The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1875-11-03
SENATORS GORDON AND sC4URz
ON THE CURRENCY. =.

Senator Gordon in late conversation
with an Atlanta reporter reviews at
length the late speech Of Senator Schurz
and corrects, it's Misrepresentation OF
the real issue presented in the Ohio and
Pennsylvania platforms. He states,
that what is demanded in those plat
forms, is not an increase definite or in
definite of the currency, but a cessation
Of the contraction policy, and a change
in the character of the present circula-
ting medium, and modification at
least Of the National Banking System
that the leading issue is the substitution
Of United States Treasury notes OF
Greenbacks for National Bank notes j.
that the object isto save to the country
the millions of Interest which is paid to
sustain the National lcurrencywhen by
the issue of f4Greanbacks this interes!
would be said to the taxpaye yers-that the
question is not a question of imitation OF
of the amount of paper but as to the
kind,of paper dollars.@ .f,'
The Senator shows clearly, that after
all, the, credit Of the: National Bank
notes is sustained by Che government
bonds upon which theyare Issued, and
which are deposited in the treasury for
the security of the biil-holder. AS it is
the credit of the government which
sustains, the Nationai Bank notes, there
lis no reason why the Treasury notes
Issued by the same government should
not be equally secure: whilst they save
the accumulation of interest, which a
heavy taxed country istnow forced to
pay. Under the present.; system forty
Two millions of citizens are heavily
taxed to enable two thousand bond
holders the privilege of issuing a cur
rency not Il whit more secure and vast
ly more expensive. TO use the words OF
the Senator:
"Thc fact is the advocates of green
backs do not propose an irredeemable
currency. They propose ar absolute
redemption, not q mere sham and false
pretense of redemption as is proposed
by the Republican legislation of last
winter, for, in order to get the specie,
that law provides for selling bonds, in
creasing the debt and the taXes-in q
word, it proposes to borrow gold on
bonds to redeem greenbacks with.
This is the redemption for which Mr..
Schurz voted, and for opposing which
the Ohio Democrats and others are
charged with "demented wickedness."
In other words, in order to get green
backs out of competition with the Ma
tional banks, the United States treasu-
is to retire treasury notes
with gold; this gold is to be obtained
upon bonds. 10 pay the interest upon
these bonds, the people are to be taxed
upon additional millions of indebted
ness; contraction is to 60 on; values
are to shrink; enterprise and produc-
ductions are to decrease, while taxes
are to increase; and yet opposition to
this insane rashness is not only "de-
mented" but wicked" opposition. We
propose to redeem every dollar Of green
backs by a low rate bond, and make
this bond interchangeable with green
backs, at the pleasure Of the holder;
and if specie basis is to he reached
and maintained, we insist it shall be
done, not by borrowing gold, and in
creasing the taxes, and contracting the
circulation, and upholding q monopoly,
but by stimulating production and in
creasing our exports"
Again he remarks:
"Now if all this rampant denuncia-
ton had been against the policy of the
cruel contractionists, who under the
false preteuse OF obtaining honest mon
tighter, year by year, until property
shall sell as it did III England under
the same insane programme, for less
than half its real fva.ue; until the land
ed proprietor shall become the landless
bankrupt until the debtor shall be
forced to pay double the amount COLI
tracted for in value; until the owners Of
the country's concentrated. currency
shall become also the owners Of the
country's prostrated values; until every
industry shall lie so paralyZed, and the
people so poor rs to force them to con-
template the dire alternative of public
and universal private bank
ruptcy, then there would be some point
in their invective; then there would be
q genuine force in their warnings
against repudiatlon of the governments
Indebtedness, and the calamity Of dis
honorcd government cretit."
tell you sir, reputation and dishon-
or are both ut the end of the road that
leads to the wreck of private fortunes,
and this is the road upon which the
contractionists would lead the people of
this country. No sane man contem-
plates reputation of the governments
indebtedncss-ary portion of it. Ger
tainly those who advocate greenback
redeemable in low rate
bonds, and who are striving to rescue
the people from unnecessary and OPP
pressive taxation, to float another and
no better currency, cannot, with any
truth, be called repudiationists. No,
81 as [ said above, if any policy will
lead to reputation, it is that of con-
traction. This is the towering fact not
To he nNcrlnnked iu the CONTROVERSY.