The New York herald., 1868-06-26

Horatio Seymour at the Cooper Institute
A Strong Argument for Chase Against
Pendleton.
We submit to our readers this morning in
full the speech of Ex-Governor Seymour at the
Cooper Institute last night on the political
situation. 1t is the speech of a student, a phi
losopher and statesman It is very long, but
it is very strong. Devoted to the money ques-
suffrage question, it is addressed to two great
objects-to show, first, that the whole financial
policy of the radicals in power is wasteful, in
congruous, oppressive and ruinous; and, sec
ondly, that the policy which he foreshadows
for the democratic party is the policy of safety,
economy, low taxes, solvency and redemption
the only policy for smooth and graceful ex-
trication of government and people from our
present burdens of taxes and debts. In max
ing this broad distinction between the practice
democratic party Mr.. Seymours grouping of
facts, figures and deductions will, to the gen.
eral reader, be found very instructive, and to
the democrat who wishes to be fully posted on
the money question very useful.
But there is another aspect in which we re-
gard this speech as of the highest political i'm
portance. 1t lies in placing this financial
theory of Seymour side by side with the theory
of Pendleton. The great distinguishing feature
of Pendleton's theory is this that the five
twenties fourteen hundred millions) shall be
redeemed in paper and that with this paper
the bondholders shall take their chances with
the rest of US. Mr.. Seymour's theory is to do
nothing to depreciate the value Of the govern
ment bonds. He estimates that the deposits
in the savings banks of the United States
the amount of life insurances throughout the
country is about twelve hundred and fifty mil
lion dollars, involving large investments of
government bonds-an aggregate amount which
would ruin or seriously cripple savings banks,
life insurance companies and all concerned eff
the bonds are not paid or if they are paid in de-
based paper" Furthermore, says Mr.. Seymour,
eff we add the trusts for widows and Or
phans we find that fully two million five hundred
thousand persons are interested in government
bonds who are not capitalists and who are
compulsory landowners at present prices
under the operations of our laws" Then fol-
lows the argument, with it's exhaustive statis-
tics, to show that the laborer, taxpayer, pen
sioner and bondholder are all interested in the
government faith and may all be relieved by a
10 oI; oil 70 fho ont
of our expenses and the appreciation of our
paper currency.
This whole argument we say, is dead set
against Pendleton and powerful appeal in
behalf of Chase for the democratic nomination.
To be sure, Mr. Seymour mentions the name
Of neither Chase nor Pendleton, but still the
argument presented amounts to an earnest pro-
test against Pendleton and mastery exposition
of what may be reasonably expected from Chase
as our next President. In democratic con-
sultation at Albany the other day Mr.. Sey-
mour earnestly contended that Chase was the
man for the democracy at this crisis. In this
magnanimous abnegation of his own high
claims Mr.. Seymour commands our highest
respect He sinks the politician in the patriot
and statesman Having first declared himself
out of the field he was properly qualified to
name his Presidential favorite, and in naming
Mr.. Chase for the democracy Mr.. Seymour hit
upon the very man. This was at Albany. If
he said nothing directly by name in behalf of
Chase at the Cooper Institute it was because
after what he had said at Albany the drift of
his argument would be understood without
mentioning names We are gratifed, there
fore, to aid in circulating this great speech of
our distinguished expounder of New York
democracy in behalf Of the Chief Justice for
the democratic nomination. In demolishing
Pendleton, after withdrawing himself, Mr..
Seymour leaves the Chief Justice in full pos
session of the field, at least so far as New
York is concerned, and New York with her
fifty thousand democratic majority has the
right to the controlling voice in the Conven-
ton.