Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-09-28
OHIO.
Carl Schurz's Speech.
THE CURRENCY QUESTION.

Cincinnati, September o. Carl Schurz, in his
speech to-day, said; The merchants and business
men of Cincinnati have greatly honored me by
inviting me to address the people of Ohio as an
advocate of honest money. For that honor Of
fer them my sincere thanks. l have accepted
that invitation, deeply sensible OF the magnitude
of the question and the far reaching importance
of the declaration of sentiment which the people
of Ohio will soon be called upen to make it the
ballot box | am told that my appearance in this
calnpaign has been represented as part OF con-
celJcd plan to lead Independent voters Of the
| country into the ranks of the republican party to
support its candidates in the Presidential cleo
ton of 1876. That story is an idle invention.
1t is therefore sentimental Partially for the
republican PARTY that brings me here. Proclama-
ton has been made by the democratic leaders OF
Ohio that this State campaign Is to be OF decisive
effect as to the issues of the Presidential election
OF 1876, and in the very front of these issues they
have placed one which involves not only the Ma
tional interests but the character, good, and the
whole moral being Of the American people. An
attempt is being made to secure the endorsement
by the people of the State of financial policy
which il followed by the National Government,
would discredit republican inst itutons the world
over, expose the American people to the ridicule
and contempt of civilized mankind, make our po-
litica as well as business life than ever the
hot-bed of gambling and corruption, and plunge
the country into all those depths Of moral and ma
tional bankruptcy and ruin.
The success of the imitation party in Ohio will
be the signal for the general charge along the
whole line to submerge the best principles and
leave helpless in the rear the best leaders of the
democratic party, and spurred on by reckless
demagogsm to capture the national power by
tumutous rush. This is no matter of mere local
concern, as some weakly pretend to believe. 1t
is national danger which all good citizens should
unite to avert, and which surely can be averted
only by the defeat of imitation here. l have not
come here TO whitewash the faults of the repub-
lcan party. l beg leave to direct my remarks di-
Z L,,x o,t1.
and earnestly opposed to the success OF the ln-
tistion democracy of Ohio.
Mr.. Schurz spoke at great length on the SUBJECT
of the currency. Among all the glorious absurd
tiles with which the imitation school of fnanciers
have been flooding the land, l find none equal to
this theory of Gov. Allen in brilliancy OF non
sense. Money in bank is no money at all for busl-
ness purposes, because il is in bank. Only about
seven per cent. of the business transactions are
accomplished by actual transfer and delivery
OF currency from hand to hand and that fully
ninety three per cent. of those transactions are
afflicted by the transfer Of bank accounts through
checks, notes and bills of exchange. He does
not know that ninety three per cent OF the clrcu-
lation of the money in this country Is effected
through these very banks, which he hkens to the
bottom of the Pacific Ocean. One thing is uni
versally admitted: If the value Of our unredeem-
abte paper money is increas ed it will further dep
rebate the paper dollar. which is worth 80 cents in
gold now, will be worth 80 or 70 or 6O or % cents
now, will cost lbs or Sl.30 or Sl.40 or l,5O
then. As the paper money depreciates and loses
its purchasing power its power OF eiiecung eX-
changes will decrease in corresponding manner.
A transaction requiring the use of 500 now, will
require Sl25 or $3.50 or $40 or Sl5O. Then
what follows? The increased quantity OF the
currency bringing with it no increased power of
effcCting exchanges, in consequence OF cores
pondirg depreciation. You try further expansion
and the result will be exactly the same. You go
on trying to make the volume OF currency equal
to the wants of trade and the initiation will be in
definite until finally the currency becomes so
whole edfce tumbles down in universal repudiS
ton, bankruptcy and ruin. There are two ways
to set additional currency ailoat. One by buying
up T. $. gold bearing bonds, or gold to pay Oft
the bonds. But it is certain that this method
will answer only in very limited measure, for
this simple reason AS you put out new green
backs, with the prospect of large emission, the
greenbacks will rapidly deprecatc as to gold, and
as the bonds are payable, principal and interest,
in gold, they will maintain their gold value, and
thus the price in paper money Will thereby be-
come so high that the method OF putting out
grcenbacks by purchasing bonds Will soon be-
come very unpopular, and be dropped
Or, if you mean to repudiate the bonds, OF
which, as | understand, there is at present no de-
clared purpose, then, of course, you will simply
repudiate them and not buy them up at all But
there is another way to put ahoat new issues OF
greenbacSs. 1t is By carrying the expenses Of the
government bcyoGd its revenue. And this, have
no doubt, viii be resorted to the iavorite meth
cd. Do you knew what that means Imagine q
Congress making appropriations OF money for the
agowed purpose of getting out, putting ailoat,
spending as much money as possible and adopting