The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-12-14
FRIDAY, December Il. 1877.
silver.

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as senator, and tne contest as to the admls-
sion Of senator's in disputed cases being
now entirely disposed Of, the absorbing
subject of senatorial controversy for the
period intervening from now until the hol-
iday recess is likely to be the silver ques-
ton. German to BANDS bill is Senator
Mathews silver resolution which is also
under discussion. As the time is now at
hand when the friends Of these measures
in the senate are about to urge their pas
sage, and either secure the enactment Of
law for the reconciliation of silver, or
make sure of having Mr.. Hayes 60 on
record as the patron and protector of bond
holders and foreign capitalists, the oppo-
nents Of the bill are protesting to be
greatly alarmed at the prospect aud are
very loud in expressions of the necessity
Of sustaining the public credit" keep
ing faith" AID "redeeming the Nations
pledges" The bondholders are Mortified
at the prospect Of being forced to accept
100 cents instead of 10S cents on the dol
lar. The finances of the country, aud all
legislation in regard to that subject, have
for so long time been subject to their
dictation and manipulated in their special
interest, that any legislation which looks
to the public welfare and tothe restoration
OF relief and prosperity to the iDdustris
and commercial classes, is assaulted with
the most opprobrious epithets and de-
nounced as Reputation, while the
friends Of such legislation are termed
"silver swindlers," and the nation that
would protect its citizens against the rapa-
city Of the gold extortionists is corporate
scoundrel' In evidence that these state
ments are not overdrawn we copy from the
New York Post, which says:
THE people Of the United States ough
to be fully aroused to the danger which
threatens them. We are not sure that We
should except the rebellion of 1861 when
we say that the present peril is greater
than any which the country ever before
has encountered. If the union had been
ulNlu6u, IL still uuikub udNO DCSu pOoolDiC
for two republics, made up Of honest, debt.
paying, misunderstanding citizens, to live
q decorous public life, and to secure the
respect and confidence Of mankind. But
what will our one republic, large and pop
ulous as it is, be worth if it is 10 be known
throughout the world as a corporate scoun
drel; if its inhabitants shall incur the Just
contempt and distrust of civilized nations
as rascally repudiators2 1t must be re-
membered, too, that the rebellion OF 1861
was the movement of a minority; while
everybody is asking whether the scheme
of the silver swindlers is not supported, SC
far as representation 10 the federal legisla-
ture is a test, by two. thirds of the citizen;
of the United States"
When journal which pretends to be al
exponent Of public opinion can give utter
ance to sentiments like these. it shows il
what extreme peril the interests of th
people are involved, and with what Taught!
and defiant spirit the bondholders are de
termined to control national legislation
Senator Matthews argument 10 the senat
upon his silver resolution, and which
substantially reproduced in what here
after follows, is decidedly to the poin
Mr.. Matthews resolution declares 9TH
right Of the government to pay principi
and interest of bonds in silver dollar
containing 4l24 grains of standard silver.
In support Of this resolution, he said:
The general assembly of the state
Ohio, at its session last winter, adopted
resolution favOring the restoration OF tf
silver dollar. This resolution was passe
with great unanimity, there being but
negative votes in the house Of represents
tives and one in the senate, and he had I
doubt that it expressed the consideraI
and deliberate opinion OF the people
that state on the subject with the sau
unanimity as was evidenced by their rel
reseDtatves in the passage of the resoll
ton. He had been moved in part by thi
resolution TO submit the one now befOl
the senate, though his resolution did M
cover the whole ground. That of tn
Ohio assembly expressed the opinion thu
such restoration OF the silver dollar WI
demanded by true financial wisdom al
declared it would be in pursuance OF pro-
or public policy to do So 1t was not b
purpose now TO discuss the latter propos
tions as to what would be expedient an
polite for the government and people
do, but what would be right TO do. In b
ment to do so, and he used the word TigI
in its legal, equitable and moral seuse.
was bis purpose to day briefly to sho
that by tie letter and spirit OF the law Il
government had the right to restore Il
silver dollar and would be justi6edin doiI
So aud further to show that, outside
the law, taking in view all the circuu
stances Of the case, every incident
financial legislation. that the restoration
the dollar would not be in violation of pu
lie honor, public justice or public equit
lie then quoted frUul the act TO strength,
the public credit, approved March, 1856
and argued that the word coin as used
this acr mustbot be interpreted to refer
gold coin alone. If it must be so inte
preted then it would be just as dishouor
bic, just as illegal to pay United Stat
treasury notes now in circulation as mon,
in anything else but gold coin as il wou
be to pay bonds with anything but sue
coin. There were senators here who We
familiar with the circumstances attendiu
the passage OF this law and the history
Legislation anteeedent to It's passage. III
question that it was designed to solve W
not doubtful one The greenbacks b.
been made legal tender for all debts al
demands, public and private, except int
est on public debt and for customs dutie
The question had, therefore. been agitat
as to whether the principal of the DE-
might not lawfully be paid in greenbacI
aud to meet the question and to answer
in the negative the public-credit act of Is
was pHssed. In his opinion the origin