The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-02
The 9ailg Arsns.
ROCK ISLAND.

tConcluded from second page.
policy condemns us. Why is it that we
cannot meet upon the common ground of
constitutional money, of gold and silver?
Are those who live east of the Susque-
hanna SO welded to the policy Of England
in single standard that no unity of action
is possible2 Is there any safer ground
for the best interest of the whole people,
for debtor and creditor, for bondholder
and taxpayer, than a restoration of our
ancient policy of constitutional money of
gold and silver?
Our second question is:-if we return to
the double standard how shall we regulate
the value of the coin? Shall we reduce
the value OF. the gold dollar by decreasing
its weight? This we cannot do without
violating our contract made in 1870. Shall
we increase the value of the silver dollar
by adding to its weight, measuring silver
bullion in gold coin to-day? This would
be unjust to the people, for it allows moth
ing for the increase in value of bullion re-
sulting from sits use and its legal tender
function as money. IF this be done and
silver regalns its place it will fly from the
country because overvalued. Shall the
dollar of Az grains be recoined? What
is its status under the law? Will the de-
mand for silver, consequent on its recoin
age under this bill. and the debt-paying
power conferred upon it appreciate its
value, and to what extent? This bill is
not the Bland bill. The free coinage
feature is struck out. The government
buys its own bullion monthly-not less
than two nor more than four millions per
month. The difference between bullion
and coin belongs to the government. This
gives regular monthly demand for bullion
and will increase its value. The Law Of
demand and supply applies to gold aud
silver bullion. Lessen the demand, prices
decrease; increase the demand, prices rise.
Our demand for coinage must increase the
value of bullion as commodity.
1t is argued that the use of gold in
equity compels US to return the same
metal Practically notes aud bonds were
exchanged for bonds. Colo or coin was
rarely paid. The creditor who gave us
gold took his option and paid IN cheaper
metal. Before 1873 gold was the cheaper.
Silver up to 1873 was above par. They
had an option in payment and We gave
then. an obligation, reserving our option to
pay. An equity cannot arise if it must
base itself upon violation of an express
contract. On the face of the contract was
an express contract to pay in either metal.
Those who bought since 1873 are on no
higher grounds. The law gave to no one
the right to waive our option, but the
very reverse. The bond bought in 1875
expressed the contract in plain terms.
Full notice was given, No estoppel can
arise on such o state of facts. If this
doctrine is sound one equity repeats the
constitutional power to regulate the value
of our coin. Policy or expediency gives il
no higher standing, Our first duty is tc
be just This does not include sacrifice
of the means Of the people to pay claim
that has no foundation in law or morals
Are.we morally bound to .so shape legisla
ton as toincrease the value of commodity
we need to.pay our debts?
Referring to tie act of 1878 demonetizins
silver Mr.. Wallace argued that it was
lpassed in secret manner, in the dark, anc
the duty OF congress now was to repeal it