Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-08-29

loss of SEQ, OO0, 600, loss four times as great
as the aggregate losses suffered from all our
National banks during the sixteen years of
the existence of the system.
To destroy the National banking system
at the present time, which would practically
result from the withdrawal of their circula-
ton, and to undertake TO put Treasury notes
i'll place of their circulation, would be the
most damaging blow which could be struck
at the reviving business of the country.
Mr.. Schurz devoted considerable space to
showing that the bank circulation is prefer
able to Treasury notes, because the former
are backed by capital and are issued to meet
the demands Of business, while the Treasury
notes are not based upon capital and are is
sued by the arbitrary action of Congress.
While all of our currency is issued under
the banking laws it will he self-adjusting.
SILVER MONEY.
Mr. Schurz next considers the silver ques-
ton. He dcnounccs the law OF 1878 provid-
ing for the coinage of from two to four mil
lions month as unwise and possibly dan
gerous, and that all wise advocates of BIZ
mctallism advise its repeal. The danger
lies in the fact that there may be so much
silver coined and pushed into circulation that
il will drive out the gold Mr. SchurZ takes
ground with ex-Secreiary McCulloch that
international action should be urged TO ST.
cure wider employment of silver as money.
The programme of the Ohio Democracy,
which is the Warner Silver bill, will result
in making the country the receptacle OF the
silver of the world paying gold for 1t and
accepting place beside China and India in
the money system of the world.
POSITION OF TIE TWO PAETlEs.
After giving Nssing attention to the new
plan proposed NJ paying debts, which is
to provide that they shall he paid in dollars
worth only as much as were the greenbacks
at the time the debt was contracted, and
showing that sueh proposition is impractic-
able. Mr.. Schurz calls attention TO the
position of the two parties as follows: ''On
the one side, what doyOu find ? Predictions
put to shame and ridicule by facts and re-
suits almost rs soon as they were made and
now standing before the world as glaring
proof of the ignorance and perverseness of
their authors tie revival of errors as old as
history and exploded thousand times by
the experience of mankind /; theories so shall
low and absurd that they fall into dust at
the first touch of analysis plans and
schemes, the success of which would throw
the whole business of the country into disas-
trous confusion, inflct upon us incalculable
loss and expose us to the contempt of the
civilized world most reckless and mis-
chievous agitation, which, at the very mo-
ment when the whole country feels the
hopeful inspiration of reviving prosperi-
ty, continues to strike at the first condi
tions of hcalthful business revival and to
threaten that confidence which is indispcn-
sable to a prosperous development And
what do you find on the other side
An honest endeavor, not perhaps without
its errors and mistakes, but constantly grow
ing firm and more enlightened, for the estab-
lishment Of sound financial policy as
healthy basis for the business activity of
this great people. And more than that,
great results are already achieved. An enor-
nous mass of National Indebtedness, funded
at low interest unprecedented in our history:
our public credit better than ever specie
payments restored, the Treasury note, the
long-dishonored promise to pay Of the Gov
crnment, made as good as gold, and under
the inspiration of this, after long Distress "A
reviving prosperity which already begins to
be the envy of the world. Can any sensible
man be doubtful upon which side he will
stand z"