The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-21
The Silver Bill.
Ills. State Register

Inc silver Dill, as IL passed the senate
does not differ essentially from that which
passed the house except that the free
coinage clause is stricken out, and the
secretary of the treasury is authorized
to purchase silver bullion, and to issue not
less than two nor more than four millions
per month; the dollars thus issued are to
be legal tender for all purposes, except
payment 10 other coin is stipulated by
contract; and the president is authorized
to appoint com missioners to an interna-
tional congress as to coinage.
These exceptionl provisions are very
absurd, but will not greatly reduce the
benefit to the people which the restoration
of the old silver dollar will afford. The
amendment providing that the secretary
of the treasury shall purchase bullion
and issue the dollars in limited extent, is
due to the prevalence of that modern
pernicious heresy that the government
may rightfully regulate the amount of
money which the people may have or use
1t is based on the idea of paternal
government, which shall supply the
people with money as q parent supplies
his children with food and clothing of such
quality, in such quantity, and for such uses
as his superior judgement shall decide.
1t is most ridiculous as we'll as s most
pernicious stheory, but it finds abundant
precedent in the financial legislation of the
past sixteen years.
The limitation of the legal tender quail
ity of the dollars which the secretary of
the treasury is to issue is another act of
modern heresy which would haye been
secuted as a frantic sbsurdity before 1862.
The idea that the government of the
| United states can coin dollars which are
legal tender for some purposes and not for
others, is so utterly opposed to all correct
construction of the constitution as we'll as
| to all true theories of government that 1t
seems Incredible that it can have obtained
| so many supporters in the United States
senate. The third amendment, providing
for representative of the United
States, in an international coin
age congress, is, we believe
more novel than either of the other absur
dities. 1t is equally absurd whether the
true or the modern theory of coinage be
adopted. The true theory of coinage is that
the congress has the right to coin money,
regulate the value thereof, and that the
people have the right to the use of lust
so much coinage as they choose 10 have
made. Uunder this theory it is quite clear
that neither the power of congress nor the
right OF the people depend at all on the ad-
vice or consent of any foreign power. The
modern theory appears to be that congress
mas the right to issue money of any sub.
stance, IN any quantity and of,auy quality it
or any officer of the federal government
chooses. If this theory be correct, it is
equally clear that no foreign conclave il
required or permitted, IF it be true tina
the people OF this country have no RICH
over the coinage or currency, it seems
equally clear that the representatives O
foreign countries should have no power Il
advise what coins the people here should
be allowed to use.
But even with the absurdities and limi
tatl0ns the bill is an advance on the enact
ments now on the statue book, for it ad
mits that the people have a right to a spe
Gle currency, which right has been steadil,
denied. 1T there was any prospect of get
ting better or more proper bill through
.. the senate, it would be well if the hous
should strike out those absurd amendment
but it is not probable that it is possible Il
convert the centralizers to constitutions
doctrine. The use of the degrading ant
base conditions provided by the senate
will soon show that the theories of the cen
tralizers are as absurd as they are pernici
Gus, and before two years have passd Their
will be such an accession to the presen
, force of public sentiment in favor of th
!, silver dollar, as will sweep from the statut
books all the limitation of the rights of tn
people as to currency, and will dissipat
the foolish theories which haye caused tn
attempt to limit those rights.