Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-21
MEANING OF THE OHIO ELEC-
TTON.


The New York Tribune has given to
the readers of that journal its interpreta-
tion of the result in Ohio. 1t declares
that 'the Democratic party has just had a
narrow escape from ruin, and that at
may be beaten in 1872 any how-we pre-
sumo it viii be-but it is not already
beaten, as it would have been had Pen
dleton vaulted to its leadership from the
Governors chair''of Ohio. And the rea-
son why, is on occount of the views en-
tcrtained by Mr. Pendleton in regard to
the payment of the fYe-twenty bonds in
greenbacks. The Tribune says: ''This
country can not afford to repudiate its
debt, or half repudiate it." This is the
bondholder's view of the political situa-
ton, and the obligations of the Govern
ment in regard to the payment of the pub
lie debt for reputation has not been
suggested even by either Mr. PendletOn
or the Democratic party. The Cincinnati
gazette RadicaD takes issue with the
Tribune as to the finances involved,
and that paper claims TO reflect the Simon
Pure Republicanism of the West In
commenting upon the result of the cleo
ton, the Gazette remarks:
'In regard to the payment of the bonds,
il is a mistake 10 say that the question of
gold or greenbacks was squarely presented.
The Republican platform ignored the
question because it was found impossible
to agree. One side desired an indOrse-
ment of the public credit bill, while
another advocated a resolution favoring
the payment of the debt in greenbacks.
The committee on resolutions finally
agreed to disagree, and the question, as We
have said, was ignored in the platform.
In the canvass it was admitted that there
is a difference of opinion in the Republi-
can party on this question, as there is in
the Democratic party, but generally it was
argued that the Government has a legal
and moral right to pay the bonds in the
currency of the country; that is TO say,
it has right TO use existing greenbaCks
for that purpose; but at the same time il
was urged that it might not be wise to
exercise this right The policy of Mr..
Boutwell, is to enhance the national credit
10 point that would enable the Govern
ment to place a long loan upon the mar
kct at "A low rate of interest, and use the
proceeds in redceming the six per cent
outstanding bonds. This will be attempt
ed at the next session of Congress, and, if
successful, the whole question will then
hc disposed of. If it should fail, however,
the proposition 10 use the surplus revenue
in payingoff the dcbtin the currency of the
country will come before the people next
fall Reconsideration Meantime, theposi-
ton we have stated was acceptedby the peO-
pie. and the Pendleton theory was rejected.
LET it not be supposed, however, that
the people of Ohio Endorsed the public
credit bill; or that they are in favor, I'M
conditionally, of paying bonds in gold
which, by the terms of the contract can
bc shown to be payable in the currency OF
the country. If Congress shall devise means
that will enhance the value of the green
back dollar and place new loan upon
the market at low rate of interest, the
people will acquiesce; but if a gap Of
twenty-five per cent. is to remain be-
tween the paper dollar and the gold dol
lar, they will not consent TO the payment
Of a debt in the latter that is legally pay
able in the former This, upon the bond
question, is the meaning of the election. T"
So, then, according 10 the Gazette, and
il ought TO know what issues were in