The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-01-25
The Public Credit and the People.


The maintenance of the public credit at
a high standard is an enterprise that
has many considerations to commend it.
Patriotism and profit alike favor it. The
high-minded statesman and the cold
blooded political economist unite in urging
it. In the family of nations those which
promptly pay their debts and the interest
on them stand foremost in position and
Influence, while those which make de-
faults are marked for decay. 1t is cheaper
for nation, as it is for an individual, to
meet its obligations promptly, fully and
ialrIy, than to deal falsely with it's credi-
tors; tor all nations are compelled to Dor
row at times, and the question OF good or
bad credit Is one Of borrowing at low or
high rate OF interest. 1t is important,
therefore, that government shall possess
the confidence of those who lend money, so
that III times of need it may be able to
borrow at per cent. instead of 8 or 10 per
cent. This fact is too plain to be disputed.
ana no advocate of silver payment pre-
tends to dispute it. But it does not follow
that the public credit is to be maintained
creditor may demand There are we'll
defined rules governing this matter. Con
tracts must be held tointerpret themselves.
1t matters not what either party thought
they msan,; what they actually say
is the point to be ascertained. If they say
dollars, they mean either of three kinds of
lawful dolars-gold, silver or greenbacks -
and it Is the debtors privilege to elect
M . A.
elect which he will demand; and when the
debtor tenders either of these kinds of law
tul dollars he does his whole duty.
The advocates of gold payments are
pushing this consideration of public credit
to an absurd extreme: they are pushing il
to point beyond the ability of the people
TO maintain it. In 1869 they demanded
and received 5000, 100000 more than thew
were entitled to under the contract: and
now they are demanding $50, 600, OOC
more than they are entitled to-aud we
are told that If the new demand is refused
the public credit will suffer. But do they
not know that compliance with their un.
reasonable demand would do more to i'm.
pair the national faith than refusal? A
man may yield to the exactions of nm
reasonable creditors till he has notbipI
lett to pay with-and where is his ,redi
then The ability OF people to pay has
great deal to do with their credit II m,
United States government were to pro
claim that 1t would pay oil claims made O,
1t, the treasury would soon be empty an,
1t would not be able to pay any. This &c
maud Tor D per cent. more than tn
IuhIic debt contract calls for comes 8
time when the wealth OF tn
nation is shrunken, the sources of 4
revenue impaired, it's industries crippled
and one-iourth its productive labor Idle
when bankruptcies are taking place by II
hour and the ability of the people to ps
taxes is seriously diminished. Is this
time ior upj1st exactions not warranted |
the contract2 We do not know wher
nor when this general distress will end.
may grow to be so grievous that the be,
pie will have to demand a reduction Of the
taxes. There may be difficulty in payil
the interest on the public debt, and 4
Durdened people, exaggerated by the n,
exactlons made on them, may begin to
gard the public creditor as public enem
The people of this country are burden
WIN an aggregate Indebtedness of vario
Nnds, which 1t will require thirty or fol
years to pay-and much of it will never