The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-09-29
Tht 9ailg Argas.
Continued from second page, J

Continued from second page.l
them in banks at all; then, suppose, the
greenbacks would in his sense be better
than corn stalks. They would at least
serve the purposes of money and currency
and really circulate as medium, accord
ing to Gov. Aliens enlightened financial
conception. H.5 t III
Some Democratic speakers pretend that
the policy Of making aud keeping the vol
ume of the currency equal to the wants OF
trade may. in the sense of the Ohio plat
form, and under the circumstances mean,
instead of initiation, reduction of the cur
rency, namely, when it appears that the
volume of the currency is 10 excess of the
wants Of trade. When will the excess be
admitted if it is not admitted now, while
large quantities of money lie III the banks
idle for want of employment, and that pa
per money at heavy discount as to gold +?
1t now the wants of trade are considered
to require still more currency, under what
circumstances will they be considered to
require less ? 1t is easy to show that as
you go on increasing the currency the
Democrats will not be satisfied, but it will
be more inflated. As money increases its
purchasing power will automatically de-
crease. Those who advocate this infa-
ton, then, are advocating unlimitedlpro-
figacy and corruption and demoraliza-
ton Of the government. The govern
ment must determine what the wants OF
trade are, and SO arbitrarily
control the amount of circulation,
This is an awful power. What you buy
or sell changes in value with expansion
and in the same proportion this places the
private fortune of every citizen at the dis:
posal of the government. the most hon
est and capable congress imaginable could
not exercise this power with discretion.
But imagine congress controlled by
statesmen like Allen, The Democrats
may say that the Republicans made this
currency and are responsible. Yes, but
they did it under the pressure of civil war
and now you propose to continue and in
crease it. The Ohio Democrats have
applauded my acts of opposition to cen
tralization at every step, and now they
insist on an act which is the most positive
| Capitalization ever practised.
Mr.. Schurz then reverted to the econ
omical side of the question and argued tc
show that it would be a most expensive
policy to issue more money. and would
| entail great expenses on the government
Corruption and proAigacy would follow il
its wake, rings thrive, honest men suffer
and the people, even, become demoralized
All the troubles, rings and frauds here
tofore known would appear as trihes com
compared with what we shall have if tn,
initiation policy be adopted,
| H. ,rooooJoI - IL Al
of the Ohio Democrats for adopting Thu
policy are flimsy, weak and boyish. His
tory shows every time that initiation work
disaster. Mr.. Schurz instanced France
Germany and other foreign powers t
prove this. During the panic of 1877
there was more currency out than at an
time since the war. Now, business doe
not by any means need more currency
The sneaker gave figures to show thi
fact. The country is now continually pre-
testing against too much currency an
gradually reducing the volume. MI
Schurz then showed what would be tn.
results ifcongress did issue much NOR
currency, The rich man would call in hi
money before the rise in gold or deprecia
ton IN greenbacks and grow richer by hi
foresight, while his debtors would gro,
poorer and become bankrupt. Wages
not increase in proportion. He picture
the dismay of the poor laborer who wa
dazzled by the picture of the people
money, and finally the crash came whe
the very rich are high and dry in the lif
boat while the others are in the breaker
without anything to float them. The re
mainder of the speech was developmer
OF the points already mentioned.