The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-08-27

IN 1879 hangs IKE q pail over |
The country, and shrouds every Industry |
10 mourning, The banks are contracting
their issues, the treasury is contracting |
the greenbacks, the secretary is boarding
gold. Every republican paper in Ohio, |
the chamber of commerce of every city in |
Ohio, every enterprise dependent on labor
aud capital combined, in all the land, de-
clare that resumption cannot be effected
in 1879 without utter ruin; aud yet the
money power mercilessly, brutally, even
in these days of anguish, demands con-
traction and resumption.
The law Of 1870 declares that the bonds
by it shall be paid in coin Of the
standard value of July Ia, 1870. Colo!
gold and silver coinl And yet the secre-
tary of the treasury has within sixty days
written letter to the syndicate saying
THEY WILL BE PAID IN GOLD.
The law is its own interpreter, 1t pre-
scribes the obligation of the government.
The secretary cannot add to that obliga-
ton. The law says the bonds shall be
paid in silver and gold. The secretary
says!they will DE paid in gold only. know
that be uses language guardedly, but his
be so understood. If the people do not
signally rebuke him, and repudiate this
effort, it will be claimed that the faith of
the government has been pledged by him,
and the money power will achieve another
victory over labor. Do not be deceived
my fellow. citizens. Chase permitted Jay
Cooke to publish that the fve-twenties
were payable in coin, and thereupon it was
claimed that the public faith was pledged.
and the law of 1869 was passed. | have
read with care
THE SPEECH OF SECRETARY SHERMAN
at Mansfield. | appeal to it for proof of
every statement | have made. There is
not one word in it In favor of the restora-
ton of the old silver dollar; not one word
in favor of the reconciliation of silver
according to the weak and watery plan OF
the republican convention. Mr.. Sherman
says 800, 100000 Of greenbacks have been
withdrawn, and $29,O00,000 of the bank
currency have been issued* | said they
were increasing the interest bearing debt,
Mr. Sherman says that since May he has
bought S2O,O0O,OOO gold with bonds.
said they were contracting greenbacks and
compelling banks to retire their circulation.
tired. -. S36624, OOC
The banks have deposited in the treas
ury TO cover outstanding circulation. 1850, OOC
The banks have been driven by the
threat OF resumption to retain beyond
reserves required by law............. 425OO.OO
Showing an actual contraction within
less than three years Of............. OOt
l said they were boarding gold. Mr..
Sherman says that in the five months OF
Hayes administration they have accumu-
lated in the treasury $44, $4,000 in coin
and greenbacks. | said the money power
demanded and would coerce from the re
publicans contraction and resumption. Mr..
Sherman says the retirement of the United
States notes should depend entirely on
the amount necessary to be Withdrawn tC
advance, within the limited time, the
| residue to par in coin. | said the money
power demanded the sacrifice of every 10
| dustrial interest Mr., Sherman says if he
is left undisturbed, with or without change
in the law, he will, before the time fixed
! for resumption, either by contraction OF
boarding, advance every dollar to its par il
gold. The power can be, ought to be
and will be executed. unless repealed.
Thus has the republican party given the
/
victory has resulted thus, to use the strik-
ing language of another: ''There is no mill
or shop, or store or mine, or farm, or
home 10 the land untouched by
THIS DREAD CALAMITY
which men call hard times. Hundreds o.
millions of almost Omnipotent dollars are
forced to pause in their tracks till a rage
of a single class of laborers is exhausted
Sovereign states are frightened into an ap
peal to the federal government to TAX
care of them. Executives and cablne
governors of great commonwealth tremblt
with a common alarm. Commerce is NUT
and moveless. And in the presence of thi
great calamity will the republicans aban
don and reserve the policy? Not at all
They affirm their adherence to it. Sherma
and Hayes require that they shall enforc
it, and they call for an army to proven
and punish strikes and coerce laborers, an
on congress to adjust fair wages, secur
good dividends, and appOrtion property.
THE DEMOCRATIC PARTY
proposes the exact opposite of this. Tracin
I the pauperlsm and discomfort of the pee
, pie, and the prostration of all prosperity
: to The vicious policy which have described
! L it demands the repeal of the resumptio
r act, the restoration of the old silver dollar
! the retention of greenbacks, the cessatio
of their contraction, and finally, the issu
of all circulating medium by the govern
ment making it all legal tender, and tn
. paper aud the coin interconv9rtible at pa
! This will give us stable currency; SCUM
e currency, and safe currency. This wi
) start the wheels of industry, give sails {
\ our commerce, and labor to our artisan:
: This willlift from oar enterprise and energ
: the weight which has long oppressed then
f This will revive hope, renew confidence
aud, by removing the uncertainty as to tn
future, stimulate the activities so lon
dormant. 1t will act just contrariwise
! THE REPUBLICAN POLICY.
? All business will instantly feel its il
fiuence, aud within year after its adoptiC
g it will rebuild tho places which have bee
: made waste for ten years. | commend
0 to your thoughtful consideration. l com
mend it to you. laborers, whose hear
' have asked nothing more for your ind
/ pendence than as much work as yoI
? strong and willing arms can do. [ con
: mend to you of the workingmen's part.
the foundation Of whose theory is that l
capital should be idle, but that it shou
E all combine with labor. / commend it