The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-01-17

L. +. BOut0n OF Union.
James G. Conkiing of Sangamon
+. N Bates of Cook.
5, S. Jack of Macon.
j. NJ. Bush of Pike,
n NJ. Knapp OF Scott.
j. l. Bennett of Cook.
The committee retired, and during their
absence the convention was addressed sue,
cess;vely by Rodolphus K Turner, of
Adams, John Forsythe of Cock, ani Sen
ator Archer Of Pike. The speakers all
referred briefly to the financial legislation
of the country, denounced in unmeasured
terms the act demonetizing silver as
gross fraud on the people, and demanded
its immediate repeal. Senator Archer's
speech had a strong greenback coloring,
and was enthusiastically appauded. At
the close Of his remarks, the convention
took a recess until , O'Clock.
AFTERNOON SESSION.
Upon the reassembling Of the cenven-
vention in tie afternoon, Hon. W. G.
Goudy, chairman Of the committee On
on resolutions, reported as follows:
| PREAMBLE.
WHEREAS, By act of congress Of April ., 179s,
provision made for the coinage OF silver DOL
lar of the value of the Spanish milled dollar, hen
current containing 3711 grains OF pure silver 10 be
the monetary unit of the United States and although
| the standard weight OF the said dollar which was
originally 4l6 grains, inc uding The alloy, was in
| 1887 reduced 4I24 grains, yet the quantity Of
pure silver which It contained, and its intrinsic
vaiHe remained unchanged for period of more
than eighty years during all which time the silver
dollar 20 coined continued TO be the monetary unit
and standard measure of value for the United
| States; and
| wv nd
constituted the basis OF the monetary systems OF all
nations and peoples since the earliest period in
history of civilized men; and
| WHEREAS, Silver coin has always constituted the
chief, and frequently the only metallic legal ten
| currency in general use among the masses Of the
| American people; and
! WHEREAS Inc business and credits of the whole
| country during salmost the entire period OF the
national existence have been adjusted TO this
| standard measure of values; and
| WHEREAS. All bonds Of the United States by law,
| ana the terms expressed on their face, payable
Il coin OF the standard Of July II, 1870, namely:
Silver of 412Ja, and gold 25.S grains; therefore,
| RsS0l0sd, That the dem0neuzation OF the silver
coinage OF the United States was change in our
| monetary sysem so grave and radical i'll its char
acter and so vitality affecting the commercial in
terests and rights Of the people that it ought not
have been ventured upon,eyen under circumstances
most favorable, until, after a fuu, thorough and
exhaustive discussion of its merits before the peo-
pie; and the covert scheme by which this most I'M
| Portant measure was prccipated upon the country
without one word Of discussion either in or out Of
! congress- and the obstinate persistence with which
| the scheme Is still prosecuted, IL time OF un-
! paraleled business prostrauon and disaster, and
with the forced resumption of specie payments in
immediate pros peCt, disCloses reckless disregard
for the public welfare, on the part of lis movers,
| which merits our seyGrest censure and cOndemna-
tion.
ResoIged. That enc obvious purpose Of the act
demonetizng silver to increase the value of
the government bonds and correspondlngly increase
the public burdes by securing the payment of
those bonds in gold, when by their terms, plainly
expressed their face they redeemable in coin
of standard value of the United States on July IA
1870, at which date silver dollars wei as gold
dollars were lawful tender in payment of all debts
public and private thar, in order TO secure to the
bOEdhoIders tris advantage, 10 which they are IN
nowise entitled, the people have been clandestine
ly robbed of the legal tender quality OF onehali
their metallic currency, thereby greatly enhancing
the difficulty and the danger OF the proposed re-
sumption of specie payments and unjusfly increa
. sing the burden every individual debtor in the
nation, as well as that of the nation st large
ReSOIUed. That we view with just alarm the po
sItion taken by the president on this question in
his late message; and we have good reason to be
lieve that his judgement has been warped and mis-
guided, by the bad counsels of his constitutional
advisers, into the adoption of line of policy
which would give the bondholders an undue auC
unjust advantage greatly to the detriment of th'
people. We have searched in vain through. .his mes
sage for any word Of true comforfor the struggling
! masses, by whose labor the money must be earned
TO pay tn ese bonds. We regardahis suggestion tha
by yield to the demands OF the public creditor
these bonds may be exchanged for others ct re-
D duced interest, delusion. There are two par
ties Interested in this question-those who are t,
pay well those who t
receive payment We demand that justice simpl
justice, be done to BOTH by restoring the old, time
Of government will then rest lightly upon the shoul
ders of prosperous people; but we see no hope 0
returning prosperity IN the financial policy Of tn
, president and his maiadysOrs
ReSOlUed. That the holders of the government
bonds not only have right, legal equitable, Il
8 demand payment otherwise than according to thei
express terms, but the government not, witt
due REGARD TO the rights of the people, waive 1T
option TO pay In silver gold and restrict Itself t
han
10 do this is made by tlegislating out of existenc
; the whole silver coinage of the country as lega
tender and at the same time depreciating the vau
, of one of its most important products In the mar
kets of the world, the consequences of this nefar-
i ious scheme 80 far-reaching and disastrou
| that it calls for unmeasured denun citation
ReS0tUed, That the proposal to pay the bond.
holders exclusively in gold, (Which their bonds dc
not call for, and at the same time TO demonetiz
silver, so far as to make it legal tender to som,
small amount for all other kinds of Indebtedness
would be part al class legislation Of the very wors
character We emphatically reject all such com
o promises. The money that is good enough for III,
u PEOPLE is good enough for the 5ondholders w,
demand that the silver dollar be returned to its u
. legal tender quality in p9ymentof all debts botl
e public and private, and we viii be satisfied with
nothing less than this and we pledge ourselves tc
e vote for no man, ior cohSresS, who is not fully
: committed in favor Of this measure
Ii Resotged, That will resist the contamination
IS of this wrong by all honorable means within oui
N power We e.tI upon both houses of congress To
g insist upon the repeal OF the demoneizing act and
the restoration of the silver dollar to Its rghtfu
II place in our currency, ana II the president shall
by the use of his negative succeed In defeating the
bin then we call on congress to append similar
Is repeap clause to the geuefal AUTHORIZATION hi IL
and stand by IL to the last. With full confidence tha
> the people will assuredly stand by them
+ Resotped That we view with intense indignation
the efforts now being made by the money power Of
- New York and other cities Of the east to coerce
:" Dubl1ca aopfnion in the west and south upon the
Is question of RECOMMENDATION, and that speaKinp in
h behalf of the state of Illinois we saw most empRa
fcalIy that the honest convictions of the peonle OF
this section of the union viii never be Surrendered
Mt the dictafion of greedy capitalists and boud
holders be the consequt nces what thev may.
Resogged. That the president and secretaries be
le rennested tn forward copy of the resolutions tr
e. the nresident of the United States. and 10 eact
"a member of the cabinet as well as to the senator,
and representative III Copsess for the state Of Hi
IS nois.
l. Mr.. Goudy spoke briefly in support oi
the resolutions. At tte conclusion of Mr..
Goudy's remarks. the president read the
lg following dispatches
2; hAsA14 ILL., Jan. Is, 1873.
5. To the President of the silye Convention.
~ nio1at;nT Ynissed the trah T1he Iioh a L.
nncks' of Mason a. solid for fhe doIlao !"
the daddies. j. NJ. RUeGLKs.
OF NEW ALEM Ill. IS, ISIS.
3. Hon. VIM. R. Archer.
Ramonetize silver. repeal lie resumntion act an,
st sars oation from bankrnpty A''' ant