The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-10-06

STORY let there are those VINO seem never able 10
learn the lesson
Did Mr. Senator schurz hear Of a country called
France, which survived the German war by means OF
well regulated irredeemable paper money, has in
creased her exports since from 5000 900 600 to
$500, 900 600 is prosperous every one employed her
paper though enormous in amount at par with gold
and that she s able TO return the old specie system
whenever she peasesr While at the time specie
basis Germany having just received 81 600 600 900 in
coin from this same France, is herself In deep water
tens Of thousands OF unemployed her Streets
money 10 be had to start her mills taxes in
creased, and OF her Berlin writer's complain
ng:-We are In great distress II we had TO pay
thousands OF millions instead OF having had much
TO receive" When Mr. Schurz has studied up these
two Instances OF frugal and careful governments which
have issued 'arge quantities OF rredeemable paper
money" without tumbling into vortex OF proalgacy
and corruption will furnish him with others Mean
while, commend him TO the reading al safe inter-
walls OF sound doctrines in Caroys letter to Field
Fosvth-The fourth point Of the speech is Moth
ing but specie basis give stability TO current prices
restore that confidence which the first requisite Of
a new field Of prosperity"
Yes, coincidence" is indeed, the first great need
No dispute about that Does 1t necessarily and always
accompany a spesae basisS Then will Mr.. Schurz
please explain the present panic and distress in Ger
II
joices in specie basis SO does London, that makes
bankrupts OF half New York. Will Mr. schurz please
expainS California is all gold, but she has just been
shaken to her England specie basis in
1896 when the panic and disorder great that
Huskisson said eve within twenty four hours OF
barter utterly gone confidence currency and
each other Really Mr. Schurz ought blush for such
statements, in a stump speech Doubtless he
knows that Ricardo, the great bullonist allows that
against such panics as prevail here now have no
security any system; that the panics England in
ls47, 1851 and 1866 all experienced while specie
basis PREVAILED that again and again in specie basis
English history, the permission given by the govern
ment 10 the banks suspend specie payment has been
the salvation OF the business community The men of
Ohio must be green indeed If such perversons Of his
tory avail to mslead them, especially when they
member that all former panics have arisen under
a specie system and got out Of them by suspendng
specie payment
specie basis will gve stability to current vaues'
What does Mr.. Schurz mean? Does he not know that
during our late rebellion gold rose price than
any article of merchandise except cottonf Talk OF
such article giving stability to prices 1t is sinbad
anchoring a whale. II is like the other green
tive OF that land OF science and philosophy, Germany
who, drawing landscape, took q for the fixed
point Of his perspective. She moved and the picture
became just such a muddle these specie basis
speeches are. God the Germans from their spe-
Gle basis friendsl
The ablest OF European writer's themselves bullion
lists allow that the time when either necessary
prudent tie ourselves to specie has passed away.
Even Ricardo the high priest Of the bullionists the
father OF the present British system allows this He
says
regulated paper currency is so great an improve
ment in commerce that should greatly regret preu-
dice should induce Us to return 70 a system Of less
utility The Introduction OF the precious metals for the
purposes Of money may with truth be considered as
q the important steps toward the improve
meEt OF commerce and the arts OF civilized life But
Is less true that with the advancement of knowl-
edge and science discover that would be another
improvement to Danish them again from tho employ
to which, during the less enlightened period they
had been so advantageously applied
We need larger facilities. We need real bass-that
is tho country the sovereign people, the wealth OF
country-not a sham like this pretence of specie Says
Bagehot, the highest authority in England
So far being able rely the proportional
magnitude our cash in hand, the amount OF that
cash Is exceedingly small that bystander almost
trembles when he compares its minuteness with the
immensely or the credit that rests upon tt-Lom-
bard Street, page Is
Well may that bystander tremble as the cash is nfty
cents coin 800 paper. To initiate that system is
Mr.. Schurz's financed And even that minute quantity
in coin is a sham. Cary tells US that thrty-seven
years ago Albert Gaatin then President of the Bank
Of North America in the city of New York. said at a
meeting OF bank presdents:-
We well know that while bank bears on its face
promise 70 pay the amount Of It's denomination In
IL with 1t the implied condition that the
coin shall never be asked for.
II this be all the wisdom foreign travel has furnished
oar Senator, better will 1t be TO get else
the compact logic OF Eings speech at Ironton
Schurz parsdes his bugbears to alarm the plain Of
our overburdened and impoverished people. No boy
heoriss be expected to comprehend the vast
into NJ N NJ nv Cod
subdue tho Continent dot il with cities and bind tho
oceans in marriage by iron roads The Continent Is
yea q giant In swaddlmg clothes The grand work and
destncs % people refuse to be cabned in the six
penny methods OF small fully developed States and
their financial usages Of 200 years ago.
To-day distress bitter for idle speculatons
The labor Of the land sweats under debt Of some
twelve fourteen thousand million of dollars national
State city, railway and mortgage debts), drawing
least seven per cent interest on the average.
CAPITAL
forces the government into pathway: starving
labor clamors to have II otherwise confidence
gone, widespread bankruptcy Gripping business, stocks
depreciating real estate unstable.
In this dread winter before how will the savings
banks stand the demands upon them2
Instead OF this harsptng Of old theories, practical
craftsmanship uses the wisdom OF experience learns
from our own war policy, profits by the glorious ex
ample France US, and by using all modern expo
dents sho did, disaster opportunity, set
ting hand spindle, steam engine and sail all at work,
pouring content and plenty through all channels.
II dsdans France did to yield to unmanly fear and
shrek "wolf wolff" from the watch tower; but with
the cries OF "yctory" and Forward !" from the head
OF the ranks pours confidence into every heart and
makes the success we prophecy
1t is poor government, and they but sorry lead
ers who stand M TO whino before the people while even
doors and this very time and year other lands
show the safe path ont Of all trouble and how to
plant ourselves solid ground. Taleyrand said,
Everybody is wiser than anybody" and the plain
common Of the people will yet from this
''much learning which makes statesman mad"
With thanks for tho honorary membership OF tho
Local Tender Club 40 kindly voted me / remain dear