The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-09-18
HON. JOHN B. zAwLEY.

HON, JOHN B. HAwLEY.
Our distinguished fellow -townsman, Hon.
John B. Hawley. was greeted last evening
at Darts Hall with an audience, respect
able both as to numbers and intelligence.
A fair proportion of those present were
democrats, who availed themselves of the
occasion to listen to an exposition of fnan-
cial affairs from one whose position gives
him unusual opportunities for being
thoroughly versed 10 the practical oper-
atoms of the National Treasury depart
ment. Mr.. Hawley's address, as might be
expected, was made 10 the interest of the
republican party with which he has always
been politically connected, and so far as it
reflected partizan views and tempted to
hold democrats in any way responsible for
existing financial evils, bis statements were
ouly those Of other leading men Of the re-
publican party with whose views the pub
lie are already familiar. In justice to Mr..
Hawley il is proper to state that the par
tizan views he expressed were rather in
cidental than otherwise, aud not promi-
nent characteristic Of his remarks, The
principal topic discussed was the monetary
condition of the country, and among other
things he made the frank and truthful adj
mission, that, fer the present financial
policy and condition Of finances
The country as indebted to the
republican party" In stating some
Of the many causes which have
combined to produce hard times, bis emu
meration will be recognized by thinking
men as containing much which is obviously
true. To quote bis precise words, he said;
Many causes have combined tn produce
hard times. We passed through a great
war that cost us about $4,000. 100000. Du-
ring the war the government paid out
about 81 ,000, 600, 900 year. Such enormous
disbursements necessarily made, for the
time being, good times, The war was fol-
lowed by q period of wasteful extrava-
gance in every department OF life, both in
public and private affairs, We spent hun
dreds OF millions in the construction oil
railroads that the wants of the country
did not justify; we
PILED THE VOLUME OF DEBT,
private and municipal, mountain high
All that the war cost Us, aud all our
wasteful extravagance. had to be paid for
and added to all our corporate debts j
made load too big for us to carry. The
result was financial ruin to many thou
sands of our people and hundred
of thousands. were thrown out Of em
ployment We had bought from abroad
and manufactured at home more than WI
could pay for and more than we could sci
or use. The result was inevitable bank
ruptcy and ruin.
That part of his speech devoted to tn
national bank system presents no argument
specially new or interesting. 1t is maini
directed to an attempted refutation O
Senator Thurman's speech upon the sam
subject, and is in accord with Secretar
Sherman's plan to insist upon resumption
at the earliest possible period at which i
can be enforced, preserve and perpetual
the existing national banking system, ant
permit the amount of greeDbacks to re
main at the amount as now fixed by act o
congress. The summary of his argumen
on this point is this:
Under the national bank system TIL
currency can be contracted or expanded &
meet the business wants of the country
and we can easily carry the presen
amount OF gTeeDbacke as part of our &
nancial system. We have tried the pres
sent system nov for good while, and W
have found that il works we'll. The green
back and the bank note are each approach
ing par and both will soon have reache,
it. Every holder of national bank not
feels perfectly secure. No holder eve
lost q dollar on account of the failure o
the bank. The bonds deposited with th,
government are perfect security agains
such loss.
The arguments adduced by the speake
upon the subject Of fiat" money and IRE
deemable issues of Rreenbacks are BY far tn
best part Of the address, and are entitle,
to thoughtful consideration. The thir,
party movemant throughout the countr
embraces two elements, the greenbac
element proper which has no natural afiu
ity or actual fellowship with destructiv
notions in relation to property and capita
the other an element with instiuctiv
leanings and natural tendency to tn
extreme views of communistc dos
mas. The greenback eIemer
which stands ready to lend itself I
schemes of fiat money" so-termed, migh
peruse Mr.. Hawley's remarks TO thei
substantial advantage, and as we shout
hope profit by the reading. 10 addressin
himself to this class he remarks as follows
There are great many persons VIII
seem to think that greenbacks can be i,
sued by the government to any amour
without limit and without any means q
promise OF redemption, and at the sam
time such currency be as good as any olhe
money. confess this is strange theor
and do not see how any one can beliey
in it, During the war the greenback d.
preciated so far that at one time it require
1886 in that currency to buy dollar
worth of bread, and this too while it boz
upon its face the solemn pledge o. Il
government that it should be redeeme
and the law so declared. In 1869, whe
President Grant was inaugurated and fol-
years after the close of the war. it toe
$l.32 in Rreenbacks to buy one dollar
worth of bread 1t is not true that Il
mere declaration off the government that
piece OF paper should be legal tender f
dollar makes it worth dollar.
Gen. Butler. of Massachusetts,, is Il
head and front Of the movement in fav
OF issuing paper currency without a