The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-03-13
EhEPawo Views

CHICAGO, March ! 3.-One of the leading
bankers of this city was asked what he
thought of Bayard's proposed constitutional
amendment, restricting the power of congress
in the matter Of making paper money legal
tender That's exactly right. We need
just such an amendment 10 the constitution,
especially after the decision of the supreme
court upon the question of legal tenders.
That decision has tendency to upset the
finances of the country, ard unless something
Is speedily done to c0unteract its effect we
are liable to be precipitated into a financial
crisis that will equal any the country has
witnessed in many years"
Nv hat do you think congress will do in re-
gard TO the proposed amendmentr
Il think congress will see the force of the
proposition, and will not hesitate to submit
the proposed amendment to the states. They
ought to be able to see that the very life of
the government depends upon tho fixing of
an absolute basis OF the money interests of
the country, and give the people an opportu-
nifty to discuss the proposition and determine
by their action what that basis shall be.
What do you think the result of the sub
mission of such an amendment would be1'
Il feel convinced the states would ratifv it,
and when they had done so the financial
question of the country would be settled for
all time, OF course, an emergency might
exist, in time Of war, when it might beconss
necessary to issue the same class of currency
that was issued during the late war; but such
an emergency may never come again"
what would be the effect of such an
amendment"
"The result would be to keep gold at par,
silver at lis representative value, and legal
tenders at par as a general circulating me
dium so long as they We're afioat, and prevent
TIE possibility of gold ever becoming
merchantable commodity in the United
States: 1t could not but make the govern
ment stable as to its money, which would not
only have good effect among our own peo-
pie, but would establish oar credit abroad in
such a manner as TO place us ON par with
London as to exchange with foreign coun-
tries"
Another prominent financier, who occupies
the position of vice president of one of tho
leading banks of the city, was called upon
and asked what he thought of the proposition
to amend the constitution so as to make gold
and silver legal tender for the payment of
debts.
"What do you think would be the result of
the submission of such an amendment to the
people"
Il fear it would not be ratified as naked
proposition to make gold and silver legal
tender for the payment of debts. But, with
an emergency clause which would provide
for the issuance of paper money in
war times, the people might ratify
it. If the naked proposition were presented,
the people would be apt to regard it as a
'goldite' proposition, and would hesitate
about approving it for fear the moneyed men
of the country would be benefited in greater
degree than the masses. ! regard the propo,
sitiop as the only real sufety for the country,
and feel assured that the adoption of such an
amendment would SO firmly establish the
financial status of the country as to result in
incalculable good to the people generally,
while it would certainly avoid the possibility
Of making either gold or silver a merchantable
commodity in the United States and firmly
establish our financial relations with foreign
nations"