Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-10-08
Carl sehurr on the STUMP.

Carl Schurz on the stump.
Carl Schurz spoke in Cincinnati, Mon
! day evening. against the madness an
; folly Iof the initiation platform Of tn
!, Ohio Democracy, making plea for ii
: honest currency and the honest pay
ment of the public debt. He declined t
; commit himself to any party for the presi
, dental race Of 1876, maintaining an indc
} per ent attitude until the time shall com,
VIII he can express his views in accordanc,
with honest conviction and patriotic pur
pose. He denounced iDnition in unsparinI
terms, and predicted that the success of tn,
Democrats in Ohio and Pennsylvania woull
dictate the policy and candidate Of the ma
tional Democratic convention next year, ant
fan into blaze in the South sndWest the sec
tional feeling in politics which imitation ha:
Al dy kindled. Against these dangers Mr.
), urz protested with all the eloquence Of
his tongue and the force of his great abili
t.. We extract one or two noticeable
passages:
In 1872, stood before you as an advo-
cate Of the Liberal ticket, which had also
been adopted and was supported by the
Democrats. That ticket was nominated
upon platform containing, an essential
part of the political faith, the following reso-
lutions
The public credit must be sacredly
maintained, and we denounce reputation
in every form and guise. A speedy return
to specie payments is demanded alike by
the highest considerations of commercial
morality and honest government"
That platform was solemnly indorsed and
adopted as the political faith of the Demo.
cratic party by their National Convention at
Baltimore. Upon that platform they stood
then and upon it | faithfully stand to-day.
THE VOLUME OF TUE CURRENCY AND THg WANTS
OF TRADE.
Some Democratic speakers pretend that
the policy Of making and keeping the VOL
ume Of the currency equal to the wants of
trade nay, in the sense Of the Ohio plat
/ form, under circumstances, mean, instead Of
/ imitation, a reduction of the currency, name
/ ", when it appears that the volume OF the
/ currency is in excess of the wants of trade
/ When will the excess he admitted, if il is
not admitted, while large quantities of
i money lie in the banks idle for want of
employment, and tina, paper money at a
heavy discount as 70 gold. II. now, the
wants Of trade are considered 10 require
still more currency, under what circum-
stances viii they he considered TO require
less Il is easy TO show that Is you 90 on in-
c-easing the currency the demand viii not
be satisfied, but it will be still more excited.
One thing is universally admitted II the
volume OF our irredeemable paper money Is
increased, it viii further depreciate. The
PAPER dollar. which IS worth eighty-fye
cents in gold now, will be worth eighty, or
seventy, or sixty. or fifty cents then, and
what you can bay for one dollar in paper
now will COS. Sl.2j or SI30, or Sl.40,
or 81 so then. As the paper money de-
preciates aud loses in purchasing power,
It's power Of affecting exchanges will de-
crease IN a corresponding measure. \ trans
action requiring the use ct 800 now
will require Sl25. or $50, or $50 then.
Wha, follows? The increased quantity Of
the currency bringing with it no increased
power Of eHectng exchange in consequence
Of corresponding depreciation, you are, ai-
ter tic increase, just as far from satisfying
the supposed wants Of trade as you were
before Nol try further expansion, and the
result viii be exactly the same. You 20
On trying in that way to make the volume
Of currency equal To the wants of trade.
and the imitation viii be indefinite, until
finally the currency becomes 50 worthless
az to effect no change ut all, and the
whole ediGce tunblcs down in uni
vs7sal population, bankruptcy and ruin.
Is there any advocate Of tho Dem
ocrati, Platform who can gainsay this.
II not, then let Us hear no more about that
platform no: meaning imitation. II means
inattiou, indefinite, unlimited, until the cur
reucy Is utterly worthless. Besides You
need only listen, not 20 the trimming apollo
gies, but TO the TeIi makers and exponents
OF the Democratic platform, and You hear
nothing but the roar for more money. If 1t
dil not mean imitation il would have no va
ne at all 10 them. To quibb,e about it IS
not only useless. it Is simply ridiculous
attempt at evasion. The inlationists Of
Ohio themselves viii laugh at you did you
tell them that the platform does not mean
more money, very much more money
HJw Will INCREASE OF CURRENCY OPERATE?
Here is capitalist, a merchant Of exten-
siyo means, or a wealthy Spectator in the
morning he takes Up his paper and reads
that Congress has passed an act 10 issue
another hundred or TWO hundred millions,
with a prospect of more. He knows as a
matter Of course that thereupon the premi
um on gold will rise. the purchasing power
8 kaI Al 4
next piece Of news he gets in or from Wall
street is, gold IS going up and likely
20 rise steadily. What does he do?
He begins at once TO trim his sail TO
the wind, be seeks way 70 take
advantage Of fluctuations going on or still
in prospect. Or, being man of means,
commanding hundreds Of thousands, he easi-
" finds that way. If he is a cautious man
he has, of course, lent ont money or given
credit only shor: time, and he at once calls
in money due him with rigorous severity 10
save himself from the effects of depreciation.
The debtor may gr0an, but he will have 10
pay or 60 into bankruptcy, for q rich man
saves himself before the storm, and puts his
money into investments not apt to he unfa-
yorably affected by fluctuations Of currency.
If he be Z merchant lie will at once pu; up
rrice5 to provide against depreciation Of cur
rency, sell only at large profits and for cash,
TOR lie is not anxious TO sell, and, being
wealthy man, not obliged to sell, knowing as
he does, that his goods will rise in current
money value on his hands, while his credits
would depreciate. 50 by taking advantage
of fluctuations going on, which, rs man oi
means, he is able 10 do, he not only saves
himself, but makes handsome prof, by
sArewd calculation.
IMITATION FOR TIE rooR MAN.
Here is laboring man who works for
wages. lie is honestly toiling to support
himself and his family, and maybe he has
succeeded in saving = few hundred dollars
and deposited them in savings bank. Now,
Congress resolves to issue more money in
abundance and imitation comes in good earn
est the laboring man twho has listened
to GOV. Allen or Gen. Cary thinks the
millennium is coming the peoples money
will be plenty. The gold premium rises.
and prices of commodities also. The worthy
aborer does not. like the rich man. read
the financial articles and market reports in
the metropolitan journals. The rise Of gold
premium troubles his mind very little for
the peoples money is to be cheap and
plenty, but some day he goes down to the
store to buy things for his household and
lis family, and, to his surprise, he finds
that the price of groceries and shoes and
clothing, and 50 on, have become much
higher than before "HOw is that he
asks well" says the dealer, gold has
gone up, and have to pay much more for
the goods buy, therefore am obliged to
charge more." 10 build n small house, he
applies to a money-lender for couple hun
dred dollars at low interest, on two OF
three years time, to be secured by mort
gage on the house and lot. Low interest
and three years time ~ exclaims the money
lender. My dear man, you do not under