Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-08-21


PeRdIeson Brands Them aCitb The Mark Of
CBqIn-77ss Poor Rltissed dHd HsdOtea
and Orphans BeggdTeo-3N Nat8O7lGg
B1AlT1gp2cg 09S8a ReBaEdtGti0R the Re
slEgg OF q NeiD Issue Of GreenbGck8-4he
Chicago Times Describes the Impossible
ty Of Basjng WHISKY Nth GFeeEbacks
Issued 5y the Reane.
When the bill making greenbacks q
legal tender was pending, Mr.. Geo. IL
PendlefOn made speech denying the
cOBstitut utio1ah power Of Congress 80 -
sue a note not Gearing interest; also de-
nyfng the constitutional power to cons
pei any person to accept any such note,
or anything else than silver and gold
coin, in payment of debts, bonds and
mortgages, public or private. He in
sisted tfatthe issue of these green backs
was, in the Language of the Democratic
platform, unconstitutional, and there
fore void"
Having exhausted his rhetoric In
pointing out sheir illegally, he made
an argument against the expediency
of issuing them. and In so doing drew
the following picture Of the horrible
effects OF issuing $500 900, 900 of green
backs, Read it.and remember that the
Democratic platform, as interpreted by
Mr.. Pendleton, Is now seeking repudi-
alton by Insisting upon an additional
issue of 81 700, ,00O, 900 of Ereenbaclks.
Pendletoh says;
al believe that this Government has
reached crisis in its history. / be-
1teve that it is approaching a period in
the history Ofits legislation which may
determine the question of its continu~
anee. By wisdom it may overcome the
evils of secession, by its great powers
and resources 1t may be able to defend
itself against those in arms against 1t
but I firmly. believe that it cannot
maintain itself against the shock of the
accumulated and manifold dangers
which follow inevitably closely in the
wake of an Illegal, unsound and depre
ciated Government paper currency
SThe gentleman from New X0rk
(Spauldingl called them illegal tenders)
demand notes. They have been so
called throughout the country. They
do not bear a single characteristic of
demand note. There is no time, from
the hour when they shall pass into the
hands of the holder, when he can by
their terms demand thas they shall be
redeemed There is no time when the
faith of Government is pledged to their
paynnenL The holder may present
them and he is told that the time has
not arrived at which, by the face of the
bill, they are to be paid. They will in
vitality depr8ciate. The wit of man has
never discovered means by which pa
per currency can be kept at par value,
except by its speedy, cheap, certain cons
vertfbility into gold and silver. need
not cite gentlemen to history or author
itiess unless on polItlca1 economy, 70
prove 1t. Unless convertible, they have
always deprecated they always viii
depreciate they ought to depreclate,
because they are only valuable as the
representatives of gold and siIveri and
if theY are not convertible into that OF
which they are the representative they
must necessarily, lose their value.
You send these notes out into the
world stamped with irredee eemability.
You put on them the mark of Cain,
and like Cain, they will go forth to be
vagabonds and fugitives on the earth.
What. then, will be the consequnce?
1t requires no prophet to tell what
viii be their history.
The currency win be expanded
Prices viii be inflated
Fixed values will depreciate rf#'
Income will be diminished;
The savings of the poor Will vanish /;
The hoardings Of the widow will melt
Bonds. mortgages and. notes, every
| thing of a fixed value, win lose their
value;
Everything of changeable value will
= The ; tnecessaries Of life will rise in
| value /; 1l -FE ea
The government viii pay two-fold-
I certainly largely more than it ought
for every thing it goes into the market
to buy; @ 5egN
Gold and silver will be driven out of
the country. tFe..ss IS ss.5xt.
What then .--. rF
The day of reconing must come.
Contraction will follow.
Private rain and pTt6Elc bankruptcy,
teither with or without REPUDIATToN,
will inevitably foliow.''
| TIE CHICAGO TIMES DESCRIBES THEM.
The Chicago Times, the organ of the
/ North w estBrn Democracy, reviewing
/ debit drew this. graphic picture Of the
-worthlessness OF, green backs under an
/ increased issue. 1t said
stThe first group contains the 4Cincin-
matt plan ties the Pendleton. scheme ]
The great feature ofthls scheme ls what
is called payment of the national debt
/ in greenbacks.' 1t contemplates a new
/ issue ofgreenbaezsy equal in amount to
j the bonds which it is proposed to redeem.
| Over twelve hundred miHion of five
I twenty bonds viii become sredeemable
lbefoFe 1872, Five millions are redeem
able now The way to pay them ac-
l.cordfng to this plan, is to set the print
/ ing presses in m otiOil. So long as the
| rags and lamp-blaclxs hold out, YEeTWill
| have no tponble, in paying the bonds al
maturity L When all have. been thus
paid, we shall have added to our paper
I
making, aTIitold, a circulating medium
] of 81, 500, 600, 600. Then we shall have
what are called 'goodAtimes;', splendid
tinaes.'o s7rs .sft ss aae 5N5S Se. su3f{
e'W heat and greenbacks will be ex-
changed sbusheI for busheI. A barrel
/ of whisky will be sold for two barrels
| of legal tenders. Collectors of Govern
menF revenue wilt go about with wag-
ons having lofty and capacious recepta-
cles on them, like those used in hand
ling charcoal, and will gather in Fthe
public taxes. with pitohforks. To levy
$5 in gold will require a one-horse load
| of greenbaeks. But the Government
bonds will be paid Phei only ques-
tion will now be how TO pay the Gov
ernment greenbacks. This is some-
thing the plan does not contemplate.
Specie. payments under it viii be reach
| ed-qaeVer -
These are Democratic pictures Of the
effect of the green back redemption poll
l lev. - ~ FffT