The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-07-02

Consequences. These remain to be seen.
One of them will not be the Republican
izing of another Democratic national plat
formJ @
Even the Ohio paper-maniacs have back
ed out of their first blunder. We propose
to show that Tor exactly the same reason
they should now back out of their second
blunder, without taking five years to
get political sense and fiscal honor beaten
into their heads.
/. The 1868 blunder, The Ohio paper
maniacs last year backed out of their
blunder number one, (redemption-of- the
500 bonds in-g-eenbacks), in this wise.
The act Of congress signed March Is, 1869,
reads as follows: .
'BsH enacted, etc.: That in order TO remove any
doubt as 10 the purpose of the government to dis
charge all just obligations to the public creditors,
and to settle con1lcting questions and lnterpieta
Ons Of the ~ us s9 ad d
clared that the fdthotthe United Stdtesi 10 solemn
~ pledged 70 the payment ig eotn or ns equscGtent
ing interest, known United States notes, and OF
all thetnterest-bedriHg obligations Of the United
States, except In cases where the law authorizing
the issue Of any such obligation has expressly pro-
vided that the same may be paid in lawful money
or other currency than gold and silver. But none
OF said interest bearing obligations not already due
shall be redeemed or paid before maturity unless at
such time United States notes shall be convertible
into coin at the option Of the holder, or unless at
such time bonds Of the United States bearing a
lower rate Of interest than the bonds to be redeem
ed can be sold at par in coin. And the United
States also solemnly pledges It's faith to make pro
vision at the earliest practicable period for the
redemption Of the United States notes in coin"
The platform in Mr.. Hendricks state
was somehow maliciously encountered
with proposal to repeal this act. The
platform in Mr.. Pendleton's state carefully
denounced the act but carefully did not
propose to repeal the act. The Cincinnati
Enquirer said it:
1.-The law Of March 1857, providing for the pay
ment OF the $40 bonds in gold was an outrage but
| Is Il not to-day the national bOnd?"
Mr.. Pendleton in his speech opening the
Ohio canvass said oft:
ut was wanton prohgate waste of the public
| money. Without consideration 1t added largely to
the public debt But nevertheless 1t is the
law and we must obey it. The terms Of that law
| comply with them. The bonds have changed hands
| and The present holders are innocent, The bonds
have been retained on the faith Of that law and
must sustain our countrys plighted faith"
2. The 1875 blunder. The Ohio paper
maniacs should back out of their blunder
number two (printing more greenbacks)
for precisely similar reason. The act OF
congress signed January IA, 1875, reads
in part as follows:
BE 1t enacted, ETC., And on and after
the first day of January, A. D. 1879 the secretary OF
the treasury shall redeem in coin the United States
LegdE-tender notes then outstanding on their presen
tatOn for redemption at the office of the assistant
treasurer Of the United States, in the city Of New
| York, in sums Of not less than SO.
The legal-tender greenbacks like the 5.
20 bonds are debt The act of 1865
solemnly pledged the faith of the United
States to the payment Of the bonds in coin
at the times specified of their maturity
The act of 1875 pledges the faith of the
United States to the payment of the green
backs in coin at a specified time, Jan. l,
1879.
Why will not Mr.. Pendleton with cour
age, candor and sense tell his friends il
Ohio that ''the terms of that law have
now entered into the contract and We
must comply with them. We abhol
population; we refuse to break the con
tract" That is the way for them tt
back out now from their second blundel
proposed for the guidance of the Demo
cratic party.-N T. World