The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-10-14
A FINAL SHOT FROM CARL
- II .SCHURZ. tEs1
MR.. PHILLIPS DISPATCHED.
Talking without thinking The Boston
Economist an Awful Example-A
Pew of his Statements Dis
cussed.
From Mondays 81. Louis Republican.

From Mondays 81. Louis Republican.
Ex-senator Schurz met with an accident
Saturday night in spraining his left foot on
defective sidewalk. He is confined to his
room, but will probably be out in short
time. He was visited yesterday by re-
porter of the Republican, who found him
stretched out on lounge reading the pa
pers.s To the question whether he would
write an answer to Wendell Phillips Sec
ond letter, which appeared in the morning
papers, he replied that he considered it
scarcely worth while to continue the cruel
game. But he talked freely about 1t and
permitted the reporter to take down what
he said, ..-.-.-
The difficulty with Mr.. Philips, said he, /
is that he speaks without thinking Here
he complains that the banks do not accom-
modate the whole mass Of business men
with their favors And what remedy does
he propose? His system of greenbacks
and interconvertible bonds" Now, what
in the name of common sense does he
mean? That the government under his
system" is to discount the notes of bust
ness men who cannot get their notes dis
counted at the bank, and to make time
loans to them and to buy and sell their
bills of exchange; or does MIR. Phillips
think if more greenbacks are issued, a
business man, who at present does not get
all desired bank accommodation, will then
only have to put tub out of doors in the
evening, and q rain OF greenbacks will
pour down to fill it before morning? You
see, the thing is too childish to be discuss
ed among serious men. 1t only shows that
Mr.. Phillips has not the slightest concep-
ticn of what the business of country real
lyi is.
His attempt to turn and twist what
said about Germany and France, ] will, in
human kindness pass over. His assertion
that France has in five years been most
prosperous by irredeemable paper money,
while she makes most resolute and ener-
getic effort to get rid of that irredeemable
paper money by contracting it, L will also
cover with the mantle of charity. 1t
seems family to dawn upon Mr.. Phillips
mind that the initiation of an irredeemable
paper currency will also initiate prices.
But he is not at all sure of it, and L doubt
whether he ever will be. There are certain
minds so crooked that straight thing will
not go through them.
Quite characterize again is the assertion
that France is prosperous and steady IN
her economical condition, because, as he
while Germany with gold as a sole legal
tender binds herself slave to the London
market" There is really something impos-
ing in thecomprehensiyeness Of Mr.. Philips 8
ignorance. In my reply to his first letter /
pointed out how he mistook the suspension
of the bank act of "A in England for a
suspension of spice payments, and now |
would tell him that during the period
from 1855 to 1870, there we're coined in the
French minis. according to the statistics
of the London Economist, over 5000 mil
lions Of francs in gold, and only $50 millions
of francs in silver, that is about 10 francs
in gold to one france in silver. But accor-
ding to Mr.. Phillips, it is silver that kept
France free, while it is gold that makes
Germany slave Perhaps Mr.. Phillips
in the interest of freedom, would suggest
to the American people a return to the
silver basis on account of its stability, while
all other civilized nations enslave them
selves by gold-gold being notoriousl!
much more stable than silver, Thinking
seems impossible with such rcasoners.
But Mr.. Phillips turns out to be not abso
lutely opposed to the resumption of speci,
payments after all: He is willing himsel
to anchor on the whale under certain cir
cumstances. And what are those circum
stances? He says; Whenever our fol
eign commerce, like that of France. ena
bles us to pay neighbor one th0usan,
millions of coin and have as much left, W
may also resume, until French experienc
teaches us to wait" Thus he wants us t
have two thousand millions of coin befor
we resume, or at least one thousand afte
we have divided with a neighbor. o
course he does not know that the French
H. LII,
deficient bank facilities, need much NOR
currency in proportion than our people
But in the meantime, he advocates pol
cy which, as increasing paper currency a
ways does, will tend to drive out of tn
country what coin there is still in 1t, so tina
we shall get on his real basis-that is, tn
country, the sovereignty of the people, tn
wealth of our country, and not that shan
of specie pretense." Mr.. Phillips, as a
economist, has his use. He can serve a
awarning example to teach others that
is not safe to talk publicly about sue
things before having some idea at least @
the A b G of the science.
The trouble is that many people, havin
thought only specifically on the subject
have vague notion that if more currenc
is issued some Of it will somehow find it
way into their pockets and in genera
way stimulate business But when the
are to express their ideas clearly the
make, as MIR. Phillips shows, sorry mud
die Of it. ! anon the contrary. convince
that the policy of expansion would, unde
existing circumstances, be calculated onl
to chill what little confidence still exists
intensity the general feeling Of insecurit
and make bad worse.
Having said so much, Mr. Schurz gave
to understand that he had other things t
do now than talk on Mr. Phillips's fnancia
wisdom. He hopes his foot will permi
him to go to New York in two or tire
live from Europe at the end of this weeE