Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1868-09-24

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'ne place Of national banks" zap.
plaose- "That don't increase your
currency a dollar ~,
l am notvery familiarwiVb finan.
clal affairs, but it seems to me a
very plain proposition thAt athc
winding up Of the National banks
at one fell swoop, or even kithih
short period, would bring utter
ruin and distress upon the country.
it would take years before those ih-
stitutions could convert themselves
again into State banks and do busi.
ness upon State securities, and IN
the meantime the entire banking
business Of the country o would
cease, as there are but a very few
State banks now left OurZhome
market for the balance Of thebonds
notrfdeemable would be utterlyle-
stroyed, (and it was one of the
principal objects Of the creation Of
the National banks to make our
loans domestic loans in part. at
least, and all our bonds driven 10
foreign markets, a consequence
which every wise statesman will ev-
er seek to avoid. w df a9ql
But has Mr.. Pendleton reflected
one moment how the government
could take up the bonds deposited
by the National banks and none
other? Suppose that some Of them
held by these banks are not yet re-
deemably under our redemption
privilege. Suppose that most are
not, what then? But even il all
those deposited by the National
banks were redcemable this year.
have we right to take just these
bonds and redeem them, and let
Mr. Belmont. for instance, enjoy
the privilege Of still holding on 10
his redeemable bonds ? There must
be some fixed and settled method
of redemption, working upon all
holders alike. Some foreign coun-
tries redeem their bonds by lotte-
ries, so that each holder has an
equal chance of gaining or losing
whatever benefit may accrue from
such redemption. Another way is
to redeem them according to their
or successive issues. But
no government on earth has ever
to redeem bonds which
happen to be in the hands ofa par.
.icular institution, and to exclude
others either from the benefit or in
ury of such redemption, Such a
hing might just have been possible
n Turkey hundred years ago, but
o recommend it as a sound and
ust financial measure to the gov
,rnment of the United States was
'eserved to the brilliant young
statesman of the West, who has,
ust escaped miraculously a nomi-
lation for Presidential candidacy.
lis great panacea therefor, by
which 35O,0O0,000 bonds are atonce
o be paid, and 100000 of inter-
st to be saved by taking up the
'onds filed with the Treasury, with,
ut expanding the currency, Isl
therefore, both fatal in its results
nd utterly impracticable, even ifit
ere a legal and honest proceeding
} pay bonds in greenbacls, which,
l my humble opinion it is not.
1t will not be forgotten that Mr..
'endleton in Congress pronounced,
lie legal tender notes utterly IN
institutional and worthless, He
lys in the speech now before me
lat he opposed the issue Of them
ith all his might; but now, says
e. 81 am in favor Of sticking to it
ntil we can get out of it every
ossible advantage" If Mr. Pen
Teton had opposed the issue of
on grounds Of pOlicy,
lis sort of apology might possibly
0, but as he grounded bis opposi-
on mainly on its being entirely un-
institutional, land that any payment
it was no payment at all, itseems
me to be quite an unworthy po-
ton for him to take now that we
ould use them to every possible i
vantage. .',... .,5,.
No one can read this speech
th attention and not discover at
ice that, however pleasant and
and accomplished a gen
IN Mr.. PendletOn may be, his
entail calibre is of the highest,and ,
1T however brilliant he may be- as
'hetorician, bis claims to states
Inship rest upon no sound foun-
ton whatever. .t
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