Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-10-15

CARL SEIZURES REPLY TO THE INITIATION LET
TER or WENDELL PHILLIPS.
Carl Sehurz has written reply to the in
ilAtion letter of Wendell Phillips, recently
published lie alludes to the fippant, small
and supercilious tone of the letter, and after
disproying some of the fallacies held by Mr..
Phillips, he shows that the "more green
backs and less check" system advocated by
him would be return to the clumsy methods
of barbarism. He states that Mr. Phillips
has misquoted John Stuart Mil and Bon
amy Price in support Of his theories, and
feels warranted in saying to Mr.. Phillips
that if he should assert before Bonamy Price.
that the expansion of an irredeemable pa
per currency beyond the amount which would
circulate in gold, and notes convertible
into gold, would not initiate prices, the
professor would anxiously inquire after his
health
Mr.. Schurz ridicGles the ideas advanced
by Mr.. Phillips, in regard to the French and
German monetary systems, and says "There
is a country, called the United States, which
once had an irredeemable paper currency
called continental money, which was increas-
ed in quantity until it shrunk in value to
nothing, There is country, called France,
which had an irredeemable money called as
slgpats, which became so plenty that bushel
Of 1t would not buy potato. There is a
country, called Russia, and one called Aus
tra. both of which have had experiences
with irredeemable paper money, demonsira-
ting the same principle" Mr. Schurz thinks
that, when addressed to the laboring classes,
such letters as that Written by Mr.. Phillips
are calculated to do serious mischief Read
ing such things, they are apt to receive the
impression that they have no interests in
common with the rest of society that there
are some artificial contrivances by which
their special prosperity as a class can be
promoted outside of the ways of productive
industry, and that they may expect more
from financial tricks than from the earnings
of honest labor =
Mr.. Schurz concludes that if Mr.. Phillips, C
Or any OF ms pupils, were to regulate our L
finances, and supplant our bank bills, notes
md checks with his system of greenbacks i
md interconyertible bonds, our business plen o
would quickly have to shut up their shops.
ry to escape from this grand bedlam, and
ook for some other place where people are :, =
TIL old-fashiOned enough to believe that two n
nd two make four. L
Mr. Phillips has replied to Mr. Schurz. in ic
mother letter, off the same piece with his .,
Fst, asserting that more greenbacks means bt
healthier system of business =: and that IL
our greenback system has untried elements De
Inch promise more security againt crisis 70 70
nan We have ever had :" but, of course tie
ilipg to demonstrate these propositions. ev
IARIFs BRADIAUGH, IN REPLY TO Mr. PHIL 80
LIPS. st
Charles Bradlaugh, the noted labor re- til
rmer, editor and lecturer, of England. has tn
80 written forcible reply to Wen I
III Phillips, on the currency question. in wa
hlch he dissects his financial tbeorv as boz
lows: to
flrst-l aiiirm that neither coin moneys
r paper moneys have any value at all. ex- mn
pit SO lar as they present the certainty of r.,
much food, shelter, clothing, or other uio
cessaries or luxuries of life. Wealth ia int
accumulated result of labor on raw is u
iterial-inoney the convenient counter ,,,,
token by which that wealth nav be util-
d between individuals or nations. Paner tel
'ney Is only valuable when it is the and
omise OF some responsible individual and
fporation or State, to pay on demand or a.,
hxed date the coin money which is in "o
changeable, without hesitation. all over mel
world. lnconvertible paper money is a Rev
'mise to pay nothing or, rather, it is no ,;or
,mise at all, and if the paper be slammed Nv ~
i've dollars " or " ten dollars" with The hic
rds upon 1t, United States will nav 70 One
lrer, these words are utterly iliusorv ven
piece OF paper is not worth the nominal -
I've dollars" at which citizens of the conn-
are compelled by law to reckon II IL 10 mou
> worth the rate at which the strancerN too.
m whom the holder wishes n obts;1 IL.
at life-may reckon the noss;bIe
MY or willingness Of the issuer Of the coui
{ 70 some day redeem it. Every suspicion He
possible repadiation damages the estimate. for {
ny had crop or dull period Of production nv
finishes, , the rate at which the foreigner -
receive 1t. 4 rumor of war. an in ISIS
lsed taxation. disapproved foreign or too !
le Ministerial policy, any or all of these stitu
'gs, VIII cause fluctuations. A man Who nan,
zone days work and has been paid 1t -
dsys end four dollars in incouyertible Cove
er, may find in the morning, after a sdoF
II rest, that his four dollar printed "a hard
VIII only obtain the same amount Of food int,