, 1869-08-24
PENDLFT0EJsM

The Ohio Copperhead candidate for Gov.
ernor has procured the services Of a New
Aork newspaper reporter to interview him.
In the course Of his talk intended fur pub.
leation, we find the following:
,iKepo!teI: What is your opinion Of Mr.. Bout
"e!! financial policy ~
"Mr. Pendleton. As far "a 7 understand Ar
ioht"eh policy, 1t consists OF buying the bonds nj
1htit market price anttn contracting the currrncF
thlhk That the bonds should be redeemed at their
Eat 'alue. lhts would s1ye 13 OF 20 per cent pre
nl'um Which Mr- Boutwell, Is paving. and wnnid
del:.'' -'eSA' '"f'a's W pay tae
Hthe market price Of the bonds is IS to %
per cent higher than the greeuback, how
could Mr., Boutwell, purchase bonds Mt the
par valnc Of greenbacas? Who would sell
him bonds on those terms? Pendleton sue-
gestea no way Of getting over this difficulty.
We hive offered an easy solution Of it, VIZ,
restore to the noteholders the right to con-
vert them into bonds. This right they en-
joyed for one or two years, and during that
period the g1eenbaeEs were worth rs much
Us the bonds.
Ii the course Of his talk he said:
VI want TO sec the contract entered tn,o ,o-
tween The government and t,s crndi:ora foin,ts;
70 ile very letter. nothing morc. So much n t6c
debt % Waa contracted before lie Iegaitendcr acT
pad 6nt at rest erS t. H. a
backs It fYas so contracted md are W. r. nar
snx sl;n ao,e o. And hers desire to correct IN erfoi
avof of the issue 81 ia ,Ha1 Tasin
ha'e never 60 sta1ca or destred."
sPendleton IN favor Of the government
first breaking faith with the notcholdass br
withdrawing the right Of converting grcon- !
herks into bonds, md thereby depreciatiag
them l8 to 90 per cent below the market |
valve Of the bond, and then attempting to |
force the bondholder to receive ut par the |
notes it has thus deliberately and wilfulIy de-
preciated: Does he claim that such action ia
in accordance with the original contract be-
tween the public creditors and the govern
ments Would it be fulfilling the con-
tract to the letter" for the government to
annnl the convertibility Of the notes, and
then, after they had deprecated 20 per cent
below the value Of the bonds, tender them
at par IN redemption Of the bonds? If the
gfeenbacEs we're again made convertible
into bonds, the Treasurer could purchase
5-e0s with currency without paying any
premium. This process Of purchase can
be continued for fourteen years, before
any bonds fail due, and by that time most
Of them will be purchased and pad of, OF
exchanged Tor other bonds drawing lower
sate Of interest
When pend1eton says he never advocated
ssa'ng s3oo, 100000 mora grcenbacks he
o'tefs en- amazing untruth. In ali his har-
aneues mt summer, be advocated
maze eue o. not only saoo, 100000
more greenbaeks, but in some Of
MS ~ speeches left the impression m
the minds Of his hearers III, To ,r,z -
favor Of issuing enough greenbacks ~ -
deem nll the bonds. His whole s,oo1.;
Trade as political demagogue is bassa ~
lhls advocacy Of unlimited greenbacks
1he name given him by h1s Ohio admirers
Is Young Grecnbaclss." His organ, thu |
Cincinnati Enquirer, pressed his claims
Tor the Presidency on the ground |
that il elected he would mike eyery-
body rich hnd happy by filing
their pockets with rolls Of $50 greenbacks.
he was represented in pictures and in
Democratic newspapers as turning the
crank Of windmill and grinding out