The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1875-10-09
CARL SCHURZ ON INFLATION.

The following are portions of Mr..
Schurs's speech, delivered at Cincin..
natti on Monday evening. Sept. Goth,
which relates more particularly to the
question Of imitation and resumption.
After quoting the financial plank in
the Ohio platform, Mr.. Schurz said i:
You, my Democratic friends, profess
to contend for frugal, economical, hon.
est. pure government. So do l. Is
there single candid man among you
who sincerely believes that frugality,
economy, honesty and purity Of govern
ment can be promoted by an expansion
OF our irredeemable currency, or is even
In any way compatible with It? Let
US look at plain, practical side of the
question. 1t has frequently been ask
ed, How are you going to get your ad-
ditional greenbacks afOat? The query
seems to have caused some embarl ass
meut and the answer usually has been,
"Oh, we shall get It out somehow"
But there is no need Of indefniteness.
ment Obviously there are two ways to
set additional currency afoat. One is
buying up United States gold bearing
bonds in the market, or by buying gold
10 pay off the bonds as they fall due.
But 1t is certain that this method will
answer only in very limited measure,
for this simple reason as you put out
new greenbacks, with the prospect Of
large emission. the greenbacks will
rapidly depreclate as to gold, and as
the bonds are payable, principal and
interest, In gold, they will maintain
their gold value, and their price in
paper nancy will thereby become so
high that the method of putting out
greenbacks by purchasing bonds will
soon become very unpopular, and be
dropped. Or If you mean to repudiate
the bonds, Of which, as I understand,
there is at present no declared purpose,
then, of course, you will simply repu-
diate them, and not buy them up at
all. But here is another way to put
afloat new issues of greenbacks. 1t is
by carrying the expenses of the Gov
eminent beyond its resources, and
that, have no doubt, will be resorted
to as the favorite method. Do you
know what that means? Imagine a
Congress making appropriations of
money for the avOwed purpose Of get
ting out, putting atioat, spending as
much money as possible, and adopting
systematic extrayakence in expenditures
as necessary measure of financial
policy to the end of making and keep
inc the volume of currency equal to the
wants of trade. What day of Jubilee
there will be among the thieves and
rascals who think they can gain not
only wealth hut responsibility by steal.
ing as much AS possible of the public
money Let it be known that bitches
must be dug, that embankments must
be thrown np, and that railroads and
steam boat lines must be subsidized for
the very purpose of spending money
that "the volume of the currency be
made and kept equal to the wants of
trade" what a harvest of Jobs, what a
crop Of rings this blessed country will
hear. what a olorious time for enter
nrising cont, actors what a seductive
season for ConUressmen to beI, a
friend far little share I'm the nrofts
what a carnival of fraud what a av.
inc about of strayinp millions. for
mind you money will he no object
on tho CONTRARY i must he snent and
the more snent the better. for the green
hacks must he cot ont In obedience IN
the mandate Sto make and kel the
yolnme of the cnrrencv eoual To the
warts of trade +" No fellow citizens
this ia M lest. This is no eraqeeration'
Yon sdont a financial nolicvH maxine
II the dutv NJ the National Government
to mt ont nav issnes of CURRENCY in
anv wsv that will serve ths ob,ect
onicLest and unlimited aytravaoences
wiii he iha necassarv the inevitahle
cnnsoovanoa 90 Thera novar vas a STATE
syar ~ waIi admjnistared there mayer
VOC a 90 neon,a % evar so frngai there nav
sr ~ Govs,nmsnt Aver so carefn
uh,"s Ala not bu tba em,ssion ~ Iaroa
onant;,iaa or IrraS aemabIa no nor monay
M in,o ,ha uartex of nIoaioacv anb
on au..Io ,ntT s"' 7, has ronor hoan anar
Iii Iii ha o o,har~isa II js tho verv ns.
80 % 20 thinas whan von ,nenufac-
tuo o ~ ,L,s ae.,,ad nons,, hu maraIy
'uto e"'o oo-N"No 'O"'J " oN'J