The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-09-23

NOW x0u zee AZ, ana NOW xou Don't,
The ways Of political jugElery are al
ways devious and uncertain. No man has
occasiou TO realize this fact more yividly
tlaan the Secretary Of tie Treasury. Ooe
Of his particular Characteristics is the ease
with which he can veer from one side to
another 10 response TO what be believes to
be popular public opinion. The, moye-
ments and utterances of the Secretary
upon the geeenback question are full
illustration Of his versatility. His desire
to put himself en- rapport with greenbaek-
ers has appeared on various occasions, and
there remains, after ell his letters and
speeches aud bis subsequent explanation
ofhis letters and speeches, strong impli-
cation that he fears detection and is viii
ling to 90 to the farthest limit Of plausible
assertion of favorable opinion in order to
keep the party from openly dividing on
the question Of finance. This repre-
sentatiou of the Secretary is not
at all vide Of the mark.
He certainly has not hesitated Of
late to indicate that 10 his opin-
lion greenLaeks ought to remain
lilo circulation redeemable 10 coin. but
at the same says national bank notes
should also be kept in circulation. Yet he
Qualities bis views, and hedges for the ben
eft Of the greenbackeTs by saying he con-
siders the paper money issued by the gov
ernment direct is superior and more eco
nomieal than the national banking system.
Still his Toledo speech leaves the impress.
sion that he is unwilling to see the ma
itional banks displaced because they
are useful in holding reserve of green
backs to meet their own issue OF paper
and consequently he will be 10 that amount
so much less necessitated to provide colntc
carry out his plan of resumption. When
the day of resumption comes, if the aoi
remains unrepealed, the banks must b.
provided with either coin or greenbacks tC
redeem their own notes with; thu
COiu AHC5 HoNC wv SOts AS'NhO
do they expect to have it
! consequently their reliance viii be upol
> boarding up greenbaeks, and so far as tina
is the actual and practical operation of tn
banks, TO that extent their action is usefu
in diminishing the amount which will b
" forced upon the treasury for redemption
!. in exchange for coin. II 10 the multiplicit
? of the secretary's ideas anything. certai
}, can be cleaned it would seem that he ez
poets ultimately the national bankiu
: system will go out of existence, and tina
the paper currency Of this country will
Issued direct by the government, and con
sequently resumption is to be more noun
nal thar actual, aud that legal tenders ar
q not to be supplanted by any other form {
IF paper money but will 10 the end be th
" only paper, and they TO be backed by
II coin reserve to keep them secure.
5. The secretary however is eminent
is progressive, and his present position sinc
is having heard from Maine is decided ste
lie forward towards the greenback idea in az
te vance of what he had been previously sui
IS posed to entertain. The near future ms
10 enlighter him still further, and by tt
to time the fall elections are over and CO..
D. gress comes together he may perhaps ha'
re become quite reconciled to the repeal
y the resumption act, and to allowing resum
1s ton to take place when and as it ma
ID Who knows2