The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-03-08
THE GREENBACKS.
Comment CT Washington Men on the
Recent Decision
Declaring the Validity of the Peace
GrecDbaek- Its Effect on Sill
yer Coinage and National
Finances.

NEW YORK, March .S-The decision of the
supreme court il the legal tender cas3 caused
2 great surprise here and caused mich dis
russion in conversation among representa-
tiveS and senators, says a Washington
special to The Herald. Some think it great
and far reaching calamity, opening the door
to endless attempts to make an exclusive
greenback currency and TO initiate that.
A representative said: Il am amazed tosee
how little attention this totally
unexpected decision has got 50
far. 1t tears up the foundations
Of business. It seems to me an enormous i'm
morality. 1t opens the way to all manner of
Wis onary and dishonest schemes and strikes
blow at the reputation of the country and
the rcctitude of the people"
A senator said: at was fortunate that the
decision was not announced while Senator
Piuinbs amendment to the Mcpherson bill
was still pending. You may remember that
that anen1nent proposed to substitute treas
ury notes for national bank notes The
amendment of Senator Plumb was voted
down.
A western senator said: "In the light Of
this supreme court decision we may yet be
happy that we have the silver dollar to fall
back on, and in my judgment it strengthens
the movement for the unlimited coinage of
silver. When you have a silver dollar in
your pocket, you have, at any rate, some
thing of real value; something that it re-
quired labor to get out of the earth and
smelt and refine, and the labor in which rep
| resents something near a dollar, but with a
legal-tender note in your pocket, redeemable
in coin only SO long as it is convenient for
| the government to do so, what have you got?
| Certainly nothing to leave to your children
or put away for yourself"
ave have still to hear what they will say
| in Europe about the amazing decision of the
| supreme court said a cautious financier.
! Fortunately we do not owe much to Europe;
| if We did, there can be no doubt that we
should lose our gold very rapidly. As It is,
Il tendency may set in to hoard gold, and a
disposition TO make it an object of specula-
ton. Isuspect the decision will rut an end
to all attempts to stop the cottage of silver,
! because prudent men viii want 10 make sure
Of some sort of coin basis for greenbacks.
But | imagine it will revive the greenback
! party, and with the supreme court on their
side, they may make formidable headway.
We ought to have got rid Of the green
backs long ago-as soon as possible
after the war-and the Republicans
have heavy responsibility to bear for their
refusal during many years of power to give
the country sound currency and for their
| persistent adherence to the legal tender curse.
Two Republican supreme courts have now
declared the legal tender clause constitu
tional-the first with reserve, but now
without limit Of the present supreme court
all the members except Mr.. Justice Field are
Republicans, and he is the only one whc
opposes legal tender. 1t is not unusual, ]
know, to referto the political affiliations Of
the supreme judges, but in this matter one
must looks facts in the face, and this is one
of the important facts in the case"
! what do you think will sbe the effect Of