The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-10-04
change Of Key Note.

Il
So far as heard from, Senator Oglesby
is the only republican speaker Of note who
still cliugs to the BLOODY shirt" enough
to give it prominence in bis speeches. The
whole drift Of debate in republican circles
is finance, in regard to which they now as
sumo to be the especial champions Of hard
money. The old issue had become stale.
1t was not laid aside as a matter Of choice, |
but from actual necessity. The republicans
had discovered that q large majority of the
people we're in favor Of letting the states
of the Union alone, and of allowing them
to manage their own internal affairs with
out federal intervention. Such policy at
once disposes of the bloody Shirt" and
the republicans finding that it could no
longer be used to any advantage. have
planted themselves on questions of finance,
and hard money at that. 1t is not only
within the memory of the present genera
ton of men, but it is within the limits of a
very recent period that the leaders OF the
republican party were profuse in asserting
their great regard for the greenback, that
the republican party was the real green
back party; that it made the greenback;
and that it had done more than all
others together to keep 1t in circulation as
the money of the people. Il is still fresh
in the recollection of most people that
Secretary Sherman, then senator from
Ohio, in his place in the United States
senate in 1868, was extremely severe in
language against any one who should de-
mand the payment of the bonds IN coin in
stead of greenbacks. Now, however, all
this is changed, and the head of the treas
ury department is the champion of coin,
and Of gold only at that The dearly be-
loved greeaback, which had done such sig
nal service for the country, for which the
party felt such deep and paternal solicit
tude, and which it was akin to treason not
TO accept as the highest relief of govern
meut TO man is now relegated to place of
inferiority, and if the secretary had beer
left to persue his own course would ere
this have been wholly retired from circula
ton.
Do the republicans desire to substitute
gold and. silver for the paper currency Of
the country. That would be "hard
money" in real sober earnest. They don't
propose any such thing. They want pa
per, not paper issued by the government
but paper issued by the national banks.
They are unwilling to divorce the govern
ment and the banks, they are unwilling tC
save the people Of the country
twenty millions, less or more, which thG
banks receive in the way of bonus for do
ing the business which the country could
do better and safer without their interme
diary agency. Still. they are all for hard
money, an honest dollar-as they claim
in short, the whole story is summed up il
saying they are anything to gain further
lease Of power.
The great clamor which the republicans
are now making for hard money is to make
tappear that democrats are opposed to 1
currency with metallic basis. and that they
aim at imitation. Every intelligent republi.
impose upon the country the national baul
system that all their party howl about hare
money is q humbug and lie. So long al
the party is committed to the nationa
bank system, and national banks of ISSUE
continue in operation, SO long any pretens,
of being hard money party is an absurd
ity. The argument of convenience is no
admissible as against constitutional prohi
bition, and the issue Of any form of pape
currency, however convenient, must frs
have the stamp of legitimacy before it Ca
become legal teLder. Therei is no question
but coin in large transactions which in
volve transportation is cumbersome. an,
bnlk as well as risk make 1t desirable I
employ something which will represen
. 1t. To avoid these inconvenience
resort is had to checks, drafts, bills of ez
change, gold and silver certificates, and
some extent the use of bank notes Of larp
denomination. How far government ca
lend itself to anything but coin currenc
depends upon the construction given I
the provisions of the constitution. Tt
obvious and natural construction of th
power given to congress no coin none
and regulate the value thereof and tn
prohibition imposed upon the states in th
same connection is that 1t was the intentio
on the part Of the frances OF the constitl
ton to make the money of the countrycoI
sist wholly Of coin. The FIRST essential d,
departure from this idea was the order I
.ne snenssoretary of the treasury. AlexaI
uer Hamilton corrective the notes q snec
p .s 90 tanks Tor customs dues. e. ,
TINS OE0er has grown more dificulty -