The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-11-22
Not 40 sure of it.


ly repeats the silver law enacted at the
last session of congress, has met with such
unqualified disapproval from majority OF
the press and people that the virtual re-
peal is itself in danger Of being nulli6ed.
Whatever may have been the completely
of the secretary Of treasury in the action OF
the banks, the language of the country in
regard to the attempt to virtually demone-
tie silver has been SO plain and emphatic
that !. the secretary finds it necessary to
hedge" and with his usually facility as
political trimmer he finds 1t
convenient to be interviewed and
make the declaration that he
is not in the bank scheme and thinks their
action is at least premature. The secre-
tary is known, however, to be opposed to
silver being a measure of value, and in
favor of single standard Of gold, and all
his efforts have been directed to render the
silver law ineffective so far as the treasury |
department could produce that effect. The
announcement is made that Hayes and his
Secretary Of Treasury have adopted a
plan 10 regard to finance, and
the disposition of silver, which
will be presented to congress at its coming
session, and which the secretary thinks
will be sovereign remedy for the ills fthe
country. What they propose is not dis
tinctly stated but indirectly it is intimated
they will recommend either such limita-
ton of the amount of silver to be coined as
will prevent its becoming prominent fac
tor of the circulating currency, or else change
the weight of the dollar and make it equal
in bullion value to gold. Either plan
would secure for gold instead of silver the
effect of being the measure 10 which all
debts are to be paid. AS the silver dollar
of 4l21 grains is worth less in market
value than the gold dollar of the country,
and at the same tue is legal tender at
face value for the payment Of all indebt-
edness, the plans proposed are only
schemes by which the debtor class are to
be made to pay in the dearer COMA thing
which cannot be done unless silver is vir-
tually demonetized or the weight of the
silver dollar increased.
Just at this point comes the essential
difference between the democratic party
and the republican party in regard to gold
and silver. The leaders of the republican
party are using their utmost efforts to
hr.1 H. ruh1oh bo hon lrc
propose, and to make war upon the silver
dollar. They want only the single gold
standard, aud continuation of the system
of national banks.
On the other hand the democratic party
favor free coinage of silver. and the ulti
mate abolition of the national bank sys
tenn. The scheme of the republicans il
wholly in the interest and for the benefit O.
the creditor class and capitalists; the dem
ocratic policy proposes to give justice ant
fair play to the debtor class, while at thu
same time it does no injustice to the cred
itor class. If gold were wholly in disust
aud silver the general medium of circula
ton the indebtedness of the country would
still be paid in money of greater valu
than that in which the Indebtedness wa
incurred. 1t is now quite clear that th,
subject of finance is to be the engrossinl
topic at the next session of congress, anC
the position which the democracy hole
upon the silver question is one which
9 fully believe the country
will generally sustain. With the oppo'
sition of the President to silver, or BIZ
metallic standard, any change which would
be more favorable in that respect than the
existing laws would receive at his hands 9
prompt veto, and it is not likely under the
present circumstances could be passed ovel
his veto, but the democrats can most as
suredly maintain the law as it stands if il
cannot be bettered, If the republicans
desire to make the silver question an issue
for 1880, the democrats need no better Is
sue to go before the people with there il
little doubt but large majority of thu
people, take the country together, desir,
at least that much relief from the onerou
burdens Of accumulated indebtedness, an,
so long as it is not only legal but eluitabl
the people when they apprehend the stu
alton will gladly avail themselves of th,
benefits Of the bi metallic measure o
values. Even the third or greenbacl
party would be in fact much nearer il
sympathy with the policy Of the democratl
than the republicans, and if they are wisC
and honest in their future action they will
heartily support the democrats as against
the republicans. AS to that, however
we shall see what wo shall see,