The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-11
Wendell Phillips ReIOinder 10
Carl SChurL.

BosToN, October 9.-Wendell Phillips
has written reply to Carl SChurz's let
ter OF the Sth inst. lie says:
Mr.. SChurz wastes half his letter in
charging us paper money men with ignor'
anCe OF facts which we not only know,
but have been first to bring out in this
discussion, and have been arguing for two
or three years. II he cannot answer u
claim, he shall not misrGpresent me, |
never proposed to abolish the discount
power Of banks, only to forbid their
Issuing oi'bills, They may continue to
lend all they can at five OF six per cent,
which will be the general rate OF interest
whenever the Government gives only
3,Gj | said "FewCr checks and more
greenbacks." lie argues as II had said,
"NO checks and all grecnbaCks," OF
course he exactly knocks down the image
he has set up. GrGenbaCks and intCrCOn-
vcrtibIc 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 il is not
true, rs Mr.. Schurz asserts, that bank
facilities are within the reach Of the
whole mass Of business men. When
bankruptcy opens bank ledgers 10 the pub
tic gaze we sec that five or six rich firms
have been borrowing all the bank lent, NJ
in the case Of the Rhode Island banks and
the Spragucs. Smaller traders nre push
ed to the wall and bankruptcy. Our sys-
tenn will prevent this. "Nlore green
backs means healthier system Of busi-
ness. As to the effect OF currency on
prices, Mr.. Schurz anil his school meas
ure everything by gold, His assertion
that our greenback system will ruinously
initiate prices is entitled TO certain re-
speCt, but | did not say, proved, i did not
assert, demonstrated by long extract
from that ablest living economist, Carey,
that our war currency was not the cause
which made gold vary in price, Mr..
Schurz does not and can not attack these
facts, lie goes back one hundred years
and indulges in jokes, which pnt less
faith in than in Henry Carey's facts, Ills
reference to Mill seems simple evasion.
II Bonamy Price ever inquiries about my
health, because believe In grecnbaCks
secured by Government bonds payable in
gold, will quiet Price by quoting his
words: VI am not aware Of any valid OBJ
lection which can be argued against this
method Of guaranteed COnvertibility,"
Since | criticised him, Mr.. Sclurz re.
Cants his assertion that no Nation ever
anywhere used paper money without ruin.
lie Is forced to confess that England has
ourshed under paper, which is all |
claimed. ! said the same Of France, and
this Mr.. Schurz not only allows, but
shows that France, having llourished I'M
der paper, Is now preparing to resume
specie payment. 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 re-
sumo. Until then, French experience
teaches us to wait. So far from my allu-
sion to Germany being ludicrous, he can
not deny that Germany, ChOkCd with coin,
is yet actually in n crisis, which shows
that the specie basis does not always
save Nations from crises. His Gx.
planation knocks the bottom out
Of his whole speech. lie tells us
that specie guaranteed against panic,
and OvGrtrading md initiation brought
these on, and then INSERTS that in Ger
many the cause Of the collapse is over.
straining Of the credit system, overpro-
duCtiOn, &C., which Is always excited by
an overabundanCe Of money, &c. The
New York Tribune joins him in this. So
II seems that coin and paper, il in excess,
are all the same. Where then is Schura's |
philosophy. Our greenbaCk system has
llntricd elements, which seem 10 promise
more security against crises than we
ever had. France, with all her $O00,000,- |
600 Of paper, does not tremble to her CEN
ter as does Germany, because she keeps
free on silver as n basis, while Germany,
with gold as her sole legal tender, finds
herself IL slave to the London market, and
our bankers are crazy TO have ia put on
similar British chains, and have nm agne
III every time London feels cold.
Mr.. SChnr2 calls our grCcnbaCks "irre.
deemablc." Once they were redeemable
in Iive.twenty bonds, us good as gold, but
greedy capital Outwitted the people ten
years ago, and cut the currency loose.
We want to make them again redeem.
able in three.sixty.Gvc bonds, payable
finally in gold. Mr.. Schurz wants the Ia
borer not to trust us; but II the lobOring
men, instead Of dcpositing in institutions
like the Third Avenue Bank, Of New
York, recently suspended, had Kelley's
invested their money in three.sixty.fvc
bonds, they would always be sure to get
their capital and interest.
Mr.. Phillips closes, by saying that
working men did not complain Of their
wngrs during the season Of ample cur.
rency succeeding the war, and they and
the business men would cllecrinlly zee
such times again, when all made money.
Now the rich grow richer, and the rest
starve.