The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-06
Ghe 9ailg Argns.
Concluded from second page. ,

Concluded from second page.l
IN every State In the Union. The leadars
OF the democratic party in the New Ena-
land States cried out that in opposing The
radical scheme of RESUMPTION their renra0
sentatives were abandoning the fa;,b IF
Jefferson and jackson. The times IN the;r
days were very different. There WAS NO
great public debt and but little private in
ueotedness, and the Treasury was pie
.norlc with surplus revenue. The business
INTERESTS OF the country then could no more
measure or determine the wants of 10. dav
IMAM the wagon or canal boat of our sires
could transact the business which lightpine
ana steam dld to day. But jefferson de.
eiafeu In favor of the suppression
Oh national bank issues and the
substitution of treasury notes bearing
no interest, not redeemable in coin. bnt
receivable for the public debts. The nil
mate aim OF the resumption scheme was
20 place the control of the paper currencv
OF the country-that is of four .fiftbs of the
money with which business was done-in
II 1ne nands OF the Incorporated money mower.
10 the government alone belonged the
power to make money. 1t was not RIGHT on
princlple to clothe any evidence of debt Of
private corporations or individuals with a
government panoply. All the property of
the people amounted to about $50, 600, 600. :
ooo. This whole amount was measured
oy little more than one one-hundreth part
OF Its sum in money. The increase of one
NTH In that sum of money increased the
rataote value of the property $40, 900, 600. :
00O, and Its decrease would produce a like
decrease in its value Give the money
changers of the country such power over
the currency of the country and thew could
make hard times by contraction or good
times by expansion at their pleasure.
PURPOSES OF RESUMPTION.
The purpose of the Resumption act was
to destroy the greenback currency. Ithad
been repeatedly so interpreted by the Sec
retarles of the Treasury. RESUMPTION
could not be accomplished without mas,
sacre of the business of the country As
the currency was contracted values of all
kinds had diminished, and the loss already
accrued to the country from the threatened
resumption exceeded the stupendous sac
ri6ces of the civil war. It brought distress
to taxpayers aud enforced idleness and
starvation on millions of laborers. No
nation had yet maintained in circulation re.
deemabie IN coin volume of paper money
equal to the volume Of coin in the country.
In European States there were from two
to three times as much coin in the country
as paper. This was necessary in order to
make redemption safe. Yet here it was
thought that one gold dollar could redeem
three of paper. 1t could do so just so long
as the gold was not wanted, but in seasons
of panic. when the coin was demanded, the
bubble always burst. There was probably
less than $3.50, 100000 of gold in the coun-
try and $650,000,000 of paper to be re-
deemed on next New Years Day. To re-
sumo specie payments, therefore at least
$500, 100000 of gold must be collected or
the paper currency must be cut down to
less than the volume of gold which could
be accumulated. Contraction must GO on,
as the gold could not be accumulated for
the reason that the country is constantly
supplying other nations with the precious
metals. Even last year when the balance
OF trade was 1856, 100000 in favor of the
United States there were reported $16,-
100000 more gold than was imported.
There were at present S33,500,0O0 in gold
applicable to redemption in the Treasury
OF the United States. By a miracle it
might be increased to $50,0O000O with
which to pay the greenback circulation.
By some legerdemain of funding the cur
rency would have to be contracted. The
inevitable effect would be the shrinkage Of
values of land, labor and property. The
effect of the fall in values had already de-
stroyed the shipping interests, had bank
rupted the railroads, had enforced idleness
in the coal and iron mines and IMPOVERISHED
the mercantile classes 1t had turned
100000 of woIkingmen into tramps, and
compelled 100000 more to exc out a
miserable existence on starvation wages A
continuance of such contraction would
bankrupt the nation and benefit only the
bondholders, 10 conclusion, the speaker
advised bis hearers to band together. with
out distinction of.party and.organize for the
reconciliation of silver and the repeal Of
the Resumption act,