The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-07-20

elected even though they should receive but
minority Of the whole electoral votes. In the
interest of peace, we bsseech them to permit
fair election.
Mr.. PendletOn on the Financial Situation
The Prospect for the Next Congress.
From the NJ y. Herald
There appeared in yesterdays Herald ex-
clusvely a pretty full report OF a speech by
Mr.. Pendleton, of Ohio, at Grafton, to the
Democratic State Convention of West Virginia
aud some thousands of other persons in mass
meeting together there assembled. In this
speech Mr.. Pendleton elaborated his well
known views on the financial situation. His
position may be given in a few words, how
ever, extracted from the body of his argument.
81 am" said the distinguished orator, "hos-
tile to no class or interest in this country. |
simply desire to be just-just to the bond
holders, just to the people. | would live up
with scrupulous fidelity to the terms Of our
contracts. | would pay the interest of the i've
twenties in gold, because the Government
promised to do so; | would pay principal aud
interest of the ten-forties in gold, because the
Government has promised to do so; | would
pay the principal of the five-twenties In legal
tender notes, because the bOndholders agreed
to receive them in payment; and as would
not repudiate an honest bargain to make
money for the people, so | would not repu-
diate an honest bargain to make money for the
public creditors" Again:-"These bonds
operate as a mortgage upon the property and
labor of the country. There are two thousand
millions of them. Pay of these two thousand
millions, and will not the legal-tenders be first
in the proportion more valuable I" "Sinoe
the debt was contracted in legal tenders, since
it may be lawfully and honestly paid in legal
tenders l am in favor of continuing il until we
can secure the people, who have already suf-
fered all the evils, whatever good may be eX-
pected from the system"
These are the views of Mr.. Pendleton, and
they are the Democratic platform on the bond
question. Whether they are or are not the
Republican platform we cannot positively
undertake to say. 1t is open ques tion with
the Republicans, subject to the drift of the
! popular tide. The Hon. Ben. Butler says that
according to 'the letter and spirit of the con-
! tract and the Chicago platform the Five
! twtnties are redeemable in legal tenders. The
Hon. Thad. Stevens says that these bond
! holders have no right to expect gold when
! greenbaclls are the article, according to the
| letter md spirit of the law; and Stevens ought
| to know. A majority OF the Republicans in
the House of Representatives, we have no
! doubt are with Stevens and Butler; for ma
! iority of them voted with the Democrats in
favor of the late resolution instructing the
Committee of Ways aud Means to report bill
tor the taxation of the bonds to the figure of
ten per cent. The great body of the people
out West OF both parties are with Pendleton,
Stevens, and Butler, and it is probable that a
larger proportion of the people of the East
than our political philosophers can imagine
are of the same way of thinking.
Congress, meantime, (both parties in both
| Houses) has become SO thoroughly and mex
plicably mixed up on the money question, in
all its divisions-bonds taxes banks, funding
bills, tariffs, and what n0t--that we can ex-
pect nothing materially changing the present
state of things, at least till the next session.
Besides being completely muddled on all these
financial probe ms, the members of the two
| Houses are anxious to bring this session to Il
| close, and go home to look after their own in
terests with their constituents. On returning
home they will find the current of public
opinion running in certain direction. Each
member who is candidate for reelection,
and every new candidate for the next Con-
gress, will be- apt to shape his course as far as
possible to the prevailing views of his people.
In this view we may reasonably expect that
Butler, Stevens, aud Pendleton, on money
matters, will be supported by an overwhelm-
ing majority in the next House OF Represent
atives, the bulk Of which is to be elected in
the coming October and November. ..
Pennsylvania Ohio and Indiana, OF the great
Northern States, lead of in their Congressional
elections in October, and the results, we dare
say will go very far to show that a predomi
nant idea East and West, among the people
is that every legal eXpedient calculated to re-
duoe and extinguish this general burden of the
national debt aud its heavy taxatiOns must be
adopted, that the people will not have this thin(
continued indefinitely, but will demand such
measures of legislation as will afford fail
prospect that the present generation will live
to be relieved of all these heavy taxes and Of
fetal spoations and corruptions resulting from
the national debt The payment OF the inter
est until the time for the payment of the prin
cipal of these different sorts of bonds is fully
due will not answer. The people want til,
principal itself extinguished as fast as the
means and legal advantages possessed by the
government will permit; and upon this impor
tant question we expect, we say, in the com
ing October Congressional elections, an over
whelming popular vindication of the genera
opinions of Stevens, Pendl ton and Butler OF
the bonds and their redemption. n..-.
Impudence Extraordinary.
- H..