The Portland daily press., 1867-09-25

PENDLEToN ExPLAINs.-The Democrats OF
Cleveland, Ohio, having .serenaded Messrs'
Psndleton and George E. Pugh, at motel IN
that city, on the evening of the lSth INST, MI
Pendleton in his response took occasion to ex-
plain his position in relation to the payment
of the fiye-twenty bonds He said:
Lot me state to you the position. We have
an enormous debt We have rate OF taxation
beyond all example oppressive, We have a
system of legal-tender notes and syste m of
National Banks. am sorry we have seen them
They are great evils. They ought TO be gotten
rid of. And if they present any means of az.
sisting us in getting rid Of them we ought to
s selae 90 me n9n-nterest paying debt,
amounts to about $500, 100000. The proposition
OF the Republicans is to convert this debt
INTO bonds which pay interest in gold--
lhe interest on those bonds will be $4S 600, 900
IN gold annually. The result will be to increase
by that amount the expenses, TO convert the
active capital into inactive capital, and thus TO
increase the number of those who do not pay
taxes, and to increase the burdens OF those VINO
do pay taxes. l maintain that this debt 0ugDt
not to be so converted-that these $4S 100000
in gold should be saved. There are four hundred
millions of these bonds in the Treasury as Sc
curity for the National Bank currency. They
are represented by nearly equal amount of
bank notes They call for twenty-four millions
%
Now, L maintain that these bonds should be re-
deemed in greenbacks. The result would
be that the greenbacks would take the place
of the bank notes, which We uld be called
in, and the twenty four million dollars
of interest would be saved. If the twenty
ty-four millions We're added to the forty-eieht
millions ofwhich have spoken, YOU have sew
enty-two millions in gold annually; and this
properly compounded, would pay the whole
debi' principal and interest, in fifteen years.
Ana now observe that thus Tar have not pro-
posed to add one dollar to your taxes MOI one
dollar to the currency. This process of re-
demDtlon can be pressed as fast as the business
ana values oil the country will bear an eXpan-
sion OF the currency. l am satisfied that they
can Dear more and compensate Tor the evils.
How far the expansion may be safely carried
L cannot pretend, with exactness, to say. All
that maintain is this: That just as rapidly
as the prosperous condition of the business
will permit it, the bonds should be redeemed
i'll greenbacks; for just so fast will the interest
be paid, the takes be reduced, and labor be re-
leved from the burdens which now so heavily
Cypress it, Dl... F.I r5-,F af I
This is pure blatheskite. Mr. Pcndleton says
five convert our greenbacks into new bonds
we shall LOSE forty-eight millions year
If we don't issue new bonds he
says we shall MAKE forty-eght mil
lions year, and then having added
twenty-four millions more acquired by.a SINH
lar hocus pocus, proceeds to reckon how soon
seyenty-two millions NJ comnonnJ ;ntorost will
nav Tho nati,n,l dehtt rh.t ;; +, :, I
-, - .-..,~s.,' "
why Aoeps peanut soahu, siiouid give smith
bonus of fifty dollars to take his stock in
trade. he would lose money. But if he poN'T
,,oto hot bod tro5o ,,,;.l, o,;.i, !, III,
"o ','' o"O ','"e "i'i oiii'i NC VIII MAKE
fifty dollars, and that fifty dollars properly
cOmpoa landed" will amount To n snuo forft1np
in f;ftv veors, pandlaton yos tho Dax,,,oo,o+ a
- 80 NY
capoiua'e lor vice resident OF the ohlted
States, on the same ticket with Mcclellan
: ---------- -
VIEWS OF GEN. Observation-Disclosures" will
soon hacon,a tb., rao,,,ar aas.r;,t;,,a 4 e.
U NNi "'' 'p'''s 'oi'ii ''i q
general III time OF peace. we say a ishrewc
lawyer, a learned judge, q devoted pastor, anf
a skillml physician:-we shall saw reticen
,,a,,,,a, 49,, - -. -
40 q iesu'' VI Inc same method oil gen
GRADUATION which has established the proper