The New York herald., 1868-06-11

MR.. CHAsss FINANCIAL VIEWS UNDRh0CRATIC.
The friends OF Mr.. Pendleton arraign Mr.. Chase on
another and In their estimation very serious charge
They can forgive their Eastern brethren for their
abandonment OF their policy on the question OF sur
fage because in these days politicians are apt to do
many strange things, but they cannot discover by
what process the democratic leaders hope to bring
the party to endorse the exSecretary OF the Treas
ury, who, with Jay Cooke, was the author
OF the assumption that the seventeen hun
dred millions OF nvetwenty bonds are payable,
principal and interest," In gold II should not be for
gotten tnat the financial question Is one IN which the
West Is much more deeply interested than the East,
and the platform OF next Fourth Of July, whatever
glittering generalities it may contain must be ex-
plict on the question Of the bonds, or 1t viii not be
b cordially supported In the West, where everybody
talks finance and currency. The democrats here
might yield on the question of surage to their time
serving coneres Of the Atlantic States, but on the
question OF the bonded debt they are immovabe.
Hence they look with eager interest as delegation
after delegation and journal after journal pronounces
In the East Tor the nomination OF Mr.. Chase who ts,
more than any other individual, responsible for
theory regarding the payment Of the bonds which
Is to add eight hundred millions Of dollars to the
national debt, about thrty-three per cent Of the
amount which is in the form Of bonds.
MR.. CHASE NOT POPULAR ENOUGH.
1t Is asserted again that Mr. Chase has personally
no elements OF popularity. He Is Q very grave, dig
nifed gentleman for whom 1t would be impossible
to get up much, II any, enthusiasm. Not that he
would not make o good canvass Of It. Those who
know MI. Chase-and none know him better than
the politicians Of this Stateare aware OF his great
adrOi.ness, skill and success as political manager.
With the democratic party pledged to him. 1t is ad-
~ IN n.
publican votes to elect himself In nearly every
western State. He is confessedy the strongest re-
publican in the State of Ohio, and would carry 1t
against Grant despite his fame and name and radical
endorsement. Would the democrats OF the West
stand by him, however, The answering OF the ques-
ton would lead to q hundred opinions about the
action OF radicals who might be won over to vote
for him, about democrats who would abandon their
party to vote for Grant ian original democrat about
conservatives who would vote both ways, and 80 on
ad tKlnttum. Its solution would plunge reader and
writer In maze of unsatisfactory specu,atiOns.
The deduction which the democrats here make from
the present situation Of AFFAIRS Is that there Is wide
breach between Mr.. Chase and the democratic party
which 1t will 30 dficult to span or close up. The
question occurs, viii Mr.. Chase 60 to the democratic
party or will the democratic party go to Mr.. Chaser
MIR. PHNDLETON ON THE SITUATION.
WHutcVcT nlb lTlcuuS tuluh tOI AuIu MIs Icuulo1Ou
has kept to himself what he thinks OF Mr. Chase as
the democratic candidate. He Is not disposed to
yield his own claims to the nomination. especially
his friends are so enthusiastic and determined in
their support He is naturally ambitious of hecom-
lug President of the United States and his friends
think he would make good one. The sudden ap-
pearance of Mr.. Chase on the political stage rs
rival to himself has been unlocked for that he has
formed no opinions decisivey on the subject. It Is
doubted indeed, whether he regards Mr.. Chase's
chances with any apprehension.
Mr. Pendleton is great admirer Of the Chief JUS
tice. and has spoken In the warmest terms OF his
ability, wisdom, and integrity. He has always re-
garded him as an honorable and consistent man In
his political views, and hence, perhaps, his lack OF
apprehension that Mr.. Chase will be the democratic
candidate not through the fault OF the Convention,
but through the unwillingness Of Mr.. Chase himself
to accept the nomination II given him by party
with which he has been at war during the whole o
his political II Mr. Pendleton is cOnsoling
himself with any such thought, then he is not aware
OF the real strength and character Of the movement
for the nomination of his rival. For the only othe
prominent canddate-General Hancock-he likewise
possesses the greatest admiration. entertaining, IL
addition, feelings Of the warmest friendship, Al.
though Mr.. PendletOn, with yallandgham and
Others was among the foremost of the peace demOc
racy and, during his Congressional term, was
Jealous opponent of the measures OF the govern
ment his antlpathy not OF such character as IL
biiud him to what he styles the genuine democracy
of his friend General Hancock, who, shoulder straps
and all, is unobjectionabe on account OF his war re-
cord lie has not indicated his views as to the mos
lit candidate for the second position the Presden
tial ticket.
HIS VIEWS ON THE BOND QUESTION.
Mr.. Pendleton, If not the author Is, at least, th,
great expounder OF the theory that. the seventeen
hundred millions OF ive-twenty bonds, as they ar,
Familiarity known, are not necessarily payable II
gold, but are, by the law which brought them int
being, payable in lawful money or legal tenders Hi
PRONUNCIATION Of these Views has gwen hin noto
rety all over the West and made him the populal
candidate for the democratic nomination, so far ~
his own part Of the country is concerned lie is moi
likely. therefore, to be favorte with the Belmont
democratic bondhodng capitalists Of the East, who
are extremely sensitive this question: and who
would rather omit It's consideration at the COnven-
tion as was indicated at Albany last March, when
Seymour made his n0ncommittal speech previous to
tho election Of the State delegates. The West viii Ia
sst on the insertion Of plank in the platform rep
resentatve OF the greenback interest, and hope to
place Mr.. Pendleton upon 1t "a their champion. His
views In detail on this vexed question may not be
unnteresting just now. True to his State rights
opinions he charges that the present financial sys.
TEN is to be made important part In the process
of consolidation and Capitalization now going on In
pursuance OF the policy OF the republican party. lie
believes that the enormous debt should be paid,
every dollar OF It, principal and interest, at the time
it becomes due, ''exactly In accordance with the
terms OF the contract under which the loans
we're madc.r The last few words, as quoted,
contain the gist of his position. Part OF the
debt, he says Is payable IN gold and part OF It in
legal tender notes. The faith Of the country requires
that the one should be paid In god and the interest
OF the country requires that the other should be paid
IN legal tender notes. Previous 10 1862 all debts OF the
United States were payable in coin. But In February
of that year Congress passed the Legal Tender sct
Every contract after that time for the payment Of
money was made with full knowledge Of the law, and
every bondholder must have purchased with the
evidence before his eyes that his bond was redeem
able In LEGAL tenders. The section providing for the