Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-10-23
Wendell Phillips Comes Back at Carl
Schurz.

Wendell Phillips has written reply
to Carl Schurzs letter of the 9Th inst
He says
Mr. Schurz wastes half of his letter
in charging United States paper money
men with ignorance of facts, which we
not only know, but have been the first
to bring out in this discussion, and
have been arguing for two or three
years. IL he cannot answer claim,
he shall not misrepresent me. Inever
proposed to abolish the discount power
of banks; only to forbid their issuing
bills. They may continue to lend all
they can at per cent, which will be
the general rate of interest whenever
government hves are only 3-65. |
said, fewer checks aud more green
backs" He argues as if L had said,
mo checks and all greenbacks. OF
course. he exactly knocks dovn the
image he has set up. Greenbacks and
lncontervertlble bonds are more eonve
nient for business men, scattered from
the Atlantic to the Pacific. Fewer
checks, more greenbacks, " means more
money within the reach of every class
of business men. Every body knows
that it is not true, as Mr.Schurz asserts,
that bank iacilities are within reach of
the whole mass Of business men.
When bankruptcy opens bank ledgers
to the public gaze, we see that live or
six rich firms have been borrowing all
the bank lent, as in case of the Rhode
Island banks and the Spragues.
Smaller trades are pushed to the wall
and bankruptcy. Our system will
prevent this. More greenbacks means
a healthier system of business. As to
the effect of currency on prices. Mr..
Schurz and his school measure every
thing by gold. Our greenback system
has untried elements which seem to
promise more security against crises
than any we ever had. France with
all her 5000 000, 600 of paper. does not
tremble to her center as does Germany,
because she keeps free on silver as a
basis, while Germany, with gold as her
sole legal tender, finds herself slave
to the London market, and our bank
ers are crazy to have US put on similar
British chains, and have an ague tit
every time London feels cold.
Mr.. Phillips closed by saying that
the working men did not complain of
their wages during the season Of ample
currency succeeding the war, and they
and business men would cheerfully see
such times again when allmade money
Now the rich grow richer and the rest
starve.
The National. Granger of Louisville,
KY, of the 18th inst. published the
following paragraph:
From Mr.. 7. w. MacGIll, of this
city, who has just returned from trip
through Todd county, KY. and Mont
gomery, Robertson. and adjoining cOun-
ties. in Tennessee, We learn that the
tobacco crop is fine, there having been
but comparatively little damage done
it by the weather. The crop has been
saved from the frost throughout the
country. The corn crops better than
il has been oryears, and the farmers
are in better spirits, and are lmprov-
ing their plantations and buildings
more than ut any time since the close
of the war. There is beginning to be
a demand for farming lands, and 4
good many sales of farms have been
made during the month. In con-
sequence of the wet season there is
great deal of sickness, such as ehills
and fever, through the country.