Year: 1878

In Secretary Schurz' speech at Boston to-
night he will set forth clearly and at length the
reasons which make it necessary for working
men, more than for all Others. that our currency
shall be honest and stable, and viii expose the
SOphiStrleS by which the teachers OF an opposite
doctrine endeayOr TO misead the people.


BY WAY OF INTRODUCTION,


Secretary SchurZ will express regret that il
ment that the maintenance of our national
credit is demanded by honor as well as interest,
and that money OF intrinsic and stable value
is preferable to an irredeemable paper curren-
cy; which propositions ought, it would seem, to
be as readily accepted and with as little de-
mand for proof as the veracity OF the multtpli-
GATOR cation la6ie. He VIII ascribe the confusion Of
ideas on this subject to the effects OF the hard
times which bring distress upon the multitude,
and cause them to adopt in despair any Stlg-
nan s II e s as persons ole c1ea
with systematic and rational methods of cure,
and resort to quackery. He will touch upon
TO show that the interests of both are Identical
in regard to a sound money system, with the
moditicat1on that the capitalist, who can often
guard his interests by a correct calculation OF
chances, suffer less from an unSound currency
than the workingman, who is the victim of his
circumstances and his necessities.


THE BODY OF THESPEECH


viii be taken up in showing that the money con-
templated IN resumption Will best meet the two
requirements of the workingmen, especially to
be kept in view, which are: First, that the line
OF policy be adopted which will under existing
circumstances give him steady and remuner-
atlVe emplOyment; second, that preference be
given among the systems of money In which
his wages may be paid to the kind ON whose
value he can depend. one which does not cheat.
Under the first head it will be pointed out that
the very prospect OF resumption has brought
revival OF confidence, and that all over the land
TIE pulSat1OnS of business life have become
quicker, more energetic and more hopeful. He
will then describe the effects on reviving busi-
ness OF the repeal OF the act. Briefly Sketching
the main points of the creed of the soft money
men he will show that. as all their promises and
predictions run to one point, namely, an abun-
dance OF money and high prices, they aim at
the depreciation of the currency which inevit-
ably follows: the evil effect of this depreciation
upon all classes will then be vigorously de-
Scl1Ged. He will combat the idea that high
prices mean revival OF business and general
prosperity. He will show that the fictitious
prosperity which imitation sometimes pro-
dllceS as at the time of the first issuing
OF the SleenbackS is always followed by day OF
reckoning, bringing bankruptcies. Stagnation
and distress: but he will claim that it is eX-
tlemely doubtful whether. under the present
circumstances, even this temporary prosperity
would follow imitation measures. There is not
the public necessity which excused the original
issue, there would be doubts as to the honesty
OF an intention by the government to ultimately
fulfill its promises TO pay which did not then
exist. and there would be wanting the blind
and unreaSoning confidence which gave such
start TO the business OF that period. Men will
not give themselves up as first to the illusions
of success. A burnt child shuns the fire. The





the credit OF our states, our municipalities, our
business corporations, and even individuals,
that shock TO the confidence of the world i'm
the integrity of our government and the intelli-
gence and good faith OF our people would pro-
drce; such shock, he viii claim. would follow
refusal TO resume, bringing upon us masses OF
our Indebtedness, in variety OF forms so un-
manageable as to render probable another panic
still more destructive than any we have suffered.
He Will then dispose OF the claim that the in
crease OF prices, which is an accompaniment of
hl, dol h al will
first call attention to the fact that it is matter
OF historic experience that periods Of imitation
have not been debt paying but debt contracting
epochs. Many dollars OF new debt have been
assumed for every dollar paid. It will De
shown, secondly, that at the very commence
ment OF rise OF prices due TO imitation, the
creditor OF the present day. knowing that with
a constant depreciation in the currency the
value OF his loan is shrinking every hour, will
put On every screw OF the law to squeeze his
money without delay OUT of the debtor There
VIII be no more leniency, no more extension OF
notes. no more renewal OF mortgages. Debtors
Will be relieved, not OF their burdens, but of
their property. A vigorous comparison OF the
two financial systems, in the light OF the points
brought forward, as means OF Producing conf
dehce and giving TO Workingmel steady and re-
muneratiye employment will bring this branch
OF the speech TO close.


Under the second head, which deals with the
advantages to the workingmen OF a stable and
reliable money over one that is fiuctuating and
uncertain the Secretary will point out first that
none of the unlimited issues Of money will come
TO the Workingmen as gift from the govern
ment, and that they must work to get the fiat
dollar, worth nothing as they do to get the gold
dollar; second, that IA temporary rise in prices
which snakes business lively'' benefits only
the one who has to sell, and not the working
man: third, that While wages must rise at a
higher rate than prices TO profit the working
man. recent statistics OF the Massachusetts
6ureau OF labor, as well as the lessons OF all
history. show that wages rise last and least, and
that consequently the wOlkingman is most in
lured by fluctuations in currency; fourth, that
tne collapse which ends such periods OF infla-
tion ruins or stilllfurther enrcheS the rich man,
according to the sagacity OF his calculations
but never fails to injure the poor man, who
lives from day to-day: fifth, that the savings.
as well as the earnings Of the wOrkingmen,
suffer at such times; thousand million dollars
ale deposited in savings banks by the poor men
OF this country, and a depreciation of per cent.
In the value of money, due to imitation, means
robbery from the poor OF S50,000,0 600; this would
be truly making business lively" for the work
irgmen; sixth, depreciation in the value OF
money 10 even a small extent would rob the
pensioners of the country. the wounded and
crippled heroes, OF considerable sum out OF
the $30,OO0,OC0 which the country now pays them
in money nearly as good as gold.


After briefly summarizing the arguments
under the two main heads, tue Secretary vii.
take up and discuss SOME OF the preientiOus and
inconsistent claims OF the SOft-money advocates
He will dispose of the arguments that redun-
dancy OF money can make business lively with
out subsequent depreciation: that the value
OF money is not determined by its quantity, but
entirely oy tne creQlt or the governments; that
specie payments cannot be maintained for any
length OF time, as proved by the experience OF
the Bank OF England, and that of France is an
example OF the blessings OF SOft-money syS-
TEN. Severe reference will be made to the at
tempt OF demagOgues to advance their own in-
terests by arOusing the hatred of the poor
against the rich. While admitting that there
might be reforms in our existing social order he
Will claim that in country which has had a
raisplitter and tailor in its Presidential chair
and Massachusetts cObbler for Vice President
such antagonSm would be especially unitlsti-
liable; and whatever evils there may exist in
this connection, it would only aggravate them
TO Introduce financial system which makes the
rich richer and the poor poorer. He will then
warn his hearers against expecting that re-
sumption OF specie aSments will bring the
millennium, and will point out clearly what
practical benefits will actually follow.


THE CONCLUSION OF THE SPEECH


will be stirring appeal TO all citizens of Massa-
chusetts who are in favor of an honest dollar to
use the ballot rightly in the coming election.
Let them not in desire to shake up things
make change, unless it be change for the
better. TO change your watch dog for fov
would doubtless ''shake up things,r but what
would become Of your chickens? Secretary
Schufz will claim that the republican party is
every day growing stronger in union OF senti-
nlent, in courage, determination and energy to
achieVe the great end Of sound currency, and
that to-day, with an administration at its head
f7 in -