New-York tribune., 1875-10-11
THE CURRENCY DEBATE.
BRADLAUGH AND PHILLIPS on THE SrTUA-
TION.


,,p CHARLES BRApIAUGH TAKTS ISSUE WITH WEN
DELL PHILLIPS on SEVERAL PoINTs-MI. PHIL
lips REPLIES To Mr.. sCHURZ.
BosToy. Oct. 9.-Slr. Charles BradIaugh has
written letter TO The Boston Transcript in reply to those
who urge that an incOnvertble paper currency IL
panacea for all forms Of distress among workngmen He
saws:
Mr. Phillips support Of hs reply 10 Mr. Carl sehnrzs
statement that there never state ever So well al
ninIstered. there people ever 80 iruBt Ite
never Government ever so careful when did no.
by the emission OF large PiluutieS Oh
money run IA the Oi proigacy and corruption
has been, IL will never he Otherwise sayS Du
MI SrhurZ never hear of country called Great rltin
which used irredeemabe paper money lToh 10y, ti't
1877 And Sr. Phillips goes on to urge tnat wnon' nOu
TedoemaDlc paper money England cOn.d h2t navy ro
queTed Napoleon that paper notes IQueht INC DILL VI
Waterloo, kept her wOrhngnen eip,oJcn a. ~, tidn
uDdcr almost Incredible taxes, ana secuted 10 auo
unexampled prosperity
First answer that the :" paper notes. OF England
were not accepted as subsidies by the foreign Powers
whose arms were hired by England against Napoleon
thai for each pledged pound note England obtained from
money many shngs less, with which To make
her actual paymens that the paper vas not declared
irredeemabe. hut was always accompanied win prom
ise t redeem H. which though long delayed, a last
carried ont and at the resumption OF specie pay ShehS
was forced England by the consciousness OF the "Ge
evil Of Il depreciating paper currency. The uheAam-
pied prosperity" referred to by Mr.. Phillips Is lltte
startling to me. Between 1900 and lS2l we had
bread riots plentiful in London. Glasgow, Manchester'
and Exeter. In 1919 meeting of the starving near
Manchester ended in the Peeroo and yet MI
Phillips talks of England's unrxamp.ea prosperity al
thnt date II .ir Phillips will consult SIR Gladstone.
Mr. Leone Levi Mr. Dudley Baxter hr VIII ma that
British prosperity in trade and manufactures Increased
in proportion as we freed from the Insolvency
which hiudercd real business. II Is perfectly true
that the reckless tradesman who sigrs his name on
stamped promises to pay often temporarily obtains pos
session Of cas goods he would not otherwise Se' pu
the obainmcnt OF these is surely 10 evidence Ol Souuu
and permanent prosperity.
Gen. Buffers ability Is 80 great mat no proposition
sres coming his pen and his political vitality so
abnormal developments are always 70 be eX-
pected bu. take leave TO urge that to bid workSeh
TO withdraw their savings from the banks where those
savings are deposited without at the same time pointing
ont to the workman any fashion in which these savings
c,n then be employed for the workman'5 advantage is
either the advice OF without thought or the eNpe-
dent of IA desperate politician 10 raisc storm WHICH, II
brings him advantage, may at least wreck others
az fatally he is already wrecked himself This cur
rency question not American question or an In
glsh quesion-it peoples question and wro that
the wage may be certain and that trade may not be
gamble ~ to probable difference between the yalne Of
the gold in which tho article is bought to-day and that
OF the paper in which 1t will he paid for some weeks
hence.
Wendell Phillips has published criticism of Senator
Sch;lrz, reply his Mt letter He complains tnat
MT.
he SAWS, gOr- back hundred years and cneH ont
Asst mats Continental money; excellent foolhg
Very witty indeed. Meanwhile must continue 10 pht
more faith in Henry Cdcys iarts than in schurls )0heF
Though he cannot agree that paper notes actually gdnei
gland iojlri.hcd under paper and has houTshed ever
since. which il all claimed said the same OF france
that paper had not ruined her rs he asserted
had always ruined every nation that tried H. hf 7cilfh
allow, t:S, aid kindly puts the climax on my argument
showing that. ar from paper having ruined France
she preparing to Resume specie payment ThaI
proves all said. Prosperity instead OF run atrHtcu
and followed Immense amounts o1 rredeelnape paper
and whenever foreign COinmerce, Ike tbai OF
France. enables tn pay 4 ncighbor one thoi>ild
millions coin and have than one tln1S ana mt
lions gold left also prudrntly resume specie
payacnt. if think wise. lnt.l then ircnch expo
rirnce 10 wait Mr.. Scurz thinks my nluSloh
TO Germany lu,crOns He waS asserting that specie
basis secured confidence and stability o price. denied
it, ~ 4 asked him TO explain the state of Germany,
full OF coin. having Just received one thousand
millions of it 40 Gift. He plies by explaining ~hy
Germany il in crisis do not need his explanation
why docs and cannot deny that specie basis
which upsrs his claim that specie basis always saves
nations from crisis That Is al asserted. and he con
fs,cs IT, But his explanations let the bottom ont of bis
whole speech lie told specie guaranteed IL against
panic and inAaton and oycriradng. and paper brought
these on. The NEw-IoRK TElBUNE joins lin in this
80 II seems coin and paper, il in excess, all the same
much in Germany works the same harm "a too
here. Whore, then Is the Scul2 philosophy
grc,abfg stem ha- elements heretofore Uhtiicd,
which To promise more security against crises than
We have had hitherto