The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-03-28
WATERING THE CURRENCY.
Comments Of Leading Newspapers on the
Recent Action Of the House on
the Currency Question.

From the New York Tribune, Tuesday
The business of this country is hence
forth, until the paper money bubble bursts,
to be carried on without standard of val
ne! The vote in the House of Represen-
tatives yesterday, on the motion of Mr..
Dawes to restore the legal tender circula.
ton to its legal amount of 1856, 100000,
demonstrates that Congress is determined
to legislate in favor of the preiudices OF
the ignorant and the dishonest. 1t is folly
to expect the Senate to make any effectual
resistance against the vote of 20 to III by
which imitation is decreed. Brute force
and british ignorance are to legislate for
this country until Dame Experience with
her scourges teaches even the most besot-
ted that national dishonor cannot co-exist
with national prosperity. This will GER
tainly be the work of years and perhaps of
generations.
From the New York Times, Tuesday.
That any decision whatever has been
reached by either branch of Congress upon
any division of the financial question is a
mater for public congratulation, and the
action Of the House Of Representatives
yesterday must therefore be commended.
The several votes upon the bill to fix the
amount of legal tenders at 100000, 900
were pretty clearly indicative of the tenn
per Of the House upon this important
question. The proposition of Mr.. Dawes
to leave the currency at its present volume
received only 20 votes against l72, and the
motion of Mr. Roberts to fix il at 1882, 900.
900, which simply legalized the present is
sue Of the reserve, was but little more for
tunate, being defeated by vote of IA to
l72. The bill fixing the amount of legal
tender currency at 100000, 600, which
puts the whole of the reserve in circula-
ton, was then passed by the decisive vote
of 16S to II. 1t is, however. desirable
that the country should not mistake the
action of the House. The preamble
OF the bill declares that its purpose is
simply to end the uncertainty regarding
the amount of legal tenders, and the bill
itself does nothing more than place the re-
serves in circulation. The votes should
not be taken as indicative of sentiment
in favor Of free banking, redistribution of
the currency, or any general scheme OF in
fatlon. One branch of Congress has de-
claIed that the whole volume of legal ten
ers shall be placed in general circulation.
and, If this decision is confirmed by the
Senate, it will do nothing more than let
loose the Sls,OOO,00O yet held in reserve.
This conclusion by no means solves the
grave problems before the country, but it
is step in that direction, and we may be
thankful even for a single step.
From the n. Y. World Tuesday
yesterdays vote of the House of Rep
resentatives to increase the currency limit
to $500, 900, which will doubtless be
indOrsed by the Senate, is q victory for the
intiationists. One of two things is its inc
vitable sequel. Either it is step to be re-
traced, If the country is ever to reach spe-
Gle payments again by fulfilling its broken
pledge to redeem its paper in coin, or else
1t Is another and irreparable step down hill
to the abyss Of reputation. No man can
suggest any other result than one of these
two. ln either event therefore it is a vote
OF folly and disaster. 1t disgraces even
the ignorance and cowardice Of the Forty
third Congress. 1t dishonOrs the United
States.
From the New York Herald, Tuesday.
Imitation is the order of the day. Yes
terday the House of Representatives
passed the bill to make the legal tender
circulation $400,000,000, which legalizes
the $26, 100000 already out without au-
thority of law and adds $l8, 100000 to the
whole amount. Apparently the Senate
will concur, and, of course, the President
will sign the BILL for he is without finan-
clal policy and has no ground of opposi-
ton.
We are fairly launched, therefore, on the
nlimitable waters of the ''vasty deem. {"
atioat and in the current; mounting bean
tltully as the level of the swelling sea rises
from the tributary streams poured in by
thousands of paper mills and printing
presses and people who do not inquire
too curiously will suppose it is all pros
perlty, as things go up, up, till they
have been lifted away from even the wa
ter at last and are mounting on mere
banks OF vapor, and they will only omen
their eyes to the truth lust as q general
explosion lets them all Suddenly down
down, down. With $356, 600, 600 the le"ai
tenders were irredeemable, bnt bonestI,, 60.
they constituted volume of i rredean:y. ~,
paper that the country had come bv saa;,,s.
Its will and in great national exigeno,,
when it had to choose between giving ~,
gold and giving up the ghost. PAPER Wa
issued, and the people assented that tn.
forms OF law should be given to forced
loan because they were willing to give fol
tne governments promise to pay a par
OF their property, in order to save tina
without which all property would cease to
nave value in their eyes-freedom anC
seh-government, But now a stem has beey
taken which puts the whole legal tenda,
paper IN new light; which NOT onl,
leaves it irredeemable, but seems To an
h99nce that we never shall redeem T.
winch is the first step toward definite rem N
aaolatlon of the national pledge for its re-
aemption; for Of course the issue Of green
IoSs p d a forced loan-neither more no,
Tess People must give their grain tbe G
n rasoie' thelr services for pieces of name,
ora over with the promise to pay dol
,ars, wnich promise there is now not the