Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1868-08-27
Speeches of Hon. Horatio Seymour
ths Democratic Nominee for
the President.
He Denounces PendIetonism.
SPEECH OF MARCH IL. 1868.

He Denounces Pendletonism.
SPEECH OF MARCH IL, 1868.
The following is an extract from the
speech delivered by Hon. Horatio Sey
mour. before the New York State Con
vention, March II, 1868:
1t has been proposed TO pay most o
the Government bonds in the papel
money called greenbacks, and it il
claimed that this will save the ,eopl,
500, ,00e, ,000, without doing injustice to th'
holders, as it was alleged it was the con
tract they should thus be paid. This il
denied by others, and ii is clear that tn,
proposal has excited alarm, not only a:
to the mode of payment, but as to /;
growing feeling in favor of repudiatinI
the whole debt.
The sectional division of our country
into debtor and creditor States has eaus.
ed much anxiety in the minds of thought
full men, lest it should distract the c0un-
sells of our party. While, on the one
hand, the oppressive legislation which
burdens the West with high tariffs, TO-
gether with the fact that the revenues
drawn from all sections are mainly paid
out to one, excites deep feeling; on the
other hand, the bonds, so un,DiseiY, 1Udste-
fully issued, haze gone into the hands OF
ianOcsnt holders aOho, to q vast amount
are compulsory O1CIaers. 1t is q mistake
to suppose that they are mostly held By
capitalists. Large Sums belong to children
and aOidOaUs, under the order OF Courts or
the action of trustees, hare been invested
in Government bonds. The east amounts
held By fire and life insurance companies
and sdUi,eg banks are, in fact held in trust
for and are the reliance of the great body
Of dctiUe business or ld6oriag men or
s0onaer or of aOidoous and orphans. The
saving banks of this State, which are
the deposits of the poor, or persons OF
limited means, hold about S60,000,000 of
Government bonds. The whole amount
held in the State of New York in the
various forms of trust, will net fall below
$500, ,0O0,0O If we look into other
States We shall see that only a small
share of these bonds are held by men
known as capitalists, but they belong in
fact, if not in form, to the business men,
the active and the laboring members of
society. The destruction Of these securi-
ties would make widespread ruin and
distress, which would reach into every
workshop and every district, however
humble.
There is perfect accord in the Demo-
cratic ranks as to the policy and the
need of honesty and economy, but there
is some difference of opinion as to the
construction of the contract with the
creditor. Some hold that it is right, and
that it is due to the taxpayers that We
should save what we can by paying the
principal of the debt in currency, but
they underrate the force of their own ar
gument. 1t is q mistake to suppose that
the Interests of the bonClhoLdey' and the
taxpayers are artdgOnistic. The fact
is overlooked that, in order to make any
saving by giving the bondholder de-
based or worthless paper, we must bring
upon ourselves disaster and dishonor
which will cost an hundreG-fold what
we can save. 1t means that we are 10
give to the laborer for his toll base cur
rency. 1t means that the honor of our
country shall be stained. 1t means that
our business shall be kept in uncertainty
and confusion. 1t means that the labor
ing men shall suffer by the increased
cost of the comforts of life. 1t means
that the taxpayer shall be burdened by
o government proved to be corrupt and
imbecile by the very depreciation of its
We cannot afford to speculate
upon the nations honor at SO fearful a
cost. We know that when a dishonest
or a corrupt government wish
es to make large profit in specializing in
their own paper, they must dish0nor
themselves as much as they can. There
is great gain in this plan as upheld by
Messrs Butler and Stevens. They not
only propose to pay in deprecated paper,
but they are doing what they can to dis
hnnnr hn nj, ntn nd of ~
country. If they carry out their corrupt
revolutionary schemes, they will pay off
the debt with paper which is not worth
ten cents on the dollar. There is no
Democrat living who thinks this can be
done with safety, or that it is for the in
terest of the taxpayer at the East or
West. Every Democrat demands a pol
icy of peace, order and economy, and,
just SO far as he gains that, he lifts up
the national credit, he helps the taXpay-
er, and does justice to the bondholder.-
He makes our currency as good as ster-
ling coin, for that will rise with the pub
lie credit.
The error is in supposing that under a
Democratic administration the currency
would still stand fixed at a discount of
twenty-five per cent. To say that is TO
say that we are to fail as our opponents
have failed. The national credit can't
be bought at profit unless the nations
character is dishonored. If soe come into
D0aDer there aUiU be no discredit on our
no speculation in paying our
bonds in paper. / thank God that the |
faith which we hold, as one man, seeks
to level up, not to level down. 1t means
that the sterling coin shall ring again on
5he counters of the tradesman, and gilt
,er in the palm of the laborer. and glad
len the heart of the wounded soldier
Dur friends forget the force of their own |
argument. When they show how the |
le5t will be paid and taxation lightened,
Dy economy and honesty, they also show
how our paper money will be made good
rs gold. The downward course of men
N power admits of trafficking in the |
They can sink it to that point
hat the payment of the debt will be an |
Easy matter, but will be at the cost of
,he honor, the peace and welfare of our
and. While, therefore, we may differ
IS to the construction of the contract |
With the public creditor, we must not
,onfOund the position of those who
'hink it right to pay in paper, but who
)attle to make the paper as good as gold,
With the position of those who mean not
,nly to pay in paper, but who are also
the value of the paper. That
s reputation. We are not trying to
give paper to the bondholders, but gold
md silver to the people. There is moth
ng to fear from those who think by the
contract that you should take the paper,
f they take a course which will make
hat paper good as gold. There is every
hing to fear from those who are driving
m to bankruptcy, and it matters not
what their propositions may be.
l deem it my duty to speak frankly
N this subject of the debt. We owe it
o our friends in other States to let them
Know our position, SO that we may not
all into the fatal error of making sec
ional questions part of the national
platform. They would with justice re-
,roach us if we suffered them to hinder
Is in our battle in this great State, which
must be won, or our country is lost. We
lave issues enough with the party in
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