Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1876-09-15
CARL SCHURZ.
The Greenback Delusion Pungently
Punctured.

fuuCLuIe0
On another part of this shee, will
be found communication from one
of the champions Of the Greeaback
party in this county. The article is
not invulnerable, but we prefer to
let our other correspondent, Ioody
Grow, attend to its demolishment In
his own time. With a view how
ever of showing how great men diff
fer on this subject, we have thought
it not inappropriate to print the fol
lowing extracts from speech made
by the German orator, Carl Scllurz,
at Crown Point, Indiana, las, Mon
day.
In addressing his audience, Mr..
Schurz said he did not come before
them merely to chant the praises of
the Republican party. lie came to
talk plain, hard sense. Applause.
..e therefore proposed to
/ DISCUSS THE FINANCIAL QUESTION,
/ first on its own merits, aud in the
second place, if his strength held
ont, to speak of the attitude Of the
two parties in reference to the qnes-
ton. The business of the country
was in Il state of stagnation. AZ
was to be expected, the quack tinan
ciers had taken hold of the matter
and tried to suggest remedies
What was needed at first was t.
know the truth. 1t had been sand
that contraction was the cause of tn,
collapse OF 1873, and the present EN-
barassmenls. The facts proved F;
different state Of affairs. The re
sumption act of 1915 could not hav,
caused Il collapse in 1873. 1t NIGH
as well he said that man broke hi'
leg yesterday when an accident die
not happen till to-day.
1t had also been SAID that the col
lapse WAS owing to the mlSdeedS o
the Republican party. The trutl
was that the cause of the crisis orlgl
mated in Austria as much as here
and no one could accuse the Repub
lican party of being responsible TO
that. The cause OF the collapse wa
ovcrproduction without any markets
for the sale Of her manufactures, bat
financial management III runnln.
railroads to the great nowhere an'
other like causes. The truth wa
that financial crises We're periodical
Now the great cry was for NOR
money. The idea was tina. the Coy
ernmcnt should issue more green
backs. Mr.. Schurz explained th'
nature of the greenbackS and thu
purposes they We're intended to serve
illustrating the matter by telling hi
audience that if they issued $4,000,
900 in demand notes, like greenbacks
they would not have increased thu
wealth of the town one ioia. Thu
greenback had its value merely as
means of exchange in this country
Would the increase of greenback
increase business? The proposition
looked plausible, but what were tn
facts: The banks were actual
grooming with money, lying idl,
There was either Il want of borrow
crs, or they did not offer such secur
ty as the banks wanted. The col
cluslon was that there was not bus
ness enough to employ all this cap
tai, and the reason Tor this was tn
lack of confidence in the country
The capitalist would be glad to lem
his money with good security if h
could. The trouble was that capita
lists would not find such security a
they desired. Capital was natural
timid. The question was, how wa
that confidence to be restored? Th
only way was to
REMOVE TIE CAUSES OF DIsTRUsT.
The principal cause of distrust wa
uncertainty about paper money no
convertible with coin. When Il maj
did not know whether a dollar woul,