The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1875-10-21

there never was people ever
80 iEugal, there never was q government
ever so careful, which did not by the emis-
sion of large quantities of irredeemable
paper money run III the vortex OF profil-
g..cy and corruption. 1t has ever been, 1t
will never be otherwise"
Did Mr.. SchurZ never hear OF a country
called Great Britain, which used irredeem-
able paper money from 1877 Till ISL :?
And all that time she was neither so weak,
poor, profigate nor corrupt but that Bowen,
Bullion Professor in Harvard College, al
lows that without irredeemed paper money
England could not have conquered Napo-
leon that paper notes fought the battle OF
Waterloo, Kept her workingmen employed,
gave them ease under almost incredible
taxes, .and secured to trade unexampled
prosperity. Our late war tells the same
story. YET there are those who seem never
able to lear the lesson.
Did Mr.. Senator Schurz never hear OF
country called Frace, which survived the
German war by means OF well regulated If
redeemed paper money, has increased her
exports since from S6O0,0O0,000 TO $780,
Coz, GOO, is prosperous, every one employed
her paper, though enormous in amount, at
par with gold and that she is able to re-
turn to the old specie system whenever she
pleases While at the came time specie-basis
Germany, having Just received 81 600 ,000,-
900 in coin from this same France, in her
self in deep water, tens OF thousands Of I'M
employed men on her streets, no money to
be had TO start her mills, taxes increased,
and one Of her Berlin writers complaining ::
1--WE are in as great distress as if We had to
pay thousands of millions instead of hav-
ing had as much TO receive" When Mr..
Schurz has studied up these two instances
of frugal and careful governments which
have issued "large quantities of irredeem-
able paper money" without tumbling into
a vortex OF profigc " and corruption, we
will furnish him with Others. Meanwhile
We commend him 10 the reading at safe in.
tervals of some sound doctrines in Carey's
letter to Field.
Fourth-The fourth point Of the speech
is: Nothing but specie basis can give sta.
bility TO current prices or restore that con.
idence which is the first requisite Of a new
field of prosperity"
Yes, confidence" is indeed the first great
need. No dispute about that. Does il
necessarily and always accompany a specie
basis? Then will Mr.. schurz please
explain the present panic and dis
tress in Germany-almost as bit.
ter as ours? Yet Germany rejoices
in specie basis. So does London, that
makes bankrupts of half New York. VIII
Mr.. Schurz please explain? California j,
all gold, but she has just been shaken t.
her centre. England was on specie basis
in 1876, when the panic and disorder were
so great that Huskisson said, ave an
within twenty-four hours Of barter" 50 ut
terly gone was confidence in currency with
each other. Really Mr.. Schurz ought to
blush for such statements, even in a stump
, speech Doubtless he knows that Ricardo,
, the great bullionist, allows that against
, such panics as prevail here now, we have
: no security on any system that the panic'
in England in lS47, 1857, and 1866 wer,
, all experienced, while specie basis prevail
ed that again and again in specie bash
English history, the permission given Il
J the banks by the government to suspend
specie payment, has been the salvation o
! the business community. The men o
2 Ohio must be green, indeed, if such perver
sIons Of history avail to mislead them, es
: pecially when they remember that all ou
7 former panics have arisen under q speci,
system, and we have got out of them by sus
pending specie payment.-Ner York Her
! AID