The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1869-09-22
oNUM.FBEElE'lRE ElE'lRE l59

hon pounds, and the JOY produced by the
peace was tu1Ieds into agony by the pros
pect of universal bankruptcy. r-t
EFFECTS OF CONTRACTION.
Have you considered what contrac-
tion brings with it Z? It brings uni
VersaI IalI OF prices of goods aud labor,
while fdebts, taxes and mOneVed
obligations remain fixed The man
who hasmoney becomes much richer.
because his money VIII pay for more
land, more wheat, more labor But
the man who owes money becomes
much poorer, because he must sell
more land, more wheat, and perform
more labor, ia pay his debt. n It
breaks down all business because if
prices decline. the more business a
man does, the greater his losses. It
produces unsteadiness and panic, and
gives rise only to iIlegitimate gam
bling transactions. losE'J-I Il ~ it
= And yet in the presence Of these
truthsTinl the presence of this i'm
Inense taxation, and of this crushing
public debt-the Administration con-
tinues to contract the. currency.
This system enhances the value of
the bonds-it enheneeS the value Of
the gold interest-itf enhances the
value of money, but it requires more
wheat from the, farmer, more ma
chlnery from the manufaeturer,
more toll from the laborer, to raise
the money 10 pay his taxes and it
sweeps @waE the iprofits Of years to
pay ordinary Indebtedness.
We are trying todo what no nation
ever dld, or ever will do. We are
| trying to pay war debt and war
taxes with q peace currency. Great
Britain made the attempt for ten
years after the wars of Napoleon,
but three times in ten years the dis.
tress became so great that the ex.
pAnded the currency; and at last
Fshe funded. the debt, abandoned all
idea Of eyer, paying the principal,
and repealed the most onerous taxes.
The system is radically unjust. The
debt contracted in our expanded
currency should be paid in the same
currency. The dollar which is paid
should be Of the same value as the
dollar which was loaned. Nc de-
wise of the public creditor, noscheme
of the Treasury Department should
be permitted which will make the
dollar which is paid worth twice as
much, and thereforea be twice as
difhcult for the Taxpayer to earn, as
the dollar which was loaned. - ~,
This cry for a speedy return to
specie payments" before the deDtA
which Wasincurredon on an immensely
inflated cnrfeney-has been eubstan-
tall reduced, is g. plan to, increase
the wealth of the bOndholders forty
per cent, at the expense Of the tax
payers; is q device to cheat labor
and to enrich boarded capital; il is
. cheme to despOil honest industry
ofits rewards, and to heap treasures
upon idleness it is another instance
-of the fact that in this aHtelmill llenni-
al world tttO him that hath, shall
more be given, and from him that
hath not, shall be taken away, even
that which he seemeth TO have. -
The Administration, for the first
time in the history of the Republic,
has the power to make times hard or
make times good in other words, il
has to make money plenty or make
. money scarce. Who areIresponsible
for the present hard, and I may say
. deplorable times p Why, OF course,
the Administration, which controls
! the Government in favor Of the
! bondholders = or in" othef words,
! the bondholders control the Govern
ment in favor of themselves Who
are responsible for the acts of the
administration !? Gentlemen, 1t is
! tyou. the people. While the Admin
j.istration 1-has the power to make
the administration do1its duty-7a
! hint from you in October will be
: sufficient. / regard the sudden con
Traction which has been brought
: tabout-=a contraction which has ruin
Led thousands OF the best men---one 81
/ the most heartless and cruel acts eYeI
= Ierpetrated upon people by theiI
e rulers. ~" -@'osii9 h@SlH SAI loI @.A
3 - Iihave1 So often expressed myso-
e pinion as to the propriety Of dispen'
p sing with the National banks, of the
Il sub stitutIng legal tender notes fol
Z their circulation, and thHS saving
I TWENTY-FIVE millions of dollars q yea
L in goldS and as to- the best mode @
is paying the public debt, that i viii
4 not weary you here by their recapi
d tuIation. -'2 g .a- ziF $751; ,-di
Q + The whole policy OF theuAdmini
Z stration should boz reversed Pay
Z the debt, pay it honestly; acc0IdinG
4 to the contract, pay it in money aS
3 valuable as that was which received
y for it; 0ayIit in legalvtender notes
e abolish the National bank. system
d pay off the bonds on which they arS
founded; save the yearly interest
I use every appliances OF economy anC
e. management in advancing this poll
i Ecy.s Then, when, the debt Is paid
: when taxes are reduced, WheL
D. seyenty-hye millions suffice for thI
!, Government, when ali property II
t. subjected 10 Just rule Of taxation,
], lit be advisable to contract the eurFen
4, cy and resume specie payments, !
: can be effected without great 1isas
ter and the inevftabl le suffering cal
m be 'borne.dsasi srol FsL 9di -icalu sg''
lp1 c Mr.. PendIeton closed bya thankinI
1e his hearers for their patience an,
4 suggested that das the details1oo
Of figures furnished only dry entertain
a ment, he ewOuld, with thelFrpernis
'n sion. changelif -oHl 20 Hli, sl-ail
y, t-- .-r4fe u. .. ...l-.s..- --- o.