The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-10-18
.5Gl!Jl le g S]11al'illg Argns,
CONTINUED from second page. J

much, to render the resumption of specie
payments practicable. 80 At
= Answer suppose this is the point
which the writer has mainly been driving
at. will tell hun candidly that, in nv
opinion, specie payments cannot be
resumed and maintained as long as the
volume of tine currency exceeds that
which would circulate as gold, and paper
convertible into gold. (Applause.) It is
significant fact, which suppose the
questioner does not like, that the volume
Of the currency is now being contracted.
not by the government, nor by any sort Of
force, but by the business of the country
itself, which tries to get rid IF thing it
has no use for. (Cheers.) #
When the discussion in congress on the
currency question was going on there Yves
great cutlery about the south and west
being hungry for more paper circulation,
Since the monopoly feature Of the Ma
tional Hank act was repealed, and any man
or set of men having the requisite capital
was authorized to start bank of issue and
create currency, what has been the con-
sequence? Only small amount of new
currency was issued, while about 500, 900
900 are now in process of withdrawal, maln-
ly in the west and south. Not only did
they not take more, but they tried to get
rid OF large portion of that which they
had. Why do not these clamorous pa
triots, who cry so Justify for more money,
put their shoulders to the wheel and
create more? Simply because the
| business Of the country has no use for it.
l(Cheers.l There the business Of the coun.
try is helping US to bring the volume oil
the currency back to its real requirements
Until this is accomplished specie payments
cannot be resumed am also convinced
that if we had less currency than is needed
fer the transaction of the business of The
country, the necessities of business would
force the gold and silver still here ont 81
its hiding places TO fill the gap. (Cheers.
Tenth Question-Does the reduction moi
necessarily effect reduction of the price
value OF property and labor in rati,
nearly equal to that of the reduction of the
value of the currency?
| AnsWer-ln consequence of the business
crisis general prices have gone down so low
already that we are almost at hard par
now. | consider this, therefore, very
propitious time for inaugurating and carry
ing out a resumption policy.
| Eleventh Question-What effect will THU
reduction of currency have upon the debt
ors OF the country-will not the amunt o
their Indebtedness increase?
| Answer take leave to say that there
is no greater humbug in this discussion
than dividing the people into debtor anC
creditor classes Business men are almos
uniformly debtors and creditors at tn,
same time, If we wait until nobody is !,
debt we shall never return to Specie Pay
ments: but there is now less private in
debtness than there has been for man,
years, and as most of the debts run on shor
time they can be liquidated over and owe
again before the tune tor resumption
arrives. The premium on gold will hay
to be overcome in three and quartz
years. making the pro rata appreciation 0
short time debts very insignificant; bu
the lnfiationists ought not to talk abou
losses incurred by fluctuations in tn
value OF the currency, for b. the cOntinu
ance OF the present irrdecmable pape
system they continue also the fluctuations
which in several single years since the clos
of the war have been as large and large
than the fluctuations from the presen
premiums to par in three years and
Iquarter would be.
| Twelfth QUESTIONABLE you in favor O
an exclusively metallic currency; if not
| what kind of paper currency do you favor
banks CT issue, state or national?
Answer would inform the gentleman
| if he does not know it already, th-t civil
lied nations nowadays do not use an ez
clusiyely metallic currency, but also ban
notes; but they see to it that every ban
note is convertible into gold. | do nc
know that it is in issue in this campaig
what kind Of paper currency | favor, bu
| will inform the writer Of this letter, fC
his own qualification, | think the govern
ment ought to have as little to do with tn
issuing OF paper money as possible. 1t
not the business of the government to r,
solve every year how much money tn
country shall have. (Applause). OF a
bank notes like that kind Of wild cat ban
o bank notes least which obiiges Us to loo
at a | ank note detector to see whether
: is worth anything, and to pay exchange @
New York at every remittance. Ii II
questioner can inform me of method
create a state currency as safe aud univer
ally acceptable, and as equal in vall
throughout the country as the nation
blDk currency, shall be greatly obig(
IN him (ChporS !