The daily gazette., 1875-10-13
PHILLIPS ON FINANCE AGAIN.
LETTER IN REPLY TO CARL sCHURz ON
THE CURRENCY.

4 LETTER IN REPLY TO CARL sCHURZ ON
THE CURRENCY.
Boston, October 11.-Wendell Phillips
will publish in the Boston Herald to-
morrow the following in reply to Mr..
Sc hurz' last remarks:
To the Editor Of the Boston Herald:
SIR: MIR. Schurz says nothing at St.
Louis that needs or deserves notice.
Ahuse or me ls not argument, and whe-
ther tue or false is of no consequence
to the American people. His facts have
no bottom to rest on. He invents them
to meet n difficulty: Mr.. Carey's argu-
ment that during the war the amount
OF our currency did not cause the varia-
tons IN gold wholly demolishes his the
ory OF Initiation. He tries to escape by
affirming that those variations in gold
were caused by mems doubts of the ma
tiGn Willingness or ability to pay its
debts. But this pretense will not serve.
Eighteen hundred and sixty three and
ISL were our most despondent years,
yet the price of gold in 1868 and the
opening OF 1864 averaged about the same
as III ls66 and 1865, when peace and vic
tory had long settled all such doubts.
Again. II such doubts during the war
appreciated our greenback3, they would,
OF course, have also deprecated our
ponds anu made them vary constantly.
Yet our 1881 bonds rose steadily from
1852 to 1868. OF course such doubts had
their influence, but not enough to touch
the hem of Mr. Carey argument. Such
hasty inventions make what The Senator
calls facts and practical statesman
ship But this discussion III Ohio is
deeper than words. Ihree-quarters OF
this nation are borrowers. only one
quarter are lenders. \ law compelling
Specie Payments is simply the lenders
robbing the borrowers. The specie men
parade themselves as the party of pub
liz honesty" Look at it. The man who
borrowed Sl00 last month must, if the
law forces RESUMPTION. pay $ll7 to settle
his debt. Thus the capitalist robs his
debtor by asking the Government for
| such law. Let specie resumption come
| m the regular course of business, and 1t
IS honest. Force it by law, and it is on
| y trick by which wealth adds one sixth
| to every poor mans debt. Government
| mas a right to interfere between debtor
and creditor in the emergency of war to
save the State. THIS justities our legal
tender law. Government has no right
| q change the relations of creditor and
debtor in such time of peace rs this.
Laws compelling resuming are the basest
injustice, the most cruel oppression and
of such mems talk of public honesty.
They are the dishonest arty, stealing,
under pretext of law, their neighbors'
gbods. This party Of the money men
svindled the people when they increased
the load of the debt by making our
bonds, which had been sold to be paid in
paper, payable in gold. They swindled
us second time when they broke the
pledge and forbade greenbacks to be re-
deemablc in tive.twenty bonds. They
will swindle us third time if they force
Il man who yesterday borrowed 500 to
pay tomorrow sll7 to settle his debt.
Measure, if you can. the impudence of
such party The peck-snff3 of poll
tics, with their hands in their neighbors'
pockets. and boring their victims all the
while with everl ting chatter about
public Honesty.
Signed WENDELL PHILLIPS.