The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-12-04

Silver Dollars and Legal Tenders.
The session is scarcely begun. and yet
already two bills have been introduced of
financial nature, which clearly demon
strates that the currency question is to be
aeitated this winter in Congress as fercely
as it was at the last session. There seems
to be no desire either with Democrats or
Republicans to interfere with resumption,
but there is desire and with che Demo-
Gratis it is settled purpose that the $780,
OO0,O0O1egal tenders now in circulation shall
not be cancelled, nor shall their legal tender
value be impaired. 1t is also pretty well
established that the coinage of silver dol
lars shall not be discontinued, but that tho
present coinage Ishall continue until gold
and silver are not only at par as pur
chasing power, but intrinsically, as well.
The Republican party, or the major portion
OF the leaders OF that party, arc opposed to
both of these measures because, it will
bring about changed condition of affairs
which they do not desire to see. il needs
not very close student of finance to cipher
out the result of a continuation OF tie coinage
o. silver dollars. It is,or ought to beevident
TO all. that the continued coinage OF silver
dollars will eyentuate in their being equal
in intrinsic value to the gold dollar. That
point reached. the monopoly of the money
changers is broken-like Othello, their
occupation will be gone. 1t is this result
that Sherman, who is the acknowledged
head centre of the gold standard ring,
labors to prevent. So il may be said Of
the legal tenders, So long as they remain
in circulation, the country is supplied with
a medium of commercial exchange, equal
to gold and silver, or the same thing, in-
terchan geable with coin, so that there is
really no difference except, that
the metallic currency has an 10
triusic value which the greenback legal
tender has not. But these legal tenders,
while of course being mere promise to
pay by the government, are really worth
az much as a purchasing medium in this
country as either the gold or silver dollar.
The reason of this is because they are
backed by the promise of the government
to exchange for coin at the option OF the
holder, and so long as they SO remain, will
be at par in this country with coin. The
Republicans propose to take away the lega
tender value of these greenbacks by limit
ing their purchasing power, thus contract
ing the currency and forcing a premium
on gold. the resumption act was. N ade
possible by the enactment OF the enabling
measures by Democratic congress. The
enabling measures were INSTRUMENTATION
of silver, and the law which forbid the
retirement of the legal tenders. Both OF
these measures were opposed by the
Republican party, and yet. there Is not
person anywhere who is at all familiar
with the financial question but knows, that
these Democratic measures made resump-
tion possible, and that but for these
measures it would have been a failure.
The country is on the road to prosperity,it
is hoped permanently SO; certainly no
retrograde movement should be taken at
this juncture. To demonetize silver. for
that is what is intended by limited coinage,
and retire greenbacks, means q general
disarrangement of business and a re-
turn to the dark and gloomy times
of 1873, when fortunes were lost in day,
firms made bankrupt and general depres
sion of business was felt from Maine to
San Francisco 1t was the legislation of
Republican congress that brought on the |
panic of 1878, and now that the country is |
prosperous, because a Democratic congress
has so enacted legislation as to restore
confidence, the attempt of the Republican
managers under the leadership of Hayes
and his man Friday, Sherman, TO re-euact
the terrible scenes of 1878. IN order that
few favored ones may reap "a harvest, is
rs unpatriotic as it is unwise, and shoSld
be earnestly contested by every Democrat
IN or out Of congress. Let the currency
alone, is perhaps the best policy, but what
ever is done, there must he no limitation
OF coinage OF the silver dollar, or retiring
of greenbecks. To step the coinage of
silver dollars is 10 eventually demonetize |
silver that would be the inevitable result |
To withdraw and cancel the 1916, 900. 900 |
legal tenders would be contraction Of the |
currency which would prove fatal 10 the
best interests of the country. The people
have voice in this matter, aud the party
which advocates the enactment of these
measures is certain of defeat. The silver
dollar is now worth within q small fraction
Of the gold dollar-and it must so remain.
The legal tenders IRE at par with coin, and
they must so remain This is the PEG
pies edict,-it is the true way thus far APP
parent to perpetuate the era of prosperity !
now at hand. Both are Democratic meas
ares, and on that platform the Democracy
viii Standard through its advocacy
march to certain victory, Sherman and =
ais theories to the contrary notwithstand- 4
ug. :
Now that the election in Louisiana is a