The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-09-15

(Concluded.)
Yours, I take it, is to remain an agricul-
tural people, and, believe me, l shed
no tears for the supposition. The hard
handed sons of toll, whose faces are brown
ed in the sun, are the men upon whom we
can safely rely in all
CONTINGENCIES OF NATIONAL OR INDIvID-
UAL CONTEST,
and though they may 60 to town, and like
Moses, sell their coat for worthless spectacle
cases, if they come back with the sense
of having been cheated still they can lay
their hand upon the heart Of an honest
man and say in the pride of self-respect,
Il would rather be cheated than to cheat"
And your daughters, toe, in the rural popu
lation growing up in the cultivation of do
nestle virtues, trained to habits of useful
ness do not fritter away their lives upon
idle gewgaws of polite society, as it is
termed, and learn to captivate any soft
headed long-pursed young man who may
fall within their grasp,but with native dig
nifty always look upon the essential quail
ties Of a man who, though stripped of his
last penny, may still stand one worthy to
be called husband, and whom her chill
dren shall be proud to call father,
(Cheers.)
In this unity which nature has decided
should exist between the people of the
Mississippi valley, there must result, as q
natural consequence,
UNITY OF POLICY.
1t may not be to-day or tomorrow; it may
not be in this generation; it may not be in
the next, but it is in the future an inevita-
bic fact that the people of the Mississippi
valley must have policy because they
have material interest peculiarly their
own, and material interests will always
govern the policies of states. You must
have financial policy suited to your con.
dition A people who have no foreign
trade, people who live entirely among
themselves where one man sells bread
that another man bakes, in exchange for
clothing or some other commodity, it may
be that there will be a policy quite different
from that which you demanded. Your
surplus must then find foreign market:
the price in the foreign market will ever
fix your own; it may be little vary
ing, but approximately the price OF
the surplus will fix the price Of all
the rest you have to SELL Or else, you
perceive, there would be no surplus; OF
else, as you perceive, it would all be sur
plus. Ii the foreign market was higher
than the domestic, everybody would bt
rushing to send their products abroad; i
the foreign market was lower than thu
domestic, nobody would be willing to senC
their products abroad So that, you per
ceive, like q balance, it must settle t.
the equilibrium, which is decided by tn
value of the surplus That surplus is tn
currency of the world. 1t is gold AM
silver, and whatever your financial polio
may be it must rest upon that basis. Nov
do not understand me to be engaging i
this question of expansion and contraction
or
INITIATION AND CONTRACTION,
as it is called. don't intend to touch uE
on that. All mean to say is that tn
currency of the people who export mos
must be the currency of the world, Q
something that is convertible into it. Nov
do you ask me whether l am in favor {
the declaration by congress that Their
should be resumption of specie payment
on January |, 1879? answer, congfes
had just as much power to say there shout
be resumption Of specie payment on the Ii
OF January, 1876, as to say it should o.
cur on the LIST OF January, 1879. erie
Of good. That is to say, they have &C
no power at all. You will have in th
country specie enough when your export
exceed your imports, and not till ther
The annual production of the preciou
metals in the United States may be rounC
ly stated ut sixty two millions. Your e.
ports are below your Imports and the col
sequence of that is you export annual
about filty-two millions of specie. Th
other ten millions are hardly as much as
requisite for the arts. The consequence il
you are getting no more specie than 20
had ten years ago. You will have Z
more specie il the present condition {
things exists ten years hence than you hay
now. But if you will export, as you al
able to do, hundred millions more tina
you import, the world will pay you
specie and specie will aggregate in yor
country. There will be those who sa,
"Oh, we have got too much currency.
Now | don't intend to involve Wyselfin al
question that would subject me
POLITICAL CRITICISM
But do intend to say they don't tell IL
truth about this. In 1874, taking Il
statements of the bureau of statistic
and converting all currency into teder
coin aud federal coin into gold, it may
stated thus; The active circulation
Great Britain per capita was $2l. "a.
AA~uSN SltsOt, duu III
we come to this country. bloated by an i
hated currency. bloated 50 high no III,
can tell whether he has: his pockets too {,
or not, except each individual. Aud VIII
is this active circulation per capita in Il
United States? $l433, far less IN,
either of those great commercial couutri
with which have compared it. Nc
then, do not see, without being u fina
cier, and having shaken hands forever wi
politics, may say do not see how ,
can have too much currency at preser
And suppose if put the question
each individual who hears me, he will D
his hand on his pocket and say, Il dor
believe | have too much" | will q
enter into the various systems which ha
been discussed as to how we are to ha
sufficient currency without having a
dundancy. 1t would take me beyond t
limits Of the address which l propose
deliyer to you; but this | will say Thu
unless we have the currency of the worl
we never can compete with other countri
in exports. For example: If there a
any paper-money men, peculiarly per
Dopor monau man who hear mo I WI