Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-01-30
The War Upon the .reenhacks.

Matthew Marshall. in New York
Sun: The unanimity with which the
banking fraternity and their allies 10
this part of the world are clam1ring
for the retirement OF the legal tender
notes and the substitution for them
OF bank currency. either national or
state, and either with or without
government bonds as security, Illus
trates the well known propensity of
human nature to advocate private AT
the expense of public interests. The
legal tenders ill 4 place that would
otherwise be occupied by the notes
of the banks, and they thus diminish
the profits of the banking business.
Hence we hear. on all sides, the cry,
1.-The greenbackS must go!' meaning
by the greenbacks the sherman act
treasury notes, as well as the orr
ginal issues OF the war.
The iinanciers and the newspaper
writers who have taken up this crv
evidently assume that the opinions
they hear expressed in their immcdi-
ate neighborhood are the opinions of
the majority of the nation. but if
they could extend their inquiries be-
yond this restricted field they would
discover that outside of the great
money centers, like New York and
Chicago, there is among the people
not only no hostility to the green
backs but an active friendship for
them, which Will protect them from
every attack. Soon after the war
ended the same cry. that 1.-The green
backs must 60" was raised with such
effect that their retirement. at the
rate of $1,000. 900 per month, was
ordered by congress, but as soon as
the process had fairly begun it was
stopped by an almost unanimous
vote. Again. in 1875, their retire
ment was ordered by the resumption
act, and again il was stepped by the
act of February, 1873. Since then.
nobody. until lately. has attempted
the destruction of the greenbacks,
and it will not be seriously at
tempted now
Two objections are made to the
continued Issue by the government
of its promises to pay aud to making
them serve the purpose of money.
One is that ii is banking, which is s
business IN which it is said the gov
eminent ought not TO engage. and
the other is that. under the law as ii
stands, the redeeming of these prom
Uses in god is task too great fOI
the governments powers. The ef.
forts now making to perform it are,
it is charged, not only Intellectual
but lead 10 a steady Increase of tn,
national debt and to a drain of gold
from this country To Europe.
That the government NAV engag,
in the banking business or in any
other business that the people decide
to be for the general welfare, is pro
vided in the constitution: and wheth
er the issuing of legal tender notes i:
or is not banking. il has been pro
nounced by the supreme court of tn,
United States. which is the final ar
bitter of such questions. to be an eN
ercise of the constitutional power 1,
coin money. Those who diSapprov,
of it must, therefore convince tht
majority of their fellow citizens thai
il Is not promotive Of the public wei
fare. and this. as vet, they hav,
failed TO do. AS to the agency OF tn,
legal tenders in drawing gold from
the treasury. and thus compelling al
increase OF the national debt 10 IT,
plenish the gold reserve. it is in6se,
true that the act of 1873. by persmp
torily requiring the reissue of tn
greenbacks when they are redeeme'
pursuant to the provisions of the re
sumption act. makes them an instru
ment for draining the treasury of it
gold unchecked by the contraction o
the currency which redemption with