Page:Speeches, correspondence and political papers of Carl Schurz, Volume 3.djvu/479

Rh strong enough to commence and maintain the redemption of all of that quantity that are likely to be presented for redemption. There are now $324,500,000 of national-bank notes in circulation, which are redeemable in green backs. This system aids me powerfully in commencing and maintaining redemption, inasmuch as it relieves me of direct responsibility for about one-half of our paper currency, while all of it will maintain the same current value. Were I directly responsible for the whole mass of paper money, $670,000,000, my coin resources would not be sufficient to resume specie payments.” Whereupon you, my Democratic friends, answer: “We demand that the national-bank currency be withdrawn and greenbacks, for which the Government is directly responsible, put in its place. This we demand, whether it renders you unable to resume specie payments or not.” The Government says, further: “The resumption of specie payments renders necessary a considerable reserve of coin in the Treasury. I used to receive gold through the duties on imports which, however, was mostly needed for the payment of interest on National bonds. If specie payments are assured, that source of coin revenue may be dispensed with; but, to enable me to accumulate a reserve of coin, it was necessary that I be permitted to purchase coin with bonds, and I was permitted to do so by law. If, by the substitution of greenbacks for national-bank currency, the amount of paper money for which I am responsible be doubled, it will be all the more necessary to maintain the payment of duties in coin, and to go on with the sale of bonds for coin, if we are ever to prepare for resumption.” Whereupon, you, my Democratic friends, promptly answer: “We demand that duties on imports shall be paid in greenbacks, and that the sale of bonds for the accumulation of a coin reserve shall cease.”

Now, need I tell any intelligent being what the