The daily Argus. (Rock Island, Ill.) 1873-1877, 1876-10-23

blessing or curse, or whether legal ten
ders should be receivable for custom
duties. and made interchangeable with In
terest-bearing securities, or not. The gen.
eral programme of the Republican leaders
is to force the financial issues into the back
ground, and bring forward the old issues
Of fifteen and sixteen years ago. They
hope to arouse the passions and excite the
fears of the laboring masses-this they
have repeatedly done. and then betrayed
the telling masses by piling up the wealth
OF monled corporations, and doubling their
power atthe public expense.
1t is the money power which is pushing
the Republican party on to the fulflment
OF its purpose.
1t has already measurably broken down
the value and power of the legal tenders,
aud reduced their volume, anu is persis-
tently pushing them to ultimate extinction,
and on their ruin rearing the superstruc-
ture OF national banks with increased
capital and power.
Il has broken down silver coin as legal
tender, in which bonds and greenbacks
we're redeemable under the law which is
sued them, aud now it seeks to further ag-
graDdize itself through the resumption act
by reducing the measure of all property to
| gold, thereby decreasing the property and
destroying the ability of the debtor class
10 pay their debts.
As a government we owe at this time
oyer two thousand million dollars, and if
we add to this the state and municipal in
debtedcess, we shall find that the aggre-
gate public Indebtedness will reach seven
or eight thousand millions of dollars. the
interest of which is payable in coin. This
oecessitates the shipment abroad annually
of about $l50.000, 900 OF coin, or more than
the production OF our mines; therefore, so
long as this process continues, it is impcs-
sible to resume specie payments without
injury to the debtor class. The debtor
class in this country includes the mass of
| the people who pay taxes as we'll as those
who owe individual debts. This is the
sense in which my published statement
must be understood, to fully appreciate my
meaning when l say that am opposed to
| the withdrawal OF the greenbacks. or a re-
sumption of specie payments. until such
| time as we can safely resume without inju-
~ to the debtor class.
do not pretend to disguise my feeling
and desire that the time may come when
| the peoples money shall be as good and as
| valuable as the gamblers money, VIII u a
greenback dollar shall be worth dollar in
coin. / object, however, to that systemat-
ic legislation calculated TO increase the pur-
chasing power of gold and to diminish tie
purchasing power Of legal tenders; in my
Judgment the different values of the two
mediums OF circulation will be decreased
by making our paper currency full legal
tender, and. without attempting to demone.
TIE the metals, make our legal tenders the
exclusive paper circulation OF the country.
With our enormous debt and the limited
supply of coin, forced return to specie
will necessitate the reduction of the volume
lone half, and this would ruin. not only in
dividual debtors, but the industry and
trade Of the whole country, and cause IN
told suffering and misery.
The greatest possible benefit to the
masses OF the people should be the ebjec,
of our legislation, and not the highest
value of our circulating medium. The
principal part of the business of every
civilized nation is done with paper circu
lation, and with US the necessity for such 8
, circulation is absolutely imperious. Ii
, therefore becomes a serious question as tC
what that paper currency shall be. W.
have tried national banks in time past they
were failure. We then tried state banl
paper; it proved worse than failure; i
was cheat and fraud. Greenback
were the result of dire necessity, which
is said to be the mother of invention
They were success. They were poten
: to stimulate the sinews OF our war, an,
did more than anything else to crush tn
D rebellion; at the same time they gave i'm
: petus TO every industry and trade. and i
s the midst of the rebellion enabled tn
o people of the north 10 develope the re
: sources OF the country, and to thereb
; furnish the means necessary to put dow
r the rebellion. 1t matters not that the
y we're called Lincoln scabs they were a
powerful to accomplish the purpose f.
y which they were intended land nrw tina
/. nur Industries are langulshing under tn
! apprehension that they will be, under tn
II resumption act. Withdrawn and destroye
v / believe they may again be made potter
for good by a repeal an toto of the resumI
J, ton act and of the national bank system
u | feel that | have been uujustly assaile
L and criticised by gentlemen who. under
II mistaken zeal to advocate a principle, hav
d unconsciously injured the cause they pre-
a TESS to advocate; but with you, my dea
h sir, it is very different; and in conclusiu
Q allow me to say that you having approache
d me with no sinister motive and having Or,
o pounded direct question with the sol
e., view to ascertain my real views, are ell
e titled to my special regard and considers
;. ton, ard trust have given an answe
q as direct as your question,
: am, with great respect. your obedier
d servant. j. II. HUNGATE.