The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-10-15
BRADLAUGH TO PHILLIPS.
The English Labor-Reformer on his
Yankee Co-worker's Financial
Foolishness.

To the Editor Of the Boston Transcript.
The interest have always taken in Ia
Dor questions in my own country must be
at once my apology and justification for
the present intrusion on your space, to off
er few words of reply to those who seem
to think that the cure for distress amongst
laborers is to be found by an increased in
convertible paper currency.
do not know how far the labor reform
ers who met in convention at Worcester
express the feelings of the masses in this
state, but when find such names as those
of Wendell Phillips and Benjamin f. But
Ter quoted in support of initiation theories
my regrets deepened, because in Europe
the reputation of Mr.. Phillips is such, as
an honest servant of human progress, that
l can not help fearing that some may be
misled by the not undesCrved weight at
taching to the words coming from his
tongue and pen, If Charles Sumner were
now alive to read the letter of his old as.
sOciate and CO. worker in the cause Of free
dom, it would surely astonish that ardent
advocate of specie payments to find Wen
dell Phillps's honored name at the foot of
a letter in which all the teachings Of histo-
ry and the soundest axioms Of political
economy are alike ignored.
To Wendell Phillips owe so much per-
sonal kindness on my first visit to this
country that trust the fat contradictions
which l am bound to offer to most of his
views as expressed in his recent letter to
the United States Legal Tender club, will
not be deemed inconsistent with the most
grateful and respectful feelings toward one
whose.past services have indelibly insrib-
ed his name on the record of the warriors
for freedom.
First affirm that neither coin moneys
nor paper moneys have any value at all
sxceptlso far aslthey represent the certainty
OF so much food, shelter, clothing or other
necessaries, or luxuries of life. Wealth
is the accumulated result of labor on raw
material-money the convenient counter
or token by which that wealth NAV be
utilized between individuals or nations,
Paper money is only valuable when it is
the promise of some responsible individual,
corporation, or state, to pay on demand or
at fixed date the coin money which is
interchangeable, without hesitation, all over
the world. Inconvertible paper money is
promise to pay nothing: or, rather, it is
no promise at ALL and if the paper be
stamped FIVE dollars" or ten dollars. ~
with the words upon it United States
will pay to bearer" those words are utterly
illusory: The piece sof paper is NOT
worth the nominal five dollars" at which
citizens of the country are compelled by
law to reckon it, 1t is only worth the rate
at which the stranger-from whom the
holder wishes to obtain the necessaries Of
life-may reckon the possible ability OF
willingness of the issuer of the note to some
day redeem it. Every suspicion of possible
reputation damages the.estimate, Every
bad crop or dull period of production
diminishes the rate at which
the foreigner will receive it. A rumor Of
war, an increase of taxation, disapprov
ed foreign or home ministerial policy, any
or all ofthese things, will cause fluctuations
A man who has done days work, anC
has been paid at the days end four dol
lars Of inconvertible paper, may find in
the morning, after nights rest, tina
his four. dollar printed paper will only oh
tain the same amount of food as three dol
lars and twenty cents of the same paper
would have purchased the day before.
MIR Phillips, in support of his reply t,
Mr.. Carl Schurz's statement that "ther,
never YVES state ever so we'll administer
ed, there never was people ever so frug
al, there never was government ever 81
careful, which did not by the emission o
large quantities Of irredemable pape