Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-06-16

and the friends Of Mr.. Peadletoh will make
a most desperate fight against che Chief
Justice IN the coHventien. They cannot
understand the Inconsistency, as they cali
il, Of their Eastern brethren in abandoning
the principles which they advocated only q
few months ago when il was possible that
Mr.. Chase might even be the most suitable
of candidates tOtke most Eadical0f Repnb-
lieans. Mr.. Chase's views are not Demo-
cratic, and he cannot stand upon the Demo-
cratic platform without an entire recanta-
tion of his own words or without very
decided alteration of his opinions. The
Democratic faith, according 20 the Western
interpretation Of il, entertains no policy on
the question of suffrage, except that the
question is one which should and must be
left to the States 70 decide, each one for it.
self. Even modification of Mr.. Chase's
views would not be sufficient, Universal
suffrage, suffrage and representation accord
ing 20 the proposed article fourteen, or i'm
partial suffrage, are all contrary TO Demo-
cratic doctrine. The nomination of Mr.
Chase would, therefore, be impossible with
out very curious political sOmersault on
the part of the Chief Justice or a fatal
abandonment of principles by the Demo-
cratic party. I "a soho on
Mr.. PENDIETON ON THE SITUATIONS la
Whatever his friends think for him Mr..
Pendleton has kept to himself what he
thinks Of Mr.. Chase as the Democratic can
didate. he is not disposed to yield his
own claims to the nomination, especially
as his friends are 30 enthusiastic and de-
termined in their support. He is naturally
ambitious of becoming President of the
United States, and his friends think he
would make good one. The sudden APP
pearance of Mr.. Chase on the political
stage as a rival TO himself has been SO
unlocked for that he has formed no opin-
ions decisively on the subject. 1t is doubt
ed, indeed, whether he regards Mr.. Chase's
chances with any apprehension.
Mr.. Pendleton is q great admirer of the
Chief Justice, and has spoken in the wsrm-
est terms of his ability, wisdom and integ-
rity. He has always regarded him as an
honorable and consistent man in his politi-
cal views, and hence, perhaps, his lack of
apprehension that Mr.. Chase will be the
Democratic candidate, not through the
fault of the convention, but through the
unwillingness Of Mr.. Chase himself to &C
cept the nomination if given him by
party with which he has been at war du-
ring the whole Of his political career. If
Mr.. Pendleton is consoling himself with
any such thought, then he is not aware Of
the real strength and character of the
movement for the nomination of his rival
For the only other prominent candidate
Gen. Hancock-he likewise possesses the
greatest admiration, entertaining, in addi-
tion, feelings of the warlnest friendship.
Although Mr.. Pendleton, with Vallandig-
ham and others, was among the foremost
of the peace Democracy, and, during his
Congressional term, was jealous opponent
of the war measures of the goverement, his
sntipathy was not Of such character as to
blind him TO what he styles the genuine
Democracy of his friend Gen. Hancock,
who, shoulder straps and all, ia unobjec-
tionable on account of his war record. He
has not indicated his views as to the most
fit candidate for the second position on the
Presidential ticket.
HIS VIEWS ON THE BOND QUESTION.
Mr.. Pendleton, if not the author, is, at
least, the great expOupder Of the theory
that the seventeen hundred millions offiye-
twenty bonds, as they are familiarity known,
are not necessarily payable in gold, but are,
by the law which brought them into being,
payable in lawful money or legal tenders.
His promulgation of these views has given
him a notoriety all over the West and made
him the popular candidate for the Demo-
cratic nomination, so far as his own part of
the country is concerned. He is not likely,
therefore, 10 be favorite with the Belmont
Democratic bondholding capitalists of the
East, who are extremely sensitive on this
question, and who would rather omit its
consideration at the convention, as was in
dicated at Albany last March, when Sey-
mour made his noncommittal speech pre-
vious TO the election Of the State delegates.
The West will insist on the insertion of a
plank in the platform representative of the
greenback interest, and hope TO place Mr..
Pendleton Upon il as their champion. His
views in detail on this vexed question may
not be uninteresting just now. True to his
State rights opinions he charges that the
present financial system is 10 be made an
important part in the process of consolida-
ton and Capitalization now going on in
pursuance Of the policy Of the Republican
party He believes that the enormous debt
should be paid, every dollar Of it, principal
and interest, at the time il becomes due,
exactly in accordance with the terms of
the contract under which the loans were
made" The last few words, as quoted, CON
tain the gist ofhis position. Part of the lebt,
he says, is payable in gold and part Of it in
legal tender notes. The faith of the coun-
try requires that the one should be paid in
gold, and the interest of the country re-
quires that the other should be paid in le-
gal tender notes. Previous to 1862 all
debts Of the United States were payable in
coin. But in February of that year Con-
gress passed the legal tender act. Every
contract after that time for the payment Of
money was made with full knowledge of
the law, and every bondholder must have
purchased with the evidence before his
eyes that his bond was redeemable in legal
tenders The section providing for the is
suing Of the bonds is a portion of the act
making greenbacks legal tender. If this
construction is not right, inquiries Mr.. Pen
dleton, why did the government in the
subsequent issue Of the ten-forties provide,
notwithstanding the legal tender ac, that
these bonds should bear upon their e ce sn
express promise that the principal should
be paid in gold He maintains that every
bond, except the ten-forties and those is
sued before the legal tender act, is payable
"a the greenbacks of the country, the opin-
ions or assumption of Mr.. Chase, when
Secretary of the Treasury, to the contrary
Notwithstanding. The legal tender act IL
self is explicit. The law provides that the
principal OF the bonds shall be paid in laF-
iul money aud the interest in coin. Again,
the bond itself shows that the principal may
be paid in lawful money, while the coupons
declare that the interest shall be paid in
gold. Mr.. Pendleton vigorously opposed
the legal. tender act when he was in Con-
gress, ss he thought the war would be car
Fied on upon coin basis, as we're the wars
Of Napoleon for years against the world.
The law once enacted. and the business and
valnes Of the country becoming wrapped
up in il, he believes in carrying out in good
faith lis provisions to the end.
THE BONDS SHOULD BE TAXED.
On this point Mr.. Peodletou Is very en-
phAiic. Not only do the Republicans add
forty-two per cent. to the nasional debt by
insisting that the bonds are payable in
| gold, bat they exempt the bonds from State
and local taxation. The public debt, IS be
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