The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1875-10-14
WENDELL TALKS BACK.
The Boston Currency Champions Second
leply to Carl Schurz.

| Aae sostcn currency cnamrIo Second
| Heply to Carl schurz.
| BosroN, October 9-Wendell Phillips
written reply TO Carl ScEura's letter Of the
sth inst. ia made public. He says: "Mr.
Schurz wastes half his letter in charging us
paper money men with ignorance of facts
which We not only, but have been first to
bring out in this discussion. and have been
arguing for two or three years. If he can
not answer a claim, he shall not misrepre-
sent me. l never proposed to abolish the
| discount power Of banks; only to forbid
their issuing bills. They may continue to
lend all they can at five and six per cent,
which will be the general rate Of interest
whenever the government gives only 3-65.
| said,
FEWER CHECKS AND MORE GEEESBACKs"
He argues as ii had said no checks
and all greenbacks.' OF course he exactly
knocks down the image he has set up.
Greenbacks and interconvertible bonds are
| more convenient for business men scattered
from the Atlantic TO the Pacific. Fewer
checks and more greenbacks means money
more within the reach OF every class OF
business men. Everybody knows that it is
not true as Mr.. Schurz Asserts, that bank ia
cilities are within the reach of the whole
u s. of business men. When bankruptcy
opens the bank ledgens to the public gaze,
We see that five or six
RICH FIRMs HAVE BORROWED
all the bank has lent, as in the case of the
Rhode Island banks and the Sprasues.
Smaller traders are pushed to the wall and
bankruptcy Our system will prevent this.
"More greenbacks". means a healthier svs-
tenn OF business as to the effect of currency
on prices. Mr.. Schurz and his school |
measure everything by gold. His assertion
that our greenback system will ruinousIy |
initiate prices is entitled to certain respect
but did not assert demonstrated by a
long extract from that
Aprrr,,v,xc rcoxov,Sr c,prv
80
which IN ade gold vary in price. MIR. Schurz
uoes no' anu cannot ATTACK ,nese iae's; ne
80 ny year. anu inauises In JOKES
cH Pu. ieS1 iai'h N 'hah IN Henry
o"!ey siacs. MS reference 10 Miil seems
siuP'e 1'"e.oh' ~ pohainy Trce ever
.nquiies aoou' my heaitii ,ecause oeiieVe
IN S'eehoaIAS' secured Dy government
po'os' Pa!"oie IN eoid' VIII quiet frice
fuo,!is ms WINS ani not aware OF
any Vaii1 objection which can be urged
asa.nst 'his method OF guaranteed convert
ioiii'E. since criticized him
Mr.. sCHURZ RECANrs HIS ASSERTION
that no nation ever used paper money with
out ruin. lie Is forced 10 confess that En-
gland mas nourlshed ainder paper money,
Shich Is al L claimed, l said the same OF
france and TINS Mr.; Schnrz not only al
lows, out SHOWS mat France having Hour
lshed under paper Is now preparing to re-
sumo specie payments: whenever one for
eiSn commerce, Ike france, enables us to
pay neighbor one Thousand millions OF
coin ana nave as mucn lett We may also
resume. ontii then French experience
teaches us 10 want: As TO my ailuslcn to
Germany being ludicrous he Cannot deny
that uermahy choked with coin Is yet
IN ACTUALLY A CRISIS,
which shows that a specie basis does not
always save nation from Crisis. His
Z i"ahation KNOCKS the bottom out OF his
whole speech. lie tells us that specie
guarantees against panic and overtrading
and inha'ion brought thereon and then as
serts that IN "ermany the cause OF collapse
Is overwhelming oil the credit system, over
production; etc, which Is always excited by
an over abundance Of money. etc. The
New York if!'une I9ins him IN this. So it
seems that coin and paper II IN excess are
- PH'''
,' IN,
mas un'fieo e'eihehts ~hieh seem TO prom
sc more security against crisls than We ev-
r. n ano mao. France, Win all her S6O,
'oo,Voo Oh paper does not tremoie TO her
'tnitr as uOts lrcruidNN, DtCau~e she ktttiS |