The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-01-19

parentape. and linked together for the de-
struction of all money save gold. In the |
entire catalogue of crimes against human |
society, not one can be found so awful in
all itss consequences, both immediate and
remote, as government commits when lit
deliberately destroys the money OF its own
citizens. No shrinkage in the amount OF
money, no contraction OF the currency IN
the hands of the people was ever enforced
by law to any considerable extent, except
amid broken lives, ruined hopes, despair,
lost honor, and all the vices springlng from
the lowest depths of poverty and human
misery. 1t is said that at this hour there
are three millions of our own people unem-
ployed, who have no other dependence for
food and shelter than the labor of their
hands, and one halt ofwhom are now tramp
ing from place to place for crumbs of char
ity.
After deducting the amount due as in
terest on the bonds, there are not this day
fifty millions of gold in the United States
treasury and in all the national banks be-
sides. If resumption is to take place on
that basis, the gigantic task of this poor
pittance will be to stand good for the re-
demption of $3.50 COZ. 3OS.50 Of legal-ten-
der notes, and 1921, S74,236 of national
bank note circulation, making in all the
sun of $64l S8l ,544.50. The statesand
municipal debts of all kinds, and the
variously estimated at from six to ten
thousand millions of dollars, and every
dollar of this vast indebtedness would call
for gold after Jan. l. 1879. Where are
the people to obtain gold? The property
of the people has shrunk not less than
| thirty-five per cent. IN value. This is a
criminal confscation. In this vast
shrinkage Of all values, arising from the
shrinkage of money in circulation, is to be
found the immediate cause of that general
bankruptcy and ruin which now fill the
land.
If the policy of this government has
been to infict the greatest misery on the
greatest number. its success has beer
complete. During the period which is
now stigmatized as one of initiation, the
windows of business houses were not dark
| ened, and business men did not go as
mourners about the streets. The laborer
did not go home without bread for his wifi
and children. The public peace was mo-
broken by riots in resistance to starvation
wages. The courts were not principally
occupied IN enforcing collections, foreclos-
ing mortgages, ordering sheritf's sales, o
Furnishing the destitute and the outcast
Every act of legislation thus far has beel
dictated by invested capital, and not On
by the people.
MONEY
is the creature of government, both as L
quality aud quantity. Shall it be furnish
ed in sufficient amount to afford a Just equiva
lent for labor and for every other thing Q
value? On the answer to this question
has depended the prosperity or tn
adversely of the American people in a
the past. That government which for an
reason fails to make supply adequate
the business prosperity of It's citizen:
violates that fundamental compact of dut
which must prevail in every free politi
cal commonwealth. The system of ma
tional banking is the most elaborate an
complete scheme for making the peopl
pay tribute to wealth in order to obtain
! circulating medium ever known in tn
! history of the world There is not
dollar to day 10 the hands of the peopI
> on which they have not paid tax. If III
. national banks are a blessing, then OF
, debt is blessing. for the debt supports Ii
banks.
On tie one hand here is the vast none
power in all its various developments
/ bonds, banks and savings institutions; an
on the other are the great industries, tt
active business, and the laboring peopl
The issue has been years IN making u
but 1t is now joined; nobody need be d
ceived. The power of money in times iii
IS these is very great, but! | am much
ceIved in the people if they have D
}! turned at last In defiance and DO
y warning upon their oppressors. They a
10 not in favor of repudiating a single doll
= OF their public or private debts. Tn
10 intend to pay everything they owe, b
E they intend to submit to no more chang
lie Of contract, violation of obligations, a
pc breaches Of public faith in order to
rs crease their Indebtedness or take aw
40 their means to pay it.
~ WHAT THE PEOPLE DEMAND.
a. They demand the restoration of t
We Ot the act of IAN. IA. 1875, compelling
r. resum ption of specie payments in Jar
u airy, 1879; that the national banking 8,
he tenn be removed. and circulating medir
ed in sufficient quantity be provided by t
his government; that this currency shall
tie made a legal tender in payment of
s. debts, public and private; ana that hel
ed after the financial policy of the country
cit framed permanently in the peoples int
Ter est. plead for the financial credit of I
ed government. 1t rests on the popular v
er alone, and that will can no longer be def
is or menaeed with impunity. The PEG
1st are sovereign; they can bind and they {
n loose. If the money power is advi
rs, with wisdom, it will stop and retrace
he steps. 1t contronts power now might
il than itself; free people at the ballot b
in infamed and united by a sense of Unjust
nd and oppression If, however, it is j0ir
air to its golden idol; if its heart is harder
On, and its neck stifened by its vast poss
n sions; if the burning lust of avarice
made it deaf to the voice of reason, 8
blind to all human experience, it will p,
on In its career until it works its own
"a structioD; tor, sooner or later, the PEG,
an irrespective of party names, will unite
'h' their own defence and establish Justice.
he
las ~