The daily Argus. (Rock Island, Ill.) 1873-1877, 1876-10-23
Mr.. HJNGATE's ANSWER.

LA HARPE, Oct 9th, 1876.
ROBERT HOLLOWAY, Eco, Monmouth, III.
Dear Str:-Your letter of the 5th inst
is before me, in which you refer to my pub
lished statement that Il shall oppose a
withdrawal Of the greenbacks. or resump-
ton of specie payments, until such times
as we can safely resume without injury to
the debtor class" as not sufficiently ex-
plicit as to whether am in favor Of sub
shutting government legal tenders for
national bank bills, and you now ask my
views upon that question.
In answer to this inquiry, / can only
state to you what / have already repeat
eddy stated in public discussion, that
am in favor of an unconditional repeal
Of the resumption act, and of the Law
demonstrating silver. am utterly
opposed to the national bank system
and to national bank bills as medium
Of exchange or circulation, and
am in favor of substituting foI
such circulation paper currency issued
exclusively by the government and made .
legal tender in payment Of all debts both
public and private. A forced resumption
of specie payments in my judgement would
so Contract the circulating medium as &c
reduce the value Of property 50 per cen.
aud utterly ruin the industries OF the
country, and bankrupt the debtor class
IL would be almost a complete coniscatior
of the property of the country, and give
an additional leverage to the monied
power, aud TO those overgrown monopolies
by which q once free and prosperous PEG
pie would be reduced to perpetual vas.
salage.
During the process of forced rssump
ton capital would fear and refuse invest
meut and labor would 90 begging. The
paper circulation would necessarily be re-
duced TO accommodate itself TO gold re
sumption, and in proportion to its de-
crease in value of every description Of
property.
Beside, as a debtor nation, our coin il
absorbed in the payment of interes,
abroad, and we are practically left with.
out the means for resumption, unless we
further increase our national debt by o
sale OF bonds for that purpose. This pro
gramme could only benefit bankers and
bond holders whose over weening influence
10 legislation during the last eight year,
has increased our national Indebtedness
fvo hundred million dollars, AN infu-
ence which was potent to demonetze lega
tender and silver as a means Of paying thu
five twenty bonds, and eliminated in tn,
infamous resumption act itself.
We see something of the results of the
resumption law already 10 the contraction
OF the volume OF our currency. and in tb,
general prostratioD OF business; and if thu.
thing gues on we shall 6nd that we nov
see but the beginning Of hard times Tn,
fire which is even now slowly burning i,
destined TO consume US, unless we ares
and put 1t out. ln'my judgement it cal
only be arrested 10 one way. aud that i,
by electing men pledged to an entire re
peal of the resumption act.
This is the overshadowing issue in thi
campaign.
1t is idle to talk of accomplishing
financial reform, such as we seek, through
the medium Of the Republican party. Tn
platform, the candidates and the party ar
pledged 10 30 early resumption of speci
payments. The party, acting on tn
theory Of curly resumption, has alread
contracted the volume OF our currenc
some seventy millions of dollars. What
the result2 A million of willing laborer
are thrown out Of employment Hundred
of families are at the point of starvation
Many asking for labor and begging 70
bread Itavails little to say that this
the result OF the rebellion sixteen year
ago. The question has ceased to be tn
CAUSE but the all-absorbing one Is tn
REMEDY. While the people cry for breac
the party in power offers them stone.
1t seems that the Republican candidat
tor congress, in this district, altboug