The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-11-13
Another squeeze.


move in financial affairs it is another
squeeze upon the poor and the debtor
class. The proposed change in regard to
silver means that the debtor class shall be
compelled to pay $l,lO for every dollar OF
indebtedness, or else silver shall be mace
a subsidiary coin and legal tender tor only
small sums.
The hanks of New York city have band
ed together to bring about resumption Oh
a strictly gold basis and to make war upon
silyer--the intention is perfectly plain aud
their proceedings are not even disguised.
II is about time the government and the
hanks were divorced. This country once
had a struggle with the bank power when
il was nothing in comparison to its present
strength, and it succeeded in getting the
upper hand and in asserting the right Of
the government to be its own agent. Out
of the alleged necessities of the war of re-
bellion came into vogue another banking
system called the national bank system,
which is every whit as ambitious, as vicious,
and as relentless in its pursuit of power
and control of the nation as was the ma
tional bank of former days.
The movement in New York under the
pretence Of aiding practical resumption is
in reality only forcing an issue as to
whether the banks and bank management
shall become part of the administration
of government and dictate its inancia
policy, or whether the government is able
to be master of the situation, 1t is il
other words simply question as to which
Is the greatest the creature or the creator
So long as John Sherman is Secretary o.
the Treasury and is in league with nationa
banks and Syndicates so long every move
made by him will be 10 concert and in aiC
Of their special interests; and SO long a
the republican party are welded to tn
national bank system and keep control o
the administration of the government g
long the people may be sure that an,
measure which would be beneficial to tn
debtor class, or in any way lessen the op
portunities of the capitalists, will meet wit
no favor at the hands Of the republican
party. Its pretence about being tn
friends of honest money, aud all that,
sheer CANNON except so far as the capital
list and money lender are to be bene6te
by return to the highest priced col
II L. Ii L. 40 ohk
Carthage est delendG:: there is no US
in being mealy the nations
bank system of the country must 60 IN
der, or else the money power of the Ian
will become supreme arbiter of all egisla
ton and dictator at the polls. The silve
bill which became law at the last sessio
of congress was far from being all that tn
country ought to have had, but it was a
that could then be obtained ;-as far as
goes it is in the interest at the masses an
the debtor class, the question is moi
undoubtedly to be reopened and agitate
anew as soon as congress. convenes. I'll
plain English of it is that the credit cla
vi liC GuSb hOb odtAphOO Will CIV
that much of relief to the debtor elias
and on the showing of this falls eie
tons they believe they will be able
make another squeeze,-that the countl
has been fooled and deluded into the b
lief that corporations and money lende
are the only ones who know aught
finance, or who believe in an honost dolla
They are little mistaken about it no
ever; a silver dollar is an honest dolls
and the constitution of the country col
templates it shall be so made and use
Loans of greenbacks when worth fifty cent
or sixty, seventy. or eighty cents on Il
dollar, if the principal and interest are r
paid in silver dollars at 4l23 grains vie
enormous gains and ought to satisfy Il
greed Of money leaders to the full, witho
forcing payment in something worth t.
or fifteen cents more on every dollar to
paid. A certain class OF people may su
pose the country will submit to such e
tortions under the pretence of resumptiC
but il it shall be attempted they arc lik
ly to witness some very serious demonstr
tions Of public sentiment adverse to the
designs.