North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-03-25
Sewn our nntl PenlllctOn.

Seymour aud PendlctOn.
The Tribuneconcerl, of this city yesterday
10 ,ded its editorial columns with another
long and trashy article on the necessity of
plying the five-twenty bonds in coin. Until
within the last three or four days, it has
assumed that the financial policy of Mr..
Pendleton involved the issue Of greenbacks
to the extent of the full amount of bonds
outstanding yable in lawful money
Daily, for weeks. it rehearsed the stale
falsehood, and made it the basis of all
sorts OF predictions concerning the misera-
BILE condition the country would reach
when two thousand million of sreenbacks
should be anoat in it.
The senior morning concern has now
dropped this mixture Of nonsense and
drivel, and is engaged in reproducing, I'M
der a variety of forms, parts of the speech
made by EX-GOVERNOR Seymour at the
democratic state convention of New York
few days ago. The governor denounced
all projects Of paying the bonds in worth
less paper as dishonest and ruinous to the
national credit. lie said the plans Of But
Ter and Stevens would deprcciatcthe paper
until it would become almost worthless,
while the plan Of Pendeton would speedi-
~ elevate greenhacks to par with gold.
Notwithstanding this, the senior morning
concern processes to see, in the speech Of
Governor Seymour, an entire reputation
of Mr.. Pendioton's plan. In fact, there is
no substantial disagreement between the
policies advocated by these gentleman.
What Mr.. Pendleton wishes to accom-
plsh is to relieve the people as far as
possible from the payment of Interest,"
THIS is the principal design in the policy
advocated by him. 1t is not his purpose
to depreciute the currency, because what
ever amount may he issued must. sooner
or later, be paid in gold. Gov. Seymour
does not question the right of the govern
ment to redeem the ivc-twenty bonds in
five years from the date of their issue. He
denounces, severely and justly, policy
which would increase the volume of cur
rency to an extent which would greatly
derange the prices of commodities now
ruling. Mr.. Pendcton has presented a
plan by which large amount may be
saved annually in interest and applied to
the payment of the principal of the public
debt, and this, as he alleges, without
initiating the currency one dollar" it is
plain that the remarks of Coy. Seymour,
denouncing a depreciation of the currency
by ruinous increase of it's volumn, dc
not in any way apply to the financial sys'
TEN which Mr.. Pendlcton has ohered.-
They were meant as censures of the infa.
ton system advocated by Butler and Ste
vens, and by few newspapers OF botl
parties.
Governor Seymour declared himself
opposed to the national banks. lie is II
favor of ahnlishing them. OF course, ii
case Of their abolition, the circulation
which they now supply must lie made VI
from some other source. We say of course
in regard to this proposition, because sine,
the condemnation of Sec ry McCuloch'
policy of contraction--a condemnation
sweeping and general there have lee,
found but few to assert that our rresen
volume of currency is greater than it sho {
be. The abolition Of the rational banking
system involves the substitution OF treasu
ry notes Tor its circulation. Gov. Seymour
understands this. 1t is the starting pom
in his financial policy. 1t is also thu
starting point in the plan of Mr.. PendIcton
The latter would save more than twenty
millions of interest yearly I,y wiping GU
the national banks and rcdecming thu
bonds held Wy them. Gov. Seymour Il
virtually committed to this policy, and h
is also committed to whatever policy tn
Democratic National Convention may a.
don't Chicago Times '.... ".*