The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-12-10
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ROCK ISLAND, ...........1nrrno1s
HENRY c. CAREY.


Synopsis Of HIS Views on Currency.
THE THREE MOST PROSPEROUS COUNTRIES
OF THE WORLD THEIR POLICY AND IT'S
RESULTS.
/. Italy, with paper currency suffi-
Gent to keep the wheels of commerce in
active motion. Premium on gold, II per
cent, giving such protection to the domestic
industries as creates a demand for labor,
rapidly improves the condition Of the peo-
pie, and gives value to land that till now
has not been known. Great increase of
foreign commerce; growth of that with
protective France keeping steady pace with
decline in that maintained with free trade
England. Foreign debt almost extinguished
since adoption of the legal tender tgreen-
back system.
2. Holland, that until quite recently.
anxious to avoid the dangers incident to
maintenance of the same standard with
that of England, the land of commercial
crises, has adhered to the silver standard,
and now maintains the double one.
3. France. the one country that has
steadily adhered to protection throughout
the whole of the present century; and
that, as consequence, maintains at par
with the precious metals, paper circula-
ton that until now has had no parallel in
the world. Free from foreign debt and
creditor with almost all the nations, she is
commercially independent to an extent
that until now has never anywhere been
known. Rapidly growing commerce. for
eign and domestic, gives value to both
labor and land; all this, too, despite tax.
alton OF the severest kind resulting from
the recent war. Active and prosperous
beyond all former precedents.
THE THREE COUNTRIES THAT NOW TRAVEL
MOST RAPIDLY ON THE ROAD TO RUIN.
l. Great Britain, leader in the anti
slavery and anti-paper movement, and now
the severest sufferer from the adoption by
other nations of her teachings. Paper
prescribed below $25, and even above that
limited in its amount Silver demonetized.
Trade with China, India, South America
and other siiver-using countries democrat
lied by reason of the great advances in the
price of gold. Steady decline in the guam
tity and value of exports, attended by
growing dependence on foreign countries
for supplies of the most necessary com
mOdities. Free trade system breaking
down, and gold monopoly system likely
soon to follow it.
2 Germany, slavishly following the
example of Britain in abolishing papeS
below $25, and even then limiting the
amount; IN demonetizing silver, and also
IN adopting freetrade principles; finds her
territory now covered with broken banks
and ruined factories, destitution among
her working people prevailing to an extent
4hnk ha1
known since the terrible free trade period
which followed, sixty years since, upon the
conclusion Of the great wars of the French
revolution.
8. These United States, wasting annu-
ally, as they now are doing, thousands of
millions in the effort to place themselves
side by side with steadily declining
Germany and Britain; des rowing the
land and labor; and filling The country
with tramps who wound gladly work could
they find employment. How well they
have succeeded 10 annihiiating that finan-
ciai Independence wh,ch existed at the
close of the recent war is proved by the
fact that while France has paid off all the
foreign debt contracted at the close of the
German war, and Italy has been almost
equally successful in the same direction.
IHC9 nave Oulle up q lofcigUO QUE III GZ.UuU.G
100000, and have thus placed the country
in subsection to foreign nations the like (
which has no place IN the financial history
OF the world. The road on which they are
travelling tends TO, and can, if they con-
tinue onward, end only in reputation of
the national debt, calamity with which
their competitors, Germany and Britain,
having no foreign de BIT, are not yet threat
ened.
Depression, bankruptcy, and ruin pre-
vaiiing throughout almost the whole com
mercial world, as necessary consequence Of
the absurd, if not even of the wicked,
action Of the rulers of two of the greatest
powers of the world in following out that
British system which was invented for the
purpose of further profting the moueyed
class at the cost of the workers and tax
payers of the kingdom. Remedy for this
depression there can be Dcne, except in
the absolute abandonment by America and
Germany of the ruinous system now in
vogue.