The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1869-10-08
SHERMAN ON pRNDLFFON.

say? lie tells US that enormous
tlxation IS unCquai!T and uGjustls
distributed that enormous expendi-
ture is unnecessarily and wastefull,
made, and shat all Is managed to th,
Interest OF capital at tue expense Q
iabo-.
Let us look for = moment at Iii
enormous expenditure The tive
great items OF expenditure are lh'
interest of the public debt and the
pensions of our wounded soldiers
md their widows and orphans -
Does Mr.. Pendlcton propose to de-
crease the pension list? Rather, is
here not fear that he would sdd
che rebel pension list to our Own
low does he propose to decrease
the interest of the public cdelt? Does
he propose 10 honestly comply with
the public engagements? ? Such was
not the opinion of General Rosecrans,
his predecessor. Such was not the
opinion of the Democratic National
Convention, who repudiatcd him
Such is not the general sentiment OF
those who purchased our bonds. o.
the opinion Of those who issued
them, or the moral sentiment of the
Christian world. Whatever techni-
cal doubts may arise upon the ques
ton of our right to pay our bonds in
greenbacks, or our promises 10 pay,
there Is no doubt that the attempt To
10 it would shock the public senti
ment of the Christian world, and do
more to impair cur public credit
than Mississippi reputation did.
PENDLEToN AND GREENBACKS.
But let us see if it is practicable.
The first issue OF $40 bonds was
s50S,009,000. These are now re-
deemable. Ho viii you get the
greenbacks TO redeem them ? Mr..
PendletoH proposed year ago, as
Gen. Cary does now, to make new
issue of them. This would be in eX
press violation of the law under which
the bonds and greenbaclss were is
sued, which expressly limits the
greenbacls to $400, 000,O00, and
would, if issued, reduce The purchas-
cable power Of the greenback more
than one-half. But this will neither
pay nor reduce the debt. You must
then convert them into bonds or re-
pudiate them. So wild and mercena-
ry proposition has been condemn
ed by q common sentiment, and has
been abandoned by Mr. PendletOn,
but is now taken up by Gen. Cary.
Mr.. Pendleton now proposes to pay
with the present ereenbacks. But
how are you to get them? The only
way is by taxation. But Ar. Pend
Teton complains that the taxation is
enormous. Does he propose 10 In-
crease the taxes TO enable him 10 pay
the bonds in greenbacks ? Ii so,
how much? But suppose he applies
che surplus revenue TO that purpose
ihe surplus revenue in greenbaoks
at best is Snail. Which OF the $50S,
O00, 900 of bonds will he pay? he
cannot pay all; how viii be discrim-
mate I? Bot there is 70 surplus reve-
nue in greenbacks. The surplus rev.
enue is in gold, derived irom the
tariff, oi which / VIII speak Wiz
he continue and increase these duties
t. gain revenue in gold TO sell ior
orsenbacks Ii 80, ue might save
he uiitefc ce in tie maraet value
! se.Heen The bonds md The green
ibacks. BGa Il tne loicy OF pay ING
/ ne i,...tis il EgeeE b. Is is establish
ed. hos .uf4 aid iHe bonds have 8
market ya.ac I've the grecnbacks
Not day. StaA. i.aYe you gained
Nothing, bul a. bring down the cred
it of the nation, as represented by
its bonds, to the standard OF youl
currency and in doing this youwill
forever have destroyed the hope OF
selling bonds at a lower rate OF in
terest. You would stand dishonor-
ed in the judgment of the world, and
for all ages your credit would have
an lndell lie STAIN
No, fellow citizens, examine this
matter in every light possible, snd
the conclusion is irresistible that
public policy and good faith will moi
allow us TO continue the depreciation
of our currency, merely to enable us
to pay our debt in greenbacks. Mr.
PendIeton has been driven from pill
lar to post On this question, until
now, in the closing paragraph OF his
essay on the lawn, he tells US that hG
would take steps TO appreciate oul
currency revenue to the standard o.
gold until the public debt is paid off
and that he would endure the evils
of deprecated currency Tor twenty
or thirty, or forty years and this
merely to enable us to depreciate the
public credit and the market value o.
the bonds. And this man-Oh, shade
of Jackson claims to be the leader
of the Democratic party. Laughter.
SOUND FINANCIAL POLICY.
What, then, in contrast with this
is the policy of the Republican party
1t is without any contraction OF the
currency, by wise financial measures,
to raise the market value OF the
greenbacks to the value of the bonds,
and as rapidly as possible TO raise
both to the value of gold. When we
have thus placed our national honOI
in the highest place, we can readily,
and with an honest face, enter the
money markets Of the world and
borrow money at much lower rate
of interest, and thus redeem our 6
per cent. bonds, and save large
portion of the interest now paid.
This has been, and is now, the earn
est object of my desire, and but for
the doubts cast upon our credit by
the Democratic leaders, and the pock-
ct veto of the Funding bill by Andy
johnson, it would have been accom-
plished before this.
The Printers Union Of " ashing-
ington City-the same men who