The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-07-06

men, ana the eQtCOE OF lHE ARGUS may
be among them, have not we'll considered.
And it is not surprising, for from our
youth up, we have been educated to be-
live, that the old specie basis plan, was
the only way to make currency equal to
gold.
This being material point, I propose
to take Stubborn facts to prove the negative.
The government has now outstanding
two kinds Of bonds, bearing per cent in
terest. One kind Isl known as, 500 gold
bond, aud payable by law in coin.
The other kind, is known as currency
Us" payable by law in currency.
Now If you will take any market report,
where the price current of government
bonds is given, you will find that the cur
Tency bonds, payable IN 9reenbdckS, are
north more than the COIN bonds, payable
IN gold.
June 25th, in the Chicago market, eur
rency 6s, were worth 10, and gold bonds
were worth ia, making q difference of
cts, in favor of the currency 6s," paya-
able in gold, and both drawing the same
rate of interest.
The cause of this difference, is simply
because the currency 6s, have a longer
That is all the cause that can be given.
This fact proves, that government bonds,
payable in green backs, may be, and are
now, worth as much as government bonds
payable in gold.
Hence 1t is not necessary that govern
ment bond should be payable in gold to
make it on par with it.
Now let US introduce some facts, to
prove that government currency, made
full legal tender, might be on a par
with coin, though not redeemable in it.
France in 1870, during her war with Ger
many, issued currency similar to our own,
not payable in coin, but made a legal
tender. That currency with no material
difference from ours, excepting that the
government received it for all dues, has
remained on par with the coin of the
realm.
In the days of the American colonies,
several of them issued money, not redeem
able 10 coin, but was made q full legal
tender, and which remained on par with
coin.
Virginia in 1885," says Jefferson
issued bills bottomed on q redeeming tax,
but bearing no interest These were re-
ceived, and never deprecated a farthing.
just after the revolution" says Berkey,
in his work on the money question
North Carolina issued a large amount OF
paper money, which was made receivable
in dues to her; it was also made legal
tender.
Several hundred thousand dollars of this
paper money remained in circulation more
than twenty yeas, at par with gold and
x,r,kb NJ okhau ~, ~, hai N
received in the revenues of the state.
Now if some of the American colonies
could issue paper money Tedeemable on
| ly in taxes to the state, and which die
remain on a par with coin for more thai
twenty years, and never deprecated
farthing;" and if France had a pape
money in circulation for the last sevel
years, not payable 10 coin; but which ha
remained on par with it; no good reaso
can be given, why our greenback money
il made full legal tender, might not ais
be equal to coin.
! The government has deprecated it
money by its own act, in refusing to max
it a legal tender to ITSELF for duties o
imports.
And if in addition to making the green
backs full legal tender, they shall ais
be exchangable for government bonds
bearing rate of interest, which will max
them, (the bonds), also equal to gold
then such currency surely would be equa
to gold; though not payable in it.
Such would be a better. cheaper, an
more stable currency, than can possibly b
devised upon the old specie basis policy.
Why not give the greenbaOks fai
chance? Why longer cling to the delusiv
phantom Of specie basis? Let the entir
taxable property of the nation be the basis
then the pyramid will stand upon its Dast
instead of its apex.
This American system Of finance
progressing. 1t will meet opposition, q
the rotundity of the earth was once OF
posed But the time has past to dismis
it with a smear; and the time has come
when we mustlmeet face to face, to discu:
upon its merits.
A. j. STREETER.
New Windsor, Ill.
The editor pro tenn of THE ARGUS woul