The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-07-25

ces and gold resumption, but only of spe-
Gle payments, which meant resumption In !
silver and gold, each equally dollar unit,
full legal-tender. Contraction of currency
and shrinkage of values were not thought
by anybody to be intended, by stealthy
manipulations of our currency, to bring
prices below the bi-metalIic level, but
demonstration of silver in Germany and
the United States, and the initial steps of
the demonetizing by the states of the
Latin union, practically destroyed the
chief part of the silver halfof the currency
Of nations, and caused such increased de-
maud for the gold half that the purchasing
power Of gold rose between 1874, and
| December, 1878, little over so per cent.
throughout the commercial world. 10
other words, the gold prices of land, labor
and property throughout the world sunk
over 81 per cent Our people, therefore,
were not led back by resumptionists to the
bi-metallic level of prices, but 10 place OF
the double standard the single gold stand
ard was set up, and that so increased 10
value that it costs any man so per cent.
more in land or labor or products to pay in
gold debt of 800 IN December, 1878,
THAN it would have cost in 1874 That is,
so per cent. was added by the remonetiza
ton of silver to all the debts and all the
taxes payable by the people of the United
States. [ do not make this statement at
random, but from tables Of prices elabo.
lrately prepared each year by The Nelo
York Public, the highest authority in the
United States on prices OF commodities. l
haYe made the same statement twice on
the floor of congress, aud no man has
questioned its accuracy.
He then goes on to point out the effects
of this adding so per cent. to the burden
of debt and taxes of the country. Upon
the subject of
J IL MoNOMETALLISM AND BIMETALLIsM
he says:
The great parties are squarely at issue
on this question. The Warner bill, which
! gave the whole profits of coinage to the
government, but provided for placing sill,
yer exactly on a par with gold in respect
of unlimited coinage and of issue of certif'
Gates for silver bullion, passed the house
after an intense and protracted struggle
every democrat but seven voting for the
bill and every republican but four voting
against it. That bill will pass the senate
next December, in spite Of the opposition
of half-dozen national bank and gold stand
of the republican party in the senate anC
in the house against the bill, with Mr.
Sherman's known hostility, assures vetC
of that great measure of relief The con
r temptible cowardice of the republican
D party of Ohio in failing to say word OIL
this great question is at once an evidence
that the people demand the relief. an
It that the republican party are determines
J. not to grant it. If that measure wa
: passed, almost all the products of our sill
Il yer mines will at once be poured into th
t channels of circulation. Certificates o
: the denomination of SO and upward, re
/ deemable in coin and represented by sill
t yer deposited, will enlarge our circulatin
u medium and cause wholesome rise Q
2 prices, stimulating industry, increasin
e production. Tightening the burden of debt
IS and taxes, and giving US prompt an
% generous impulse towared renewed pros
l. perity.