Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1868-10-06
OIL AL.
Speech of Mr.. Pendleton at Springfield,
Illinois.

| on tne AOLn OI september. w e are sorry
space prevents US from publishing it entire
but append that portion which refers to the
financial question; and the eloquent conclu
s,un, i'll which the speaker exhorts his hear
handed down to us by the Fathers of the Re
public. Let no one fail to read this extract
THE FINANCIAL QUESTION.
l told you, gentlemen, that the debt of the
country was 81 ,6UU ,UUU 700 III round numb bers
Ol that amount 81 sou 900 ,UUU aud mure-
very considerably more, but that will answer
every purpose Tor Illustration, was in ~
buuus. Now, you know what those bonds
are. They are bonds issued at various
times since 1862, redecmable by the govern
ment III five years, but absolutely payable in
twenty. which bear SIX per cent. interest in
gold, and which exempt from ali taxes
except those imposed by federal authority
say they pay no taxes, aud yet yield . per
ceut. Now | would like to ask these farmers
how much money you can make of gross
iucome on your farms with all the tools you
can put on them during the year Take the
value Ut your land, your time aud labor, and
eau you make ten per ceut No, SIR |
do not know. If you can make ten per cent,
you have got to pay out OF that Income all
taxes of every k1nd-taxes for the support OF
the state, county, township aud schools and
they must all cume cut OF the ten per cent.
that you make. And yet the gentleman who
owns these 20 bonds gets his SIX per cent
in gold, which, at prices TO day, is very nearly
nine per ceut aud he does not pay dollar
for the support of all these institutions from
which he derives, as you do, the advantages.
You may have bundholdcr here in this
county. He may live in Springfield The
police watch his house if his house is
entered and his bonds robbed, he calls upon
the police to arrest the thief The officer
arrests hlm and takes him to Jail, takes him
before the grand jury, has HIM tried by your
judge before your jury, and he is sent at your
expense to the penItentlGry; and not one
dollar does the bondholder pny'of all the
expenses necessary Tor your police, your sher-
if, your judge, your jury, your posse, or the
men who keep the penltentiary. (Cheers
aud lauyhter)
Now, gentlemen, 1 say that these 500
bonds, which are exempted from taxation,
which draw six per cent. Interest," say that
these bonds are payable in grcenbacks, the
lawful money of the country.
a year ago, when this doctrine was first
promulgated through the country, it was
uCCCSSdly " uldhc IL SUIeuu aF8u-
ment upon it. Now it does not seem ncces>
sary at all, for | find that the great body Of
the republican party is so anxious to get upon
our platform that they are anxious to jostc
us off Loud cheers and Iaughter.l Why,
gentlemen, when these bonds were issues the
legal tender currency was the currency of
the country. 1t was in circulation every
where; every man had it, if he had anything
in his pocket; the bondholdcr had it. When
this law of 1862 was passed, issuing these.
legal tender notes, there was put on the back
of every one of them this statement: This
note is legal tender in payment of every
private debt; in payment of every debt due
by the government except interest on bonds,
and iu payment of every debt due to the gov
ernmeut except duties ON imports" When
the man who bought bonds carried these
notes up to the treasury OF the United States,
he saw that written on their face, and knew
that he paid them for the bonds and for every
other debt and he must have known that he
was liable to take them back from the govern.
ment when they redeemed the bonds.
[Cheers They tell you that this is repudi-
alton. [Laughter.] Why, you have not any
more respect than have Tor the hard name.
Renewed laughter | would not like to
Ieludate any promise [ had made, or any
promise my government had mdde. am no
repudIator, either in principle or practice
but | am tired and sick of hearing men talk
from morning till night of the sacredness of
the public debt, and not considering the sacred
ness of the public faith in other matters.
The democratic party says these bonds are
payable in erecubucks That's right" +
The republicans say they are payable IN gold.
For my part, believe they are payable in
legal tender. That legal tender is green
backs | have sort of feeling that money
that is good enough the wages of labor Is
good enough for the wages Of idlcness =
TChecrs | have an opinion that that money
which you receive for your land, and for the
products of your land the money you re-
ceve for the earnings of your daily toll !; the
money in which the widow has laid aside her
little boarding the money which the girl
gets who spends her life on the sewing ma
chine to support her family; | haH "pin-
ion that the money which is g,'od enough for
all these purposes in life, is good enough for
the man who tolls not; neither does he spin,
and yet is clothed in fine linen. [Cheers]
These legal tender notes were put IN CIR
culation upon the community under the law
OF 1862 They were spread broadcast IN all
the community at that time Every man
who had n debt payable to him IN gold was
obliged to take these notes. 1t you had
note for 81 900 in gold given you IN lo3o,
YOU were obliged to take paper Tor 1t III 1907
If YOU made contract for wages tor one year,
at the end of the year you were obliged to
take paper. Paper became the currency of
the country. 1t paid for your farm. the pro-
ducts of your farm, the wages of the laborer,
the pension of the widow. the bounties OF the
soldier, the wages of the sewing girl who sits
all night and day over her sewing machine in
order to support her widowed mother 1t
was spread abroad everywhere; it represents