Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-10-10
| WENDELL PHILLIPS.
in Answer 10 Carl Schurz DE
2 Of his Position on the jsrecn-
back Platform.
e Review OF Schurz's Position
pean Ideas Of Resumption Con-
traSted with Ours-Eic.

If 4roN, O,tJOer 9-WeudcN Phil.
/ 'EtfS4E "a written 3 reply toCarl ShurZ's
[ {3F& I the eighth instant. De says
7i1z {<I r. SchuIz wastes half his letter in
\; <ft# 1g Us pspsT money men with ig
- Ht#e Of facts, which We not only
s J!f but have been first 10 bring out
ks3fH% discussion, and have been aTgJ-
F EE< III two or three years. II be can
: L&N swer claim ne shall nOt misTe-
4 II, {1H me. ! have never proposed 20
+ <EI3l the discount power OF banks,
&lk{!tn forbid their issuing bills. They
g Es 54Hk O1tinue TO lend ali they can at
F six per cent, when will be the
zE n Ial rate Of interest wherever the
- stNs - nment gives only 3-55. / said
"Iewer CHECKS aud more green
bsckzn He argues as il l hsd
said mo checks and all green
bRcFs" or course he exactly knocks
down the image he has set up. GreeG-
backs aud inteTconveTtible bOn,5 are
more convenient for business men scat
tered ON the Atlantic 10 the Pacific,
Fewer checks and more gTeenDaCks
means mOuey more within the reach Of
every Glass OF business men. Every
body kuOws that ii il not true, ss Mr..
SchuIz ssseyts, thst bank facilities are
within the reach of the whole mass OF
business men. When bankruptcy opens
bank ledgeTs to the public gaze, we see
that five or six rich firms have been
borrowing all the bank lent, as in the
case Of the Rhode Igland banks and the
spragues. Smaller traders are pushed
10 t1e wall and into bankruptcy. Our
system will prevent all this. More
greenbacks means g healthier system Of
business as TO the effect of currency on
prices. Mr.. SchUrz and his school
measure everything by gold. This
assertion that our gIeenback system will
IuinOusly initiate prices is entitled to
certain respect. / demonstrated by
long extract from that ablest living
economist, Carey, that cur war cuuen-
cy was not the cause which made gold
vsTy in price. Mr.. SchurZ does not
and cannot attack these facts.
He goes back one hundred years and
iDdulges in jokes, which l put less faith
in than in Henry Carey's facts. His
reference to a mill seems simple eva
sion. II Barney Price ever inquiries
about my health, because l believe in
greenbacks secdTed by government
bonds payable in gold, l will quiet
Price by quoting his words: az am not
aware OF any valid object'On which can
be urged against this method Of guar8n-
teed Onvertibility." Since l convinced
him, Mr.. SchurZ recsnts his assertion
that no nation ever anywhere used pa
per money without ruin. He is
forced to confess that England
has fiOurisheJ under paper, which
is all that l claimed. l said the
same of France, and this Mr.. SchUrz
not only allows, but shows that France,
having tiOur;shed under paper, is now
prepared to resume specie payments.
Whenever our foreign commerce, like
France, enables US to pay a neighbor
one thousand millions OF coin and have
as much left, we may also resume.
French experience teaches US to wait.
So far as my sllusl0n to Germany being
ludicrous, hecannot deny that Germany,
chOBed with coin, is actually in a crisis,
which shows that specie basis does not
always save nations from crisis. His
explanation knocks The bottom
out OF bis whole reach. He
tells Us that specie, guaranteed d
a. ainst panic, and owe. trading and in
fiatiO1 brought THESE on, ana then as
sarts thai ia Germany the Gauss OF The
collapse is the OVerstTsining Of the credit
system, over production, etc, which is
always excited Toy ar over abundance Of
money, etc. The NeU York Tribune
joins him in thlS. So it seems that coin
ard paper, if III excess, are all the same.
Where then ia > huTz's philosophy?
Our 2reenbsck system has untried ele-
ments which seem to promise more Sc
curity agaiuEt crises than We ever had.
France, with all her six Kindred million
dollars Of pspef, does not tremhle to her
center IS does Germany because she
Keeps free on silver as a b8sis, while
Germany, with gold as her sole legal
tender, binds herself slave to the Lon
don market, and our bankers are crazy
to have us put on similar British clothes,
and have an agus fit every time London
feels a little cold. Mr.. SchUgz c2Iia
eur gTeenbscks "irredeemable" O1Ce
they were rsdCe mable il fve.tWep
bonds, as good as gold, and greedy
capital Outwitted the people ten years
ago and cut the currency lose to make
tuam again Tedeemable in IS bonds,
payable finally ia god Mr. ScbuTz
warns the laboTer not to tru. Us; but
if the lsboring men, instead Of deposit
ing in institutions ike the rniTd nation
al bank of New YORK, recently sus.
pended. Had Kelley's 3 IS bill been in op
eration, and invest d t1eir money in 3 65
bonds, they would always be sure to get
their capital snd interest, MI. Phillips
closes by saying that working men did
not complain of their wages during the
season OF ample currency succeeding the
war, and they aud business men would
cheerfully see such times again, when
all made money. Now the rich grow
richer and the lest starYe.