The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-10-11
PHILLIPS VS.. SCHURZ
Reply to the Letter Of the
Former Anti Forced-Re-
sumptionist.

. BOSTON. NItlbbtT j. W ''i'''' . ''''''l J..
has written II reply to Carl SchurH : let
ter of the sth. He says:
Mr, Schurz wastes half his letter IN
charging Us paper money men with ig-
norancc of facts which We not only know,
tut have been the first to bring out IN
th, discussion, and have been figuring
on for two or three wears. II he can not
answer | claim he shall not misrrprcsent,
me.
| never proposed to abolish the dis
count powers of the banks, bat only to
forbid them issuing bills. They may
continue to loan all they can,
at ) or i per cent. which will be the gen
cral rate of interest wherever the govern
ment gives only 3G5. said fewer
checks and more Greenbacks.' lie ar
cue, as if had said no checks and all
grreubacks. OF course he only knocks
down the absurd image he has set up.
GrccnbacKs and inGonvcrtible bonds are
more convenient for the business men
scattered from the Atlantic to the
Pacific. Fewer checks and more
.,recnbucks means money more with
in the reach OF every class Of
business men, Everybody knows that
If is not true rs Mr.. SchurZ asserts, that
bank facilities are within the reach of the
whole mass Of business men, when bank
ruptcy opens the bank lrdgcrs to the
public gaze. We see that five or six rich
firms have borrowed all the bank lent, rs
in the case of the Rhode Island banks, and
the Sprugues. Smaller traders were push
ed to the wall and bankruptcy. Our sys-
TEN will prevent this. More green
backs" means healthier system OF busi-
ness. As to the effect OF currency Oh
prices. Mr.. Schurz and his school meas
urc everything by gold. His assertion
that our grccnbuck system will runously
initiate prices, is entitled to certain res
pcct; but | did not say, | proved. |
did not assert, ! demonstrated
by long extract from
that ublrst of living economists, Carey,
that our war currency was not the cause
which made gold vary in prI"e. Mr.
Schurl does not and cannot attack these
facts. He goes back on one hundred
wears and INDUCES in jokes which | put
les faith in than in Henry Carry's faith.
Ills reference to Mill seems Il simple
evasion. Ii Baramy Price ever IN
quircs about my health be-
cause believe in greenJarks
secured by government bonds, payable
in gold, | will quiet Price by quoting
his words, IL am rot aware of any valid
objection which can be urged against th,
method of guaranteeing convcrtihility.'
Since | criticized him Mr.. Schurz recuntS
hi. assertion that no nation ever used
paper money without ruin. He Is forced
t. confcs, that England iiourishcd under
paper, which is all claimed. | said the
same Of France, and tbs, Mr..
Schurz not only allows, but
shows that France having ilourlshed un
der paper money, is now preparing to
resume specie payment. Whenever our
foreign commerce, like France, enables
us To pay ncjghbor Que thousand millions
of coin aud have us much left, We may
also resume. Until then, French expert
ence teaches Us to wait. So far aS my
allusion to Germany being luIIcrous, he
cannot deny that Germany Is chpkcI with
coin and is yet actually in crisis, which
upset, hi- claim that specie basis always
saves nations from crisis. His cXp.ana-
tion lets the
Boftom out Of His whole speech.
He tells us that specie guarantees against
panic and overtrading, and that imitation
brought these on, and then asserts that III
Germany the cause Of collapse Is the
oycr.straning of the credit system, over
production, etc, which is always incjt. d
by an ovcr-abundance OF money, etc. (
The New York Tr,j,mc Joins him in
this, so ii seems that coin ana paper, if in
excess, arc all the same. Where then Is
seizures philosophy? Our green back sys
TEN has untFicd elements which seem 10
promise more security against II crisis
than we ever had. France with all her
5000 600 of paper does not trcmblc |
to her centre as does Germany, because |
-hc keeps free on silver rs basis, while !
Germany. with gold rs her sole legal |
tender, binds herself a slave to the Lon.
don market, and our bankers are crazy |
to have Us put on similar British claims, |
and have an ague fit every time
London feels cold. Mr. Schurl |
calls our greenbacks irredccmnble. ,
Once they were redcemablc in $40 bonds |,
rs gold, but greedy capital outwitted the
people ten years ago, and cut the currency .
loose We mean to make them again /
rcdremabIe in 80 bonds, payable finally .
in gold.
MIR. Schurz warns the laborcr not to /
trust u>, hut if the laboring men, instead /.
a. g