The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-12-22
The g ailg Arsns.
ROCK ISLAND.
What the Wall Street Magnases thirk
of the Silver Questionable Great
quantity of Mexican Dollars In
New York.
N Y Herald

So far as the money centre of New York
| Is concerned, an invasion of the capitalists
strongholds in Wall street yesterday re-
vealed the fact that the anti-silverites are
ranged under the banners of the syndicate
firms, and the pro-silverites fight on the
side of the local brokers and of houses that
are embarked in domestic negotiations.
Mr.. Morgan, OF the firm of Drexel & Nor
gan, did not care to express any decided
| opinion as to what effect the passage of the
silver bill, now before congress, would have
upon the financial prospects of the union.
lie had no hesitation, however, 10 saying
that his establishment would receive silver
10 moderate amounts on deposit. and give
depositors greenbacks for it on demand at
par. he was not aware of the presence of
the Mexican dollar 10 the market in any
considerable quantities.
Mr.. Fisk, of the firm of Messrs. Fisk &
Hatch, bankers, thought that With regard
to the silver bill the country is alarmed
about nothing" Itwould. he suggested,
be grave mistake to pass such silver
bill as would admit of the national securit
les being paid in that metal. As to the
statements from the West to the effect
that the trade dollar is at a discount when
compared with greenback currency, it is
all mistake, which current quotations
will show at a glance Mr.. Hatch, of the
same firm, believed that the reconciliation
OF silver, under certain restrictions, would
Go the country do harm. A principle
restriction should be one that would pre-
vent the application of silver coin to the
payment of government securities. The
reconciliation of silver would split the
difference between its marketable value
and that of gold, thus raising somewhat
the value of silver and perhaps depressing
that of gold. The coinage of silver should
be limited to the government alone.
THE OTHER SIDE OF THE QUESTION.
A number of influential gentlemen who
favor the reconciliation Of silver we're con-
suited, and their views, taken as a whole,
may be briefly stated. They contend that
the Funding bill, although not chargeable
with all the mischief, has had more to do
with bringing down United States securities
than the Silver BILL The fve-twenties
were directly affected by the Funding bill,
and the other classes of bonds doubtless
suffered 10 sympathy With them. 1t is nom
sense to say that the national debt could or
would be paid in silver, even if the Bland
bill became law. Where would the silver
come from? This country produces only
| $4,000, 900 per annum, and the surplus
silver of Europe, to the enormous amount
of 100000 600. finds ready outlet in
China and ir India. We are under the
tutelage of foreign syndicates and have not,
thus far, dared to think for ourselves
Shall we have in our mines countless mil
lions of the precious metals and not presume
to use them for our own benefit just because
the doing might somewhat inconvenience
the money centres Of London, Paris, Frank.
fort or Berlin? What the American people
stand mostly in need of is an abundance o.
silver. The bondholders shall have dollar
for dollar and cent for cent on their invest
tWents, but the people of this country arr
going to use for their own benefit the wealth
that bounteous Nature has placed a
their disposal.