The Argus. (Rock Island, Ill.) 1885-1886, 1886-04-20


How is it with gold during The same
timer The same table shows that there
was an excess of imports over exports of
IS. S03.6i2 in gold II does not look
much like gold was leaving this country.
Since the late war there has been much
legislation on the subject of money and
the finances of our country. The coin
act of 1869, the funding act of 1870, the
single standard gold act of 1878. the re-
sumption act of 1875. and the Bland act
of 1878. The people quietly submitted
to the act of 1869 so called, TO strength =
EN- public credit. The funding act of
| 1870. which allowed the bondholder to
exchange his bond which was payable in
the lawful money of the country for one
that was by its terms payable in coin.
Gold and silver was the coin of this gov>
eminent at the time. so understood by
every intelligent citizen. Next came the
act of 1878. demonetizing silver. leaving
gold the only coin of the country. The
people had been worn threadbare by the
several acts which had increased their
burdens by the million, but the act de
monetizing silver was the straw that broke
the camel's back.
A cry Of Indignation came from the
people as soon rs they learned what had
been done. A people who heretofore had
been submissive and had let these bond>
holders have their own way about mat
tiers became indignant. The question was
discussed thoroughly by the people. aud
IN, .bn 81, a. a a..
Bland act was passed in 1873, which re-
stored TO the silver dollar its legal tender
qualities and also provided for the coin =
aye of ut least two millions II month of
standard silver dollars. This act was no.
passed without struggle, for it had to
be passed over the veto Of the president.
The passage of that act meant more
than the mere satisfaction of public
clamor; it was not done with any intent
to deceive the people. II was passed to
meet the emergency of the government
First. 10 give life and to restore the legal
| tender qualities of the silver dollar, sec
ondly. to provide for the payment of the
national debt according to the letter and
| The spirit of the contract, and to provide
the people with tie means to pay, and Il
circulating medium which could be kept
| in circulation The same circumstances
then existed as now exist. There was n
| shrinkage of the money in circulation at
| the date of the passage oil the Bland act;
property of all kinds had shrunk in value,
and the Taxpayer was demanding relief
from the burdens which had been unjust
ly imposed upon him by the first three
acts mentioned. Hon. James Beck, in
his able speech made in the senate De
cember 21, 1885. speaking on this sub
jec', said.
la short. no set of men should be al
lowed TO exercise privileges prohibited by
law, nor have rights given to them in re
gard to the character and quality of the
coin in which their debts shall be paid
which are denied to all other equally
meritorious creditors; and no set of men
should ever have power to regulate OF
control, as their private interests may be
affected, the currency or the business OF
the people. Ii that power is yielded or
conceded to them. with legal-tender notes
and silver certificates withdrawn and gold
| paid to them, and TO them alone, for lbeiI
interest and bonds. congress would be
powerless to resist any demands OUT
bODdholders and bankers might make.
know their power and appreciate the
adroitness with which they can have
their claims presented. Even the presi-
dent in his message has been induced tC
say that up to The present time only
about $50,0oo. 000 OF the silver dollar:
we have coined have found their way in
to circulation. He modified that state
ment by showing that large amount OF
silver certificates were outstanding.
But the press of the country has taken
up the first statement. leaving out all the
quaiincations, and parades it before the
country as conclusive evidence that toe
much silver has been coined, and that al
OF IL IS an incnmbrance except about
so"'ooo.ooV. Ihey utterly ignore The
TACT which the official reports show thai
at The close OF the last fiscal year, june
80, 1888 out OF total coinage Of S2O3.
00o,O0o Sl40,WO 600 in round numbers
was IN active circulation in the form oi
silver certificates in addition 10 the coin
IN the bands OF the people, OF which Ger
litlcates S44 ,660, 600 was paid to the GOV
ernment Tor custom dues during the las
nSeai year al the port OF Ne" York aiont
more thah was paid 10 gold and gold
certificates combined. Why Is not til,
coin represented by these cerlificates III
much IN actlve circulation AS II 1t wa'
passed from hand TO hand as often as thu
certificates are? l ask. Is IL fair to com
PLAIN oil the SILVER held IN the treasury a
oeihe expensive ana useless, under such
circumstances, and yet not utter ont
word OF complaint IN regard to ovel
slo''ooo'ooo OF goid com locked up, a
the same time anu In the same way, rep
resented by the same sort OF certificates
most OF them IN lar less useful form
IL our ofhclals would unlock the treasury
vaults and pay our interest bearing deb
with the money they are complaining o
being overwhelmed with, they would BIZ
dong Their duty more satisfactorily thar
| nv The nnurGp they nnrantnfr