The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-10-20

more than made up by the increase of bank |
note circulation, can only be explained by |
the fact that to genuine inhationist facts |
have no meaning and falsehood seems to
be truth.
UNCOMFORTABLE MONEY.
We certainly have nom exportable cur
rency now, and therefore possess what Mr..
Carey favors. If it were increased to the
amount that many desire, it would certain
ly be non-exportable, as it would not be
worth the cost of Transporting it across the
ocean or the Canada line. If we are to
have a non-exportable Coinage under in
fation rule we must be careful not to put
particle of gold or silver in it, otherwise
it will certainly leave us. Some years ago,
congress. for the purpose of keeping change
in the country, alleged the silver coinage
so that dollar was worth only SO cents.
and made it a legal tender for So. This
this coinage of course remained at home
until ''the best currency which the world
has ever seen" made its appearance, when
it also took wings and flew to foreign parts,
80 that piece Of 1t now would be curios-
| ity. A exportable currency would, in
one respect at least, be benefit to the
country. 1t would save the expense of
keeping up the minis. Our precious met
ais would leave us in the form of bullion,
which would be less expensive to US and
more acceptable to foreigners. Even now,
as gold and silver are not currency but
merely commodity, the maintenance of
the minis may be regarded as useless ex-
pense.
Mr.. Kelley, to be consistent, should at
the next session of congress introduce
a bill to close the mints, and to prohibit
Mr.. Bristow from purchasing silver. Ac
cording to his notions, there is not and
ought not to be the slightest use for minis,
and they are considerable burden upon
taxpayers. l respectfully suggest, there
fore, that he introduce such a bill, and
make it test question.
THE DETROIT CONVENTION.
Upon reading the resolutions adopted
by the Detroit convention, L find that
was mistaken in regard to the proposed
issue of the convertible 3.65 bonds. |
had supposed that the present volume of
legal tenders only was to be maintained
by the use of these bonds. The advocates
of an exclusively paper currency have
greater ambition than | had given them
credit for. they certainly do not intend,
if we may judge by the resolutions refer
red to that any 'pent-up Utica shall con-
fine their powers" for doing good They
are not only courageous, but they are con-
sistent. If the legal tender notes are, as
has been asserted, the best currency the
! world has ever had or can have, why
should the issue of them be limited? Can
there be too much of so good thing?
The farmers of these resolutions are not
only courageous and consistent, but they
, are humorous also, No one but a man of
Infinite humor" could have drawn the
second and fifth resolutiOn-the latter
favoring an issue ofconvertible bonds inter
changeable with greenbacks, to an amount
equal to the 10hOLe Government debt, and the
J former asserting the obligation of the
government to furnish the people 10Th an
absolutely safe and mJorm currency
adapted az amount to their varying needs
ola Ualue not materially differing from
that Of other ciUitized nations" The icon
vention, however,is certainly chargeablc
with one important omission: it failed t
tell US for what these convertible bond,
are to be issued We have been told, il
song at least, that Uncle Sam is ricl
enough to give us all farm" Are we Il
understand that he is rich enough to civ
to each of us these obligation according It
our varying necessities? AS the convention
probably did not consider the 500 ant
1875 as being portion Of the debt whicl
has been made especially payable in coin,
it is easy to understand how the 65s, cal
be issued to the amount which they repre-
sent, but as the bonds which are not upo
a their face payable in coin are scarcel,
equal in amount to one. half of the propose
n issue, the convention was certainly guilt
n of great neglect in not informing US fo
,e what purpose and by what means the II
t manning 'conyertibles' are to find thei
st way into the pockets of the people Tn
l. convention, in doing its work thoroughly
II ought to have enlightened US on tn
b. point If these convertible bonds are to |
is given to us, as used to be the saying III til
TT West, free gratis, for nothing" we ougl
Us to know it i'll advance, 50 that We may NJ
be be taken by surprise by the munifcence
Nv a generous Government. Perhaps, hoWevc
r. we are not TO be surprised exactly in tn
to way but in another, equally delightful
tn Perhaps we are to be relieved from taXatiC
he by the use OF these convertible bonds.
e. may be that the Excise laws are to be r
in pealed, and that after the bonds mot espe
id tally made payable in coin are called
ar and paid off with the " cnnvertbles" Il
tie surplus is to be used in defraying the Gu
We rent expenses of the government 1t wou
ny be- sin and shame''n0t TO give us
er least free lohjSky with SO much free monr
he as we are to have. Then, too, it is possib
* that frequent and liberal ye-openerS,"
CD they are called in California. may be nee
re ed in order that we may take in the fl
th beauties Of the glorious system. Wi
ed chcap money we ought certainly to hay
1t; cheap 1hishy.
or The proceedings of a mass converts
he numbering 500 souls ought, however, to
ny treated seriously, and | confess to fet
ed ing of relief upon reading lis resolution
of They mean nothing if they do not mel
tie boundless expansion, violation of the Z
Die tiOnal faith, and ultimate reputation. III
us Prince OF Darkness is never dangero
th when he appears with the cloven feet al
ed conspicuous tail Its only when he com
Ter with speclous promises and captivati
wo appearance that he leads poor morta
nd astray. By these resolutions the conve
of ton threw eff all DISCUSSES, and | great
on over estimate the intelligence and the pro
th ity of my countrymen if, by so doing. it b
nd not deprived the inhationists Of much
ire their power for mischief
ed HUGH NJ CULLOCH.
ed London, Sept. IL, 1875.