The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-10-05
Republican Pinanciering.

Were it not for the seriousness of the
situation there would be something comic
al if not ludicrous 10 the change of base
lately assumed by the republican party.
From the extreme Of paper initiation to
the pretended hard money position upon
which they now claim to stand, there is
long stride, but in length of time only
short interval. The republican speakers
all over the country are now indulging in
the strongest invective against the fruits
of a system inaugurated by their own
party, and with no little severity are rebuk-
ing those of their fellow citizens who are
given to the 'greeDback craze" and other
financial heresies. If their assertions we're
to be taken as truth, the stubbornness of
the people upon the delusive idea Of fnan-
cial distress and hard times is something
little less than marvellous, and it only needs
another lease Of power to the republican
party to demonstrate that all political wis
dom and knowledge is in their keepinR, and
that prosperity, even now, is ready to begin
its benign work-coDditioned. of course,
upon the success of the republican party
at the ballot box. In assuming at this
time to be the special champions of hard
money, and in advocating an immediate
specie resumption, borrowing the coin to
do it with at four per cent interest, the his
Of o h. =
very conveniently CLOSED over and the
dIsagreeable points Of omission or commits
sion during that time are quietly ignored
1t may, perhaps, be well to supply few
Of these omissions, aud to show the inter
mediate steps Of the party in going from
the extreme of initiation to that of rigid
contraction. One of the first things to be
remembered is that the republican party
came into power in every department Of
the government in 1861, aud held unbrok-
en- succession until the election of dem
ocratic House in 1S74-5. When they
came into power in 1861, the money Of the
country rested upon metallic basis, and a
the country and for all bu mess purposes
No sooner were they in power than under
one plea or another they began legislatinV
upon the currency. They first introduced
the greenbacks or legal tenders, and spe-
Gle payments were suspended; they kept
up their issue of greenbacks until their
klc,,
forty cents on the dollar. They en-
acted the National bank Act and
managed to center three-fourths
of the national banks within the limits oil
half a dozen eastern and middle states
They issued the bonds of the government
made payable in greenbacks and then sub.
sequently enacted law that they should
be paid in coin. Asif the enormous pro.
fit to the bondholder in getting coin in.
stead of deprecated green5acks was not
Sufficiently hard upon the taxpayers, they
demonetized silver and made the costliel
coiu of gold the only coin Of the country
In changing the standard Of value they
added TO the wealth of the capitalist and
the bondholder by that one single action
anywhere from fifteen to twenty per cent
The demonetization of silver was fraud
upon the debtor class of the country-iI
was a plain open fraud and nothing else
Prior to that time the people had a right
to pay the debts in silver. This act oil
1873 in demonetizing silver deprived them
of this fight without their knowledge and
consent-they were tbence(orward literally
forced to pay 10 money worth more by 9
large per cent The difference was clear
profit to the creditor and the capitalist
The man who purchased and gave q
mortgage for $4,000 worth Of real estate
when greenbacks constituted the circulat-
ing medium and we're worth fifty cents on
the dollar it he has to pay it now when By
contraction, shrinkege Of values, and the
near approach Of enforced resumption the
greenback has been made to reach within
fraction Of gold, finds the entire margin
between the original value Of the property
and the mortgage upon il has been wiped
out, and that 10 paying for it in gold, OIL
greeuback raised to the value of gold b,
pays an equivalent of$l0,OO0 as greeubackt
stood when the purchase was made. Tha
is republican inancerinv. Let it never b,
forgotten that the denomination Of silvei
was the work of the republican party, tina
the resumption act is equally their work
The democrats voted against the resump.
ton act to man. Twice, since the hous,
Of representatives became democratic, the,
have repealed the resumption act in tn
House but have been defeated by q repub
lican Senate. The democrats voted agains
paying in coin .ths5.2O bonds which wer
originally, payable in greeBbacks. Th
democrats, aided by overwhelming an