The Rock Island Argus., 1878-07-16

Iuotation at nearly par. The validity of
he legal-tender act was sustained by the
supreme court on the ground thatit was
the exercise Of the war making powers OF
held to be essential to the Na.
tional existence, and yet on this ground
was sustained but by bare maJorl'y u
tho. court. Who believes tor moment
that the validity of legal tender notes
u,ould he sustained by that court, when |
;ssned in a time of profound peace In vio- |
lation of the public faith, and as part OF
a public policy to maintain IN perpetuIty an
irredeemable currency?
This national party wants more money
Tee party if party it can be called-has
but one plank in the platform, and that is
more money" Not real money, but de.
preeiated paper money-cheap money, be-
coming cheaper and cheaper as more is
issued, making it easier to pay debts.
Will a dollar of this money buy what
dollar of gold will buy, or what dollar OF
paper money will now buy? We know 1t
will not. 1t will depreciate even in great
er proportion as its volume increases.
Grain may bring more money than you re-
ceiye now, but the money you receive will
buy less than now, and you will be con
stautly cheated by false standard. VI
| ali the contrivanees for cheating the
labor classes of mankind, none has been
more effactual than that which deiudes
them with deprecated paper money.
| Ordinary tyranny, oppression, excessive
taxation-these bear lightly on the hap
piness of the mass of the community. com
nared with fraudulent currency and the
robberies committed by deprecated paper.
the substitution of inconvertible notes
for coin Is an old game of distressed mon
arches. 1t is 10 new experiment 1t has
been frequently resorted to by bankrupt
nations. and always with the same dis
astrous results. 1t was resorted to by ths
/ United States, under the pressure OF what
seemed to be a great emergency. That II
i should be adhered to so long after thesup
posed emergency had ceased and still have
intelligent and honest advocates is difficult
of explanation, in view Of the fact tha
over-issues 5f paper money have been the
cause of every financial crisis, every deep
rooted financial disorder that has occurred
in the United States. That an irfedeem
} able currency is a tax upon industry. anC
a fruitful source of decentralization requires
no argument to establish. IF the trutl
| u
that deprecated paper money has been
heavier burden upon the industrial an'
: producing classes of the United State
r than all the taxes, direct and indirect, t
which they have been subjected, and tha
it has done more to debase and corrup
: public sentiment than all other cause
? combined The viciousness of an IRE
{ deemable currency is made manifest /
, that it has familiarizcd tho people wit
J, dishonored obligations, which they hav
been and are compelled to treat as money
l. constantly fuctuating in value, maxim
o business gambling, and business me
n gamblers 1t is uncertainty in regard
the future of the currency, that is destroy
ing confidence, and without restoratlo
: of confidence there will be no improvement
in our financial and industrial condition
,t What healthy and reliable business RI
luuires is stable basis The farmers al
:" everywhere alarmed for their safety b
+ the hordes of tTamps infesting the cOuI
ID try. The capitalists are equally alarme
N by the horde of political tramps repr
. sented by the national communistic part
=. Now just imagine a congress makIr
1T appropriations of money for the avowt
of purpose OF putting afoat, spending as muC
n money as possible, adopting systematic e
-, travagance in expenditures as necessa
:. measure of financial policy to the end
!" making and keeping the volume OF Gu
he reucy equal to the wants of trade. L
on it be known that bitches must be dug. tn
N embankments must be thrown up, tn
mountains must be tunneled, that raiIro
and steamboat lines must be subsdiz
for the very purpose of spending mon
e that the volume OF currency be made a
kept equal to the wants of trade" WI
;al a harvest of jobs, what crop of rings Il
of blessed country will bear. What gloriC
time for enterprising contractors, wha
seductive season for congressman to h.
friend for little share in the prof
>. What carnival of fraud; what a fly
Itlc about of stray millions, For, mind y
eld money will be no object; on the contra
on it must be spent, and the more spent
oC better, for the greeDbacks must be
- out. in obedience to the mandate Ito 10;
IN aud keep the volume of currency equal
ion the wants OF trade" And this infat
ock process is to be panacea for the natiO
,st Ills. Prosperity is to revive at once; ev
p man, woman and child is to have pie
'l OF money; all debts are to be paid off b
ere sort of self-acting process. Everyb
ing will want to buy everything, and will h
ion. plenty of money to do it, The labor
N man will command the situation.
eiIS will have to work less and command hig
0'e wages for it than ever; and in an inoreG
short time we shall all be rich. Inst
ins of the poor getting poorer and the !
Nn N[Gh richer, the money power" will be brob
VA and the rich will get poor and the !
we rich, for money will be cheap money
GU one will be the peoples money, and the n
een of it the better. This sort
n is VConciuued on next page.l