Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-04-15

De left unused to secure an end which il
so desirable.
The Great Question of Currency.
your deliberations will probably also
embrace the consideration of the quest ion
of the volume and character of our cur.
rency. 1t will not be possible, and would
not be appropriate for me in this letter &c
enter upon any elaborate discussion OF
these questions. One or two things | will
say; and first, believe that every person
who thougbtfully considers the question
will agree with me upon a proposition
which is at the base of all my considera
ton of the currency question; namely,
that any dollar, paper or coin, that is is
sued by the United States, must be m ade
and kept in its commercial uses as good
as any other dollar.
No Danger in Good Money.
$50 long as any paper money issued or
authorized by the United States govern
ment is accepted in commercial use
as the equivalent of the best coined dollar
that we issue, and so long as every coined
dollar, whether of silver or gold, is as
sured of an equal value in commercial U Sc,
there need be no fear as to an excess of
money. The more such money the let
ter. But on the other hand, when an iss ne
OF paper or coined dollars is, in buyin
and selling. rated at a less value than
other paper or coined dollars, we have
passed the limit of safe experiment in
finance. If we should have dollars of if.
ferent values, only the poorest will circu-
late
A Cheap Dollar BAD for Farmers.
The farmer and the laborer who are
not in hourly touch with the ticker or Ne
telegraph, will require, above all other
classes OF our community, dollar of full
value. Fluctuations and depreciatiols
are always at the first cost OF these
classes OF our community. The banker
and the Spectator anticipate, discount
and often profit by such fluctuations. 1t
Is very easy under the impulse of excite
ment or the stress of money stringency to
fail into the slough of deprecated or r.
redeemabie currency. IL is a very pair
ful and slow business to get out when
once in.
Opposed to Silver Mouometalism.
Il have always believed. and do now
more than ever believe in bimetalism, and
favor the fullest use of silver in connec-
ton with our currency that is compatible
with the maintenance of the parity of the
gold and silver dollar in their commercial
uses. Nothing in my judgment would sc
much retard the restoration of the free
use of silver by the commercial nations Of
the world as legislation adopted by US
that would result in placing this country
upon basis of silver monometalism.
Effect of Recent Legislation.
The legislation adopted by the first ses.
sion of the tifty-first congress was as
sured by leading advocates of free coiu.
age, representatives of the silver states,
would promptly and permanently BRING
Gll var To
That anticipation has not been realized
Our larger use of silver has apparently
and for reasons not yet agreed upon, di-
minished the demand for silver in China
and India.
No Attempt at Argument.
in view OF the fact that it is impossi
bic in this letter to elaborate, and that
the propositions can only be stated an
aware that what have said may be as
sailed in points where it is easily defensi
BILE, but where l have not attempted to
present the argument. / have not before
excepting in an official way, expressed
myself on these subjects, but feeling the
interest, dignity and Importance of the as
semblsge in whose behalf you speak, ]
have ventured, without bigotry of cpin.
ion, without any assumption of infal.i-
bility, but as an American citizen hav-
ing most earnest desire tnat every lnQl-
vidual and every public act of my life
shall conduce to the glory of our country
and the prosperity of all our people, to
submit these views for your eonsidera.
ton. Very respectfully,
BENJAMIN HARRISON"
From Secretary Rusk and Others
Secretary Rusk devoted letter to sug-
costing that the subjects of Transports
ton, markets and federal and state sta
tistics be made the pivotal subjects of dis
cussion, and dwelt at length upon the ne
/ csssty of obtaining the removal of pro-
hibtions placed by foreign countries on
the live stock products of this country.
He called especial attention TO the neces-
sity of making the purity of our products
beyond cavil or doubt. Senator PETER, of
Kansas, wrote in favor of a combination
of the interests of the west and south, and
called attention to the fact that west
ern products had to make a long and
costly journey by rail to the eastern sea-
board, when the route by the Mississippi
and the southern coast was much cheaper.
Elk. Senator Farwell, of Illinois, wrote that
the principal cause of the calling the con-
vention was the accumulation of capital
in individual hands, and unwise legisla-
ton by congress to prevent this by i'm
practicable supervision. He said that
capital invested in railways had suffered
more than that invested in farms. After
the reading of the letters the congress ad-
journed for the day.
The Chicago Drainage Canal