Year: 1878

Elsewhere will be found correspondence
between Mr.. Wendell Phillips and Senator
Blaine, brief and triumphant in tone on the
part of Mr.. Phillips, argumentative and re-
gretful on the part of the Maine Senator.
Mr.. Phillips appears to think the week after
the Maine election fitting opportunity to
say 81 told you so." 1t is strange that he
who saw the anti-slavery men often and re-
peatedly repulsed in their appeals to the peo-
pie and whose happiness it was to at last see
victory brought out Of defeat, should inter-
pret single reverse as the matured iudg-
ment of the country. 1t will be observed
that he deals with facts in his usual large,
generous way and does not deem it necessary
to support by even one citation his astonish-
ing statement that the tendency of the best
European thought is toward the plan OF Gov
ernment issue of all currency. Does he find
the best European thought in Austria and
Russia, or in England, France and Germany I?
One sees with pleasure however, that Mr..
Phillips, who never conceals his opinions be-
cause they are unpopular or modifies them in
Difference to popular opinion or the tyranny
of custom, does not commit himself to the
absurdity of absolute money"


In his reply Senator Blaine goes at once to
the only real issue that the letter of Mr..
Phillips raises, and efectually disposes of the
interconvertible bond fallacy. He shows
conclusively, we think, that the scheme is
extravagant and impractcable. and neatly
exposes Its absurdities. 1t is claimed for the
scheme that it is double-acting-and so it is,
but unfortunately either action is detriment-
al to the public veal. If the bond bear
sufficiently high rate of interest to float cur
rency at par with coin, it will certainly un-
duly contract that currency and produce a
stringency in the money-market. If, on the
other hand, the rate of interest be so low as
to guard against that danger, there will be au
excess of paper currency, and equality with
coin will be impossible. Moreover the inter-
convertible bond gives that very advantage to
speculators which we all, theoretically at
least, hard and soft money men alike. depre-
cate. 1t too forces the labor of the country
to pay interest OH capital at just that time
when much capital ordinarily is vanly seek
ing employment, and so gives to the moneyed
man that advantage which the Greenbackers
so loudly condemn. 1t, as Senator Blaine
says, taxes the many for the benefit of the
few, and exacts from the poor contribution
to pay the interest on the rich mans money
at a time when the Government does not
need that money and cannot use it.


But beyond the value of the correspond
ence as bearing upon the question of the in
terconvertible bond is its interest as showing
the direction that the thought of the country
is taking. The currency issue has become
the great, overshadowing issue in our poll
tics, and the next fight will be upon it, As
Mr.. Blaine says, matters of detail will be left
out of sight, and there will be but two sides,
one for honest money, the other for wild in
fation. 'In the party for honest money"
he adds, ''there will in the end be many
Democrats, and I am sorry to admit that
irredeemable paper has found some of its
ablest advocates in the ranks of the Republic
can party" Whatever political conventions
may do or resolve they cannot put this issue
aside, The battle is to be fought over the
currency question. Voters are already get
ting into line on one side or the other as
their opinions lead them. Aud no considera-
tions of party policy, no regard for party su-
premacy, can long delay the conflict.