Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-08-29
Carl schurz on the Political Situation.

Hon Carl Schurz, Secretary OF the In
terror, addressed an immense assemblage al
Cincinnati, Wednesday night on the political
issues of the day, and we need not say that
his speech was a mastery exposition of the
position, the spirit and the principles OF the
great political parties. The position OF the
speaker, and the merits of his argument, are
such that We give an extended abstract oil
his speech, commencing it 10 careful
perusal
Secretary Schurz began by abiding TO the
important position which OHIO had been
called upon to take in the struggle Tor
specie RESUMPTION and by alluding 10 the
fact that last wear when he addressed them
the results of resumption were III dlspute.
One marty was predicting the most ruinous
results. Foremost among hose ill-omcnedpro-
nhets was Gen. Ewinr. the Democratic candi-
date for Governor. who SAID IN the House:
If we were wholly out Of debt to Europe,
if our foreign commerce Heated under our
own flag, if there were no system OF absent
ecism among our wealthy classes. eXpend-
ing their wealth abroad - resumption in
gold, or even in gold and silver, would he
lllIlASSlllit WI 'hA li'''ait '''''''' - f"l'
currency for many years to come. The ma
tional banks. the importers, the gold rings
in New York, the dcSpcrad"es OF Wall
street, the money kings of Europe to whom
we are financially cnslaved-thcy will present
the grcenbacks for redemption and dcstruc-
ton as fast as the gold can he paid over Inc
counters of the Treasury" Moreover ten.
Ewing said that the currency would he con-
tractcd, money could not he "htainable on
any terms. credit would he destroyed. values
would shrink to nothing, industries would
break down, the country would swarm with
the unemployed
None of these predictions have come true.
There has been no contraction OF the cur
rency 4; there is as much gold and silver IN
the hands of the people rs year ago, 10 say
nothing of the coin reserves. Credit has mol
been destroyed The public credit was never
so good as nova fact demonstrated ny Inc
sale of our per cent bonds. our success IN
funding has been marvel. The same Is
true of private credit. Every business man
knows that money is more easily obtalnable
and at lower rates of interest than before re-
sumption to the fact that now the
lender has no fear that the money he loans
will be paid in deprecated paper currency.
Industries have not been broken down,
but, on the contrary, in all parts OF the
country there has been a rapid improvement
since specie resumption: the exchanges
effected by the clearing houses have increased
20 per cent; the number of unemployed
workingmen is rapidly growing less; profits,
though small. are made up i'll an increased
demand BY strict economy and pru-
dent management, private Indebtedness
has been largely reduced, and bust
ness is conducted on safer basis than
for 90 years. Our exports have become
unpreccdentedly large and by cheapened
methods and wise direction we have seriously
alarmed the world 10y invasion of American
products Confidence is rapidly returning,
and to-day the people of this country are
economically in a sounder condition than
any people IN the world. We have only to
he wise TO realize the highest prosperity.