
~ convince BY sound argument. The second
h ulay be turned by a new breeze of opinion,
is.ia bn md lin hat
ID the cry for more irredeemable paper mon.
ey is not the cry of the people after all.
But the third class consists of men OF pur.
, pose, selfish, unbending, INSCRIPTIONS.
, Active anu cunning as they are, no trick,
lrJm Justification of public opinion to
, downright corruption, will be lett untried
: 10y them in their efforts to control the
i movements OF the business world as well
= as the legislation of the country. To-day
l. they are still in somewhat crippled con
dtiun for the crisis has happily curtailed
d their means and opposed the character Of
g. their schemes; but petpre long they Will be
|. as powerful as ever, if the continuance of
the present system enables them to recover
W. from the recent shnck and to entangle the
n business community of the country once
more in the net of their operations, So that
their ttte will involve the fortunes of many
ULneTS. w Quiz IL not De well 10 take al
:. vantage of their weakness?'
Hon VIM. Walter Phelps, of New Jer
Re- sey, recently delivered hard money speech
ana ana in Congress which was full of good points
He showed the fallacy OF the infationists
v theories, and that the labOrers. mechanics
and farmers we're the sufferers by panic
and by an increase of the currency. III
= defended the provisions of the free bankin
n bill which provides for redemption of tn
y legal-tender notes at the rate of $2u0,0O
month in gold, after two years IL
showed why the currency premium iniure
the farmers of the west. and, in demon
-. strating that the WORST effects of an irrt
deemable currency always fall upon tn
m poor, he said the harm of wrong lie!
uOl lslatlOn III finance, as IN taxatlu
falls and rests at last upu
them. As direct C ,nseQuence of depr,
. ciated money, prices fuctuate so that tt
, man who buys cannot tell for what he wi
made sell, or what his mnney will be worth wht
and he gets his pay Against this uncertaint
ed the rich man who sells can insure hiuise
hort by adding d percentage to his price, III
poor man who buys t. consume, not To ST
hia-, e. ~. - . Fl -
Dr. ser peTtS. lit IlCIl LIdil duuS 10 tlle IEiCc
and his commodities the premium on gold
en- each rise, and, by continual exchang
: and adjusts ar shifts the l,SS. The labor
a, dues not know the hourly, daily, or week
~ rise of gold, and he cannot daily. hour
weekly, or even monthly, add it to
wages lie cannot readily make new &C
tracts for his labor, and, unfortunate
7 @ that is the only contract he can ever mal
Nd So the premium on gold reaches his was
last of ALL Certainly, then, an rredee
able currency is not for the poor man.
ILLS it is for the benefit of any. it is for t
rich man and for the SPECTATORS I
more rich the man the more desperate {
orV. speculation, the more easily he avuides |
~ ses, the more certainly he profits 10y fiuctl
Ii his. Increase the number and vari,
OF ira ,sactions, and you increase the
portunlties to adjust or shift the burdt
OF fuctuatlng currency"
,,.c The whisky ring is played and the gre
- - back ring takes its place. For some ye
J, a gang of gamblers and spectators, W
their confederates in both Houses of C
~ gress, played with the credulity of the CO
try on the excise on whisky for speculat
purposes. Those who were in the r
and controlled the legislation in Congr
,1p-- on the whisky tax, etc etc., gambled
that matter until the people would sub
to it no longer. Now, they have taken
n the greenhack business in its place
U are playing with the business and mate
"A interests of the country upon that mat
They do not intend that the country S
rvu ever retdrn to sound specie basis. Tor
ware. reason that such policy would expl
{, St and their gambling operations.
,r,nos Mr.. Smith may persist in the errol
i,h fan his ways, if he likes, but he can rest
uartrrs sured that the people will not follow
~Iady's advice on the currency question. 1t Is
i Nv. was- very first and foremost question TINT
eau be enter into our p 'litics the coming fall,
any man who advocates the repudati II
''Ock' hati,n doctrines of l. 'gan. Hawley 4
+, will find himself in woeful minority "
~ ner the votes are counted.