The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-01-18
The Coming Issues ,


stand on issues that must come before the
people in the next great political contest
10 this country, cannot be questioned for a
moment. The effort that the idiotic editor,
whom Col. Dowdall has picked up to read
proof on the Peoria Democrat, and who, in
Dowdall's absence, attempts to teach
democracy, 10 unite the democracy
with tho advocates Of an irredeemable le-
gal tender paper currency will prove abor-
tive. There IS no doubt but that the in
terest Of the business Of the Country will
demand that political parties shall clearly
define their positions, especially in respect
to money. finance and taxation. Now for
the information of just such fellows as Col.
Dowdalps man Friday, who believe that
oil and water will mix-that democrats
will surrender their principles By
joining that portion OF the opposition
party known as Nationals, for the sake of
beating the radical portion Of the same
party, we copy the following from the New
York World.
The money question in the United
States is much more complicated than in
England or in France for the simple rea-
son that here there is limit set to Govern
ment power. Whatever Federalists, or
Wings, or Republicans may assert as their
opinions, there are few Democrats who be.
lieve that the Federal Government has the
constitutional right, either in peace or war
to emit legal-tender paper money, All the
Democratic members of the Supreme
Court have steadily denied this power.
And it probably will not be said the jack
soniau Democracy conceded it. All agree
that no one of the States can emit bills OF
credit. Treasury notes issued by the Cen
eral Government were tolerated by
the Democracy of Jackson as instruments
for borrowing money, but not as money,
Over the merits of the controver-
sy between Jackson and the bank, l"
Democratic and Wing historians can
not be expected to agree. The former
naturally believe that the bank was inter-
nally rotten, and think the Government
deposits ought to have been removed at
the time when they were removed But
all impartial students of the events of that
day must coucede that necessary removal
did bring about an expansion of the Issues
of pet banks" the creation of new banks,
and such wild initiation of the currency as
resulted in general disaster. Paper iufla-
ton was followed by its inevitable train Of
OBSERVATION-DISCLOSURES importations, I'M
safe extentons OF credits colossal Govern
ment revenues in paper, payment OF pub
lie debts, stores gorged with merchandise,
reckless running into debt, and finally gen.
eral suspension 10 1887. Then came the
hard and slow work OF reconstruction IN
der Van Buren,, the initiation and final
completion OF the Sub-Treasurv system,
the divorce of the bank aud nation, the re-
establishment of the gold currency, the
increase of the circulation OF specie, the
safe-keeping of the public funds by Gov
eminent agents aud the use OF nothing but
coin in Government transactions. How
much Of all this was good and how much
bad, is theme worthy of that unrivslled
power Of statement and exposition which
has earned for Mr.. Thurman the great
position he holds in the Senate. Such q
theme evokes all the great questions o.!
coinage, finances, paper money, taxation,
banking and protection OF the public trea-
sure with which it is the function of states
men 70 deal.
Probably no Democrat iu Ohio or out of
Ohio will deny that the creation of legal
tender paper money by the government in
1862 was a downright repuGiatiOn OF the
creed Of JacksOnian Democracy. But
that Reputation was not more distinctly
marked than was the subsequent neglect
or rejection of the real character of those
notes ascribed to them in the beginning By
those who originated them. At the out
set the notes were looked upon as eyiden.
ces of debt, as a loan, and, though their
legal-tender powers, as forced loan. In
1866 they were treated as non-interest.
b3aring debts to be paid in coin aud ex.
tinguished, But about that time the idea
was born that they were not debts at al
but money. How many pamphlets were
printed, how many speeches made and
newspaper articles written, by financial
enthusiasts, utterly unfamiliar with the lit
erature OF money and with the experience OF
other nations, who vaiDly tried 10 persuade
themselves and others that this country
had invented new money. unknown be-
fore, and which would evermOre make un-
necessary the use of gold or Of silver Mr..
Gladstone has somewhere said that, in
proportion to the number of its devOtees,
more men have gone mad over the
cries about money than about religion.
And there are such enthusiasts still left
among ms to insist that such u degreee of
confidence" can yet be inspired by the
Administration scheme of paper money,
that the universal and worldwide desire
Of mankind to possess the precious metals
as money will die out, finally aud forever, in
the United States; so that every man who
works with his head or his hands will ex-
ultingly exchange his labor aud its results
for othce-holders' promises to pay money,
rather than for money itself.
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