The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-03-01
Friday. March ]. 1878.
The Veto of the Silver Bill and its
Passage over the Veto.

The President has exercised his consti-
tutional prerogative in vetoing the so called
Silver bill, With commendable prompti-
tude both houses Of congress have passed
the bill, the Presidents objections to the
contrary notwithstanding, by the requisite
two-thirds vote, 1t therefore becomes the
Law of the land
We regard this as the triumph of prin-
ciple and not of party. 1t is a virtual
triumph for the people, the great laboring
and industrial classes, against the combi-
nations Of bondholders and the inordinate
greed Of public creditors, and is long
step in tie direction of affording relief to
the debtor class, and in protecting them
against compulsory payment of indebted
ness in money of greater value than that
for which the indebtedness was incurred.
1t is return to the just and equitable
rights of the debtor class to make pay
ment 10 the precise kind OF money which
was originally intended, and in which they
would unquestionably at all times have
been willing to meet their engagements
had not the insatiate greed Of the creditor
class devised scheme to enforce harder
terms, and virtually make new contract.
The great mass Of the people of the
country would unquestionably be opposed
to a violation Of public faith. or any real
reputation of the public debt. On the
other hand the sense of the nation has
openly revolted at the attempt to compel
payment of public indebtedness in some.
thing not nominated in the bond, and to
make the cry of national honor and good
faith the pretext for such self-evident in
justice.
The next step should be the repeal OF
the date Of resumption of specie payments.
We regard the resumption act as fraught
with equal danger to the interests of the
people as the attempt to keep gold as the
sole standard of values. The effect of a
fixed day OF resumption has been a steady
contraction of values in all kinds of prop
erty except the precious metals, and an
equally constant depression of all Industrial
pursuits, of all business generally. A con-
traction Of business aud a shrinkage OF
values, is only repeating on a national
scale the scenes of stock jobbing and the
making of corner" in the golG
room and the stock exchange of a
large metropolis. So long as il
Is possible in monetary circles to produce
a striugency in the money market In pur-
suance of we'll known or probable results
of a certain law, so long there is nc
security, and little hope, that money will mo-
arrange itself for the contest with view
TO prohting by the hardships which it ha:
the power to create, But take away the
strain, release the country from compuI-
sorry preparation for umption, and al
low capital aud trade to adjust themselves tc
each other in their normal relations, .anC
the business ofthe country will revive, conf
deuce will replace distrust, and the health
tul influences of returning prosperity vii
begin to be felt among all classes and il
every avenue Of industrial pursuits.
Let the country have a settled fnancia
policy, stop tinkering at the laws, Civ
assurance Of stability and permanency
monetary affairs, and in our judgement,
will not be any great length of time befor
the relief so long prayed for will spor
taneously dawn upon the affairs of Il
nation with Frightening and benefc
effect.