Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1875-10-07
Carl Schurz's Speech in Cincinnati
Sent. u.

reaching Importance OF the declaration OF
sentiment which the people Of Ohio will
soon be called upon To make It the ballot
box. | am told that my appearance in this
campaign has been represen ed as part of
a concertA plan 20 lead independent .ot.
ers OF the country into the ranks of the re-
publican party to support its candidates in
the Presidential election of 1876. The sto-
~ is All Idle invention. IL is therefore no
sentimental pa, tiaity tor the republican
party that brings me here. Proclamation
has been made BY the democratic leaders
OF Ohio that this State campaign is to be
of decisive effects rs 10 the issues of the
Presidential election of 1876. aud IN the
very front OF these issues they have placed
one which involves not only the National
Interests but the character, good. and the
whole moral bein- OF the American p.o.
pie. An attempt Is being made To secure
the endorsement by the people of the State
OF a financial policy which, Ii followed by
the National Government, would diScrelir
republican Institutions the world over, cx-
pose the American people To the ridicnle
and contempt of civilized mankind make
our political as well rs BUSINESS life more
than ever the otoed Of gambling and e o.
ruption. and plunge the country into all
those depths at moral and national bank.
ruptcy and ruin.
The success, Of the imitation party in Ohio
will be the signal for the general charge
along the whole line TO subm-rge the best
principles and leave helpless in the ear the
best leaders of the democratic party. and
spurred GU by a reckless deinaSoyisn TO
capture the national power by tumultous
rush This i no matter of mere local con-
Germ. rs some weakly pretend TO believe.
IL i national danger which all good citi-
Zens should unite To avert. and which sure
" can be averted only by the defeat OF IN
fation here. | have not come here TO
whitewash the faults OF the republican par
~. beg leave 10 direct my remarks
NV remarks directly TO the democrats
OF Ohio. am honestly and earnestly OPP.
posed To the success of the IN fation drmoc-
racy of Ohio.
Mr. Schurz spoke at great length on tn.
subject oi the currency. Anon. all the
glorious ab-ur,Nies with which the infa-
ton school of iinancic.s have been flood
ing the land. | dad none equal to this the
DRY OF Gov. Allen in briiliancy OF nonsrnse
Money la bank l. 80 money at all iur bust
ness purposes. because it is IN bank. Only
about seven per cent. of the bushes. trans
actions are accomplished by an actual
transfer aud delivery of currency from
per cent. oi those .ran>actiouS are afflicted
10y the transfer OF bank accounts through
checks. notes and bills of exchange. tie
dov, not know that nincty-thrcc per cent
of the circulation of the money in this
coujtry j. effected through these very
banks. which lac likcus to the bottom OF
the Pacific Ocean. One thing j. universal
Is admitted II the value OF our uure,lreui-
able paper money j. Increased 1t viii furth-
cr dcprcciatc the paper dollar. which j.
worth - cents la goi,i now. viii br worth
~ or 30 or ca or 80 cents then, aud what
YOU can buy for one COLLAR ia paper now.
viii cost 81 % or 81 30 or 81 lao or 81 30
then. A, the papetmuury depreciatc. and
loses 1t, purchasing power, it, power OF
eiieCting exchanges viii decrease la a cor
responding manner. \ transaction rrquir-
ing the use OF 500 now. will require sl25
or sl3O or Sli0 or $50. Then what follows?
The increased quantity OF the currency
bringing with il no increased power OF ef-
fecting exchanges. in consequence of cor
responding depreciation. \ gu try further
expansion and the result will be exactly the
same. lou 20 on trying TO make the vol
ume of currency equal to the wants OF
trade. and the imitation will be indefinite
until finally the currency becomes so
worthless a. 10 effect no changes at ALL
the whole ediice tumbles down In uniyer-
sal reputation, bankruptcy and ruin.
There are two ways To set additional cur
rency ailoat. One by buying up L. ) gold
bearing bonds, or gold TO pay of, The
bords. But il is certain that this lneihod
will answer only ln very limited measure
for this simple reason: As you put out
greenbacks. with the prospect of a large
emission. the greenbacks will rapidly de-
preciate as TO gold, and the bonds are
payable. principal and interest, H. gold
they will maintain their gold value. and
thus the price In paper money will thereby
become 80 high that the method of putting
out greeubacas by purchasing bond, will
soon become very unpopular. and be drop
Ped.
Or, II you mean to rcpudiItc the bonds.
of which. a understand. rAere i at pres
ent no declared purpose, then, OF cour Sc
you vii! simply repudiltc them and not buy
them up at all. But there j. another way
to put ailoat new issues of greenbacks. 1t
j. by carrying the expenses of the govern
ment beyond it, revenue. And this. have
no doubt, Will be re>orted 10 as the favor
lite method. Do you know what that means
Imagine a Congress making appropria-
lions of money Tor the avowed purpose OF
getting out. putting aflUat. spending as
much money rs possible and ADOPTING sys.
tematic extrayagauce in expenditures ns a
necessary measure of financial policy. to
the end OF making and leepjny III. ynlune
of currency equal [, the wants of trad.
What day of Jubilee there would be
among the thieve. aud rascals who think
they can gain. not only wealth. but resp.c-
liability. by stealing rs much as possible of
the public money. bitches must be dug.
entertainments thrown up, railroad and
steamboat lines ~uosi,lizrd, for the very
purpose of spending money. that the vol
tl,nt. of currricy bc wade and kept eonal
To the wat 1T trade. What a carnival of
fraud What living about of stray millions.
Money will be no object to The country.
The more spent The. better. for yreenback,
ni,I>r tr got out. in obedience 10 the man
date. 10 make and keep the volume of
rnr currency equal to the want,
OF trad, Th, is no exa.geration. You
adout "A financial policy, making il the ,lutv
of the National Government to put out new
issues OF CURRENCY in any way that will
serve the object quickest. and unlimited
extravaganza" viii he the necessary newt.
able consequence. there never was a 10Y.
ernmrnt ever so careful which did not by