The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-02

Our policy as a people has initiated and
maintained the double standard. The
constitution and laws up to 1873 recog-
nized and enforced this policy. Demon
etization of silver by US leads to its total
disuse. The total disuse Of silver as
money reduces the measure of values and
increases the value of money Indebtedness.
1t will destroy its use as subsidiary coinage.
1t will give the world scanty instead of
full circulating medium of intrinsic value.
Bulk is no objection TO the use of silver for
deposit, as the cost of transportation is
based upon the value and not on the
weight. Experience teaches that the use
of the double standard with universal
relative value does not drive out either
metal. Its reconciliation and use gives
demand and value to silver and tends to
equalize it with gold.
OUR INTEREST AS A NATION.
As silver producing nation it is to our
interest to give it use as money. 1t we
demonetize we discriminate against our
own production. We appreciate gold by
discarding silver and legislate to raise the
value of the article we are buying. This
is contrary to the interests of our own
people and demanded by no standard of
morality, With double standard there
is less huctation 10 value than with single
one. The use of both metals gives healthy
progress, basis for confidence. value to
currency in paper and a just measure of
value. The use Of but one strikes out of
existence large part of the worlds capt.
tai as a measure of value, andsis prejudi-
cial to the progress of civilization. The
value of the dollar of 4l23 grains has been
steady from 1892 to 1873. Its value in all
those years has never been in'erferred
with by legislation, 1t is implied in the
word ''coin," used in all Of our statutes
creating indebtedness. Its coinage was
suspended, not because itswas cheaper, but
because it was dearer than gold. During
all tie years when our credit was pledged
as we'll as when the Public Credit act of
1869 and the Funding act of 1870 were
passed, it was above par in gold and was
plainly implied in our contract. There is
nothing in our obligations to our
creditors that infringes upon our right or
power to retain the double STANDARD. It is
the only safe and sure path to resumption
of specie payments. 1t is most unjust and
negotiable for those who own and control
the measure of values to seek to reduce
the quantity thereof upon the ground chat
there is an over supply of one of them,
Those who own the debt have no right tC
dictate the terms of payment. Those who
owe it and are to pay it are to be con.
suited before the contract is changed
There is no foundation, either in morals oil
in law, for enhancing the value of the
debt. and it is neither just nor expedient
to do so, and the exercise of the power tt
adopt gold standard awakens distrus
among the people and tends directly tt
weaken the binding obligations of the pub
lie faith. Are my brethren on this side
of the chamber determined to drive us q,
an organization into the vortex of unlimited
paper imitation? We do not want this il
Pennsylvania, and we pray to be relieved
| FROM the memorable fate to which you
Concluded on next page.)