Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-08-03

composed of what are known as the five
twenties. They are six per cent. bonds,
payable in five years after their issue, but
redeemable by the Government, if it shall
see mt TO do so, any time after the lapse OF
i've years. Those bonds are payable in the
legal tender currency of the country. APP
plause.] A year ago, when 1 had the honor
to put forth that statement, was de-
nounced as a repudiator and a robber. 1t
is too late to require. an argument on it
now. The bonds show that they are pay
able in legal tender; the law says that
they are payable in legal tender; the con-
tract says that they are payable in legal
tender; Senator Sherman says that they
are payable in legal tender; Senator Nor
ton, OF Indiana, says that they are payable
in legal tender; the State Republican Con-
vention, which sat at indianapolis, declared
that they were payable in legal tender, and1
the Funding Bill also declares that they are
payable in legal tender Cheers. 1 Why,
at the time the legal tender notes were is
sued there was not one Of these bonds in
existence. They were issued after the le-
gal tenders were issued, and those legal
tender notes bear upon their back the in
scription which the law said they should
bear there, that they were payable for everyI
debt due from the United States, except in
terest on the bonds, and receivable for
every debt from private parties to the Uni
ted States, except duties upon imports.
Here some one in the audience bore inn,
mediately in front of the speakers stand a
rough representation of laborer, with a
spade in his hand, and a bondholder stand
ing near, smoking a cigar, while over the
latter were the words, "Bonds don't pay
taXes"l rliif 81. -,.r,-,r.r..-rg III
Mr.. Pendleton continued: suppose, my /
fellow-citizens, that the man who is repre- |
sented there with spade in his hand is
enjoying the extreme felicity which Wen
dell Phillips said the people of the United |
States ought to be willing to enjoy in con-
sideration of the great good which their |
sufferings had done to the people of the |
country. He said that the people of the |
country ought to be willing to work one |
hour earlier in the morning and one hour |
later in the evening, during the whole Pc
riod of their lives, for the benefits that the |
Republican party had conferred upon |
them, and there is specimen of it.
was saying to you, gentlemen, that at
the time these bonds were issued, the legal |
tenders were in circulation. This note is
payable for every debt of the United States,
except interest upon the public debt, and
yet they have the efrontery to come here
and tell us that it would be great hard
ship to compel them to take back the same
kind of money that they themselves paid
tor the bonds. At the time that law was
passed, there was vast deal of indebted
ness from private individuals throughout
the country. l am afraid to say how much.
Two thousand millions of dollars would
come far below the amount. That law was
passed and it confiscated Immediately
twenty, thirty, fifty per cent. of the private
indebtedness of the country. But there
are men who are ready to say that Mr..
Pendleton, and Mr.. Hendricks, and Mr.. Nc
Donald are regulators, for the bond
holder is good loyal man and
ought to be paid according to the
spirit of the law. (Cheers.> 1
know in my own city the case of man who
bought piece of property ten years ago.
He was to pay $4,000 for it. 1t was gold
contract. He was to keep the $4,000 at
| interest as long as he wanted it. Mean
while the Legal Tender Act passed. He
took his $4,000 in gold, bought $4,000 in
legal tenders and paid 100000 of the $4,000
to his creditors, invested $4,000 in legal
tenders, and now ne is one OF the most
bowling men in favor of having his $4,000
in gold. [Applause.1 Do you ever hear
any of these men speak of that hardship
Do thy ever tell you that all of these men
| ought TO be paid according to the spirit OF
the contract as it was originally made, and
| that it is a wrong and hardship to take
advantage of the Legal Tender Act? Not
one. And yet these are the people who are
in favor of paying in gold, dollar for dol
lar, these bonds which, as I have shown
you, are payable in legal tenders. They
say that if we undertake to pay them in
legal tenders, there will be great expan-
| sion of the currency. You have $3.50, ,OOO-
600 of bonds, which are held by the bank
ers of the United States in the Treasury
| of the United States as a guarantee for
| their circulation. Take them up; paw them
| off in legal tender notes and let the legal
| tender notes supply the place of the Ma
tional Banks. [Applause.l We do not in
crease your currency dollar; we do not
increase your taxes a dollar, and we save
eighteen millions of dollars a year. But 1
| don't propose to be frightened from nv DO
sition by any any cry in relation to the ex-
pansion OF the currency. / am a hard
money man. am in favor of hard money.
always was, since 1 have had any knowl-
! edge on this subject, in favor of it. I.vot-
ed against the Legal Tender Act and op-
| posed it with all my might because it was
passed against my wishes. l have witness
ed the distress arising from it,but now 1 am
in favor OF sticking to it till we get out OF it
every possible advantage the people can
| have. Applause. And just so soon as
we have got all those advantages. and lust
SO soon as we can go back without suffer-
| ing disorder, to our original constitutional
hard money, am in favor of passing a
law making it penal offense for anybody
afterward to use any paper money.
We hear great Outcry about the evils of
an expanded currency. l know the evils
| connected with it. but know that there is
no people in the United States that suffers
more than the people of Indiana and Illi-
nois. [Applause.1 Recollect that they
compare this expansion or the currency
with the expansion of wildcat bank.
Mr.. Pendleton elaborated for few mo-
ments this portion of his speech, express
ing no views that he had not heretofore
presented, and concluded as follows]:
L know from the spirit that l see in this
meeting, that need not eXhort ,he people
of Indiana to be up and doing. IA voice,
10 .iorIt l. ~ Al.