The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-10-18
Fourth-Do you approve of that meas

Fourth-Do you approve of that meas
ure now?
Answer voted for it for one reason,
viz: That it committed one of the great
political parties to a resumption of specie
payments. (Cheers) The bill did not
quite satisfy me. First-Because it put
resumption off too long, | would have
it earlier Second-I thought it did not
contain the necessary machinery to carry
it out.
Fifth-If carried out, will not the effect
of that measure be to protract for long
time the financial crisis under which the
country is unfortunately suffering. and to
involve the country in still greater fnan-
cial difficulties?
NV answer is that the effect will be pro-
duced by continuing the present state OF
uncertainty. The crisis of 1873 was brought
about by overproduction, over-trading and
peculation-building railroads from
nowhere to nowhere and other enterprises
in which capital was sunk without return,
and extravaganza and wastefulness
among all classes. (Cries of That's
SOY Similar results were brought about
by similar causes in Austria, in Germany
and in England. What was our expert
ence in this country after the crisis of
1887? The issues of the rotten banks were
swept away, and the business only return
ed when they had a sound dollar again.
Nothing but spiece policy by the govern
ment will bring the present trouble and
uncertainty to an end. At present the
banks of the country are full of money ly-
ing idle for want of confidence, and conf
dence will not return as long as not man
l.. lok ha
play with our fortunes, if the wild schem-
ers who are preaching imitation now should
get possession of the government. There
can be no confidence until that which is a
dollar to-day will be good dollar to-mor-
row. (Cheers.)
Sixth Question-Where is the specie to
come from to take the place of the present
paper currency!
Answer-Just as wheat comes when
people are hungry and want bread. Gold
and silver, like merchandise, will not go
where it is not wanted. To illustrate: If
all the people of this country should re-
solve to-day that they would wear moe
casins and not wear shoes any longer, the
shoes would be carried off to some country
where they would be worn; and if six
months hence the people should resolve to
wear shoes again, they would, under the
laws of trade, be brought into our markets
to supply the demand. Gold will come
here, as other merchandise, when it is
wanted, just as wheat would, if there were
a scarcity here and abundance abroad.
Seventh Question-Is it not fact that
whilst the increase of the population, BUSH
ness and property of the country requires
a corresponding increase of the volume OF
money in circulation. there is at the pre-
sent time less quantity of gold and sill
yer in the country to supply the circulation
than there has been at any time since the
close of the late war?
Answer hope the writer of this letter
will not consider it want of courtesy if
say he is at loggerheads with the A B q Of
finance. (Cheers.) 1t is a well-knowr
fact that no corresponding increase of cur
rency is required with the increase Of
population, business aud property. Money
is measure of value and a tool of ex
change, and you might as we'll say tina
because to measure ten-yards of cloth re
quires yard-stick, to measure twent,
yards of cloth requires two yard-sticks
Laughter and cheers.) Ninety three pc
cent. of the exchanges of the country ar
carried on by the mere transfer Of banl
accounts, and only per cent. by the mer
9 transfer of currency from hand to hand
! Formerly when a building was put up
was necessary to have SO many hands t
carry up brick and mortar. Put up stean
. engine there to do the same work, and tn
> writer of this letter might perhaps sa
that we still want more hands-(grea
y cheering)-and still it is the standin
theory of the infationists that the increas
Of currency must correspond with the il
:, crease of population and property, AS t
!, the question whether there is not a les
y quantity of gold and silver in the countr
{ to supply the circulation than hcretofor,
:, of course there is, and will be less an
= less, the longer that financial questio
g continues which deprives gold and silver
u employment, and if inhationists get contr
!" of the government they might succee
;, in driving the last gold dollar out of tn
y country (Cheers.)
e Ninth Question the presel
u volume of currency be reduced. assumin
,e it to be about $750,OOO,OOO, and if so, no
m Continued on third page)