The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-09-30
scHURZs SPEECH.
How Imitation Operates.

VI buldH mCaub Lu0g OH lnudl1Ou Vi tHC
currency would be greatly to their injury:
HOW INITIATION oPERATEs-THE RICH
GROW RICHER UNDER IT.
An irredeemable paper money, cheap
money, the peoples money, imitation the
relief of the poorl l entreat you, labor
ing men, poor men, give me your candid
attention one moment. Suppose we issue
more currency, as the Ohio platform eu-
Enormously calls it, ito make and keep the
volume of currency equal to the wants of
trade" In other words, we embark in the
cause of initiation. will not argue here
the constitutional point whether congress
has the power to increase the volume of
greenbacks beyond $400,000,00O, and
whether the supreme court, as l expected
it would, might declare such an act void
and Of no force. Suppose it can be done
without any legal impeachment. How will
it operator 100 o.. a Li-F1..V3
Here is capitalist, merchant Of extern
sive means, or a wealthy speculator. In
the morning he takes up his paper and
reads that congress has passed an act to
issue another hundred or two hundred
millions, with a prospect of more. He
knows, as matter OF course, that there
upon the premium on gold will rise, the
purchasing power of a greenback dollar
will decrease. The next piece of news he
gets in or from Wall-st. is, gold is going
up and likely to rise steadily. What does
he do? He begins at once to trim his sail
to the wind. He seeks way to
take advantage of huctuation going on or
still in prospect. Or, being a man of
means, commanding hundreds of thous-
ands, he easily finds that way. If he is a
cautious man, he has Of course lent out
money or given credit only on short time.
and he at once calls in money due him
with rigorous severity to save himself from
the effects of depreciation. The debtor
may groan, but he will have to pay or 20
into bankruptcy. for rich man saves him.
self before the storm, and puts his money
into investments not apt to be unfavorably
affected by fluctuations or currency.
If he be a merchant he will at once put
up prices to provide against depreciation
of currency, sell only at large profits, and
for cash; for he is not anxious to sell, and
being wealthy man, not obliged to sell
knowing, as he does, that his goods will
rise in current money value on his hands
while his credits would depreciate. So
by taking advantage of fuctuations going
on, which, as a man of means, he-is able
to do, he not only saves himself but make:
handsome profit by shrewd calculation
or, if he be q Spectator and somewha
venturesome man, he will speculate on tn
rise in the price of stocks or goods in tru
gambling style, and perhaps contrive t.
run into large liabilities, expecting to pa.
them off in money of less value than tina
in which he contracted them. Happily
the latter species of operators will some
times be caught; but not unfrequend
they succeed, and so on through the Who'll
chapter.
Thus the rich man, having the mean
to play fast aud loose, standing upon tina
eminence in the business world where b
can feel the drift Of every breeze and watc
the appearance of every cloud on the hor
ION, enjoys the fullest opportunity and a
facilities which wealth furnishes, amid tn
fluctuations of the currency and Of prices
to lend out or to draw in money, to Civ
up one investment to make another, to bu
or to sell, to speculate on rise or fall
in one word, to take advantage Of ever
chance, not only for his safety but for b
profit, as. his good judgment may suggest
and lii the end he will, if he was a shrew
calculator, have grown richer than eve
before by these very fluctuations. An
If you had your eyes open, you could NJ
fail to observe that time when anirredeen
able currency, with its ever 1uctl
ating, changing of values prevailed in Il
country, was just the time when the ric
men grew rapidly richer, and enormol
accumulation of wealth fell into sing
hands.
THE FATE OF THE POOR MAN UNDER Il
FLATIoN.
But now look on the other side of Il
picture. Here is laboring man wi
works for wages. He is honestly toilil
to support himself and his family, al
maybe he has succeeded in saving q fe
hundred dollars, and deposited them in
savings bank. Now congress resolves
issue more money in abundance. and i
fation comes in good earnest. The labC
ing man who has listened TO Gov. Allen
Gen. Cary thinks the millennium ia col
ing. The people money will be plent
the gold premium rises, and price of col
modities also. The worthy laborer do
not, like the rich man, read the fnanci
articles and market reports in the metz
politan journals. The rise of gold pI
MUM troubles his mind very little, for t
peoples money is to be cheap and plent
but some day he goes down to the store
buy things for his household and his fan
ly, and to his surprise he finds that t
prices Of groceries and shoes, and clot
ing, and so on, have become much high
than before. How is that2 he ash
Well, says the dealer, gold has gone
and l have to pay much more for 4
goods buy, therefore l am obliged
charge more. To build small house,
applies to a money lender for a couple
hundred dollars at low interest, on two
three years time,to be secured by mo
gage on the house andlot. Low intere
and three years time" exclaims &
money lender, my dear man, you do n
understand the period; since more gree
backs are issued, the valuation Of mon
increases rapidly, and if lend you mon
now, on three years time, how do l KIN,
what that money may be worth at the e
OF three years, perhaps ten cents in e
or nothing, and you cannot pay me int
est enough to cover that risk"
But there are more curious experieu
in store for him. The policy of maxi
and keeping the volume of currency eq,
to the wants of trade" requires the ISIS
oflarger and larger quantities of the d
pies money, for the wants trade inste
ofbeing satisfied demand more. w
every new issue the necessaries of life r
higher and higher. AS the value Of pei
money goes down, the spectators a
gamblers of the country do roaring bu
ness. Prosperity develops to such pc
that bushel Of coal costs $40 and a jat
knife its weight in greenbaeks. The W
thy laborers deposit in the savings bal
! IL.