Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1870-10-05


to-day justly responsible for II IN the
opinion of the world? My friends, l
can tell you, and my words can not
be gainsaid, that the Democratic poll
ticians Of the North are largely and
chiefly responsible for bringing on
this war. I speak that which is mat
ter Of history; and who know it bet
ter than the intelligent citizens OF
NigO county that but for the course OF
the Democratic party in Indiana and
other States we would have had no
rebellion, and but for the course Of the
Democratic party after the rebellion
had begun il would have been aban-
doned at the end of the fiTst two years,
and but for their conduct we would
to-day have no national debt. South
ern people will tell you when you go
among them, do not care in what
State YOU travel, thatif it had not been
for the encouragement they received
from Democratic leaders in the North,
they never would have embarked in
the rebellion. They We're led to be-
lieve that the Democratic party In the
North would hold the Republican par
ty still while the work was cOnsuma-
ted, and in that belief they embarked
in it. They were tired of the rebel
lion in the first two years, and want
ed to Quit but the Democratic party
of the North told them to hold onto
persevere: that the Democratic party
of the North sympathized with them;
that It was everywhere gaining groun9
throughout the Northern States, ana
that when it should come into power
which it certainly would do-they
could establish their COnfederacy; and
believing that, they did Persevere
throughout 1868 and 1854. But after
the Democratic party was beaten in
1864 in the Presidential election, then
hope died and the rebellion came to
its end.
I merely remark these things, which
Won an know and which cannot be de-
MED, for the purpose Of placing in a
clear light before your minds the just
responsibility for the national debt
who caused it to be contracted, and
who it was that placed it upon your
shoulders and upon mine
GREENBACKs.
On the twenty-ffth day of Febru-
ary, 1852, Congress passed the first act
that was passed authorizing the issue
of legal tender notes. A second act
was passed in January, 1858. Since
then there have been no acts passed
authorizing the issue of legal tender
notes. Under these several acts OF
/ Congress four hundred millions Of
Rreenbacks were issued. OF this
amount forty-four millions were con-
tracted, or, as we say, "retired" from
circulation by Mr.. McCullOch, the
Secretary of the Treasury during the
administration of President Johnson,
leaving in circulation, as there are
now, three hundred and fifty-siX mill
lions of greenbacks. We have also
about three hundred millions of Ma
tional Bank notes, based on the bonds
| and redeemable in greenbacks (; but /
speak now of the legal tender notes
issued by the Government.
We have been trying ever since the
close of the war to bring these notes
up to par, starting with them at IS OF
20 cents on the dollar, and bringing
them up gradually until now we have
got them to about 80 cents on the dol
lar, and we expect to have them al
par in the course of six months. Now,
! If it has required such along time, and
has been attended with so much diff
Guilty to bring three hundred and fifty
| six millions of these notes up to par
! and get clear of their depreciation, II
| instead of having only three hundred
and fifty-six millions Of these notes in
circulation we had two thousand mil
lions, in that case all hope of getting
/ them to par would have to be aban'
doned and they would become wholly
worthless, as was the case in France
and elsewhere under similar eircum.
stances they would fall to the ground
as they have done in other countries
| But by keeping these notes within
moderate limit we have succeeded II
removing to a great extent their de
preciation, and shall succeed in bring
ing them topaz.
The great loan bill of 1864, undel
which the most OF the bonds now
outstanding were issued, it was pro
vided that the whole amount OF green
backs should never exceed four hun
dred millions Of dollars. That was
pledge giwen to the bOndholders anC
to those whom we expected to borrow
money. { was then believed tina
without tl-is pledge the Government
could not borrow the amount neces
sary to carry on the war. That pledg'
that guaranty-is unrepealed, anC
is as binding now as it was them
This is my general statement in re
gard to the condition Of the green
back question.
| DISHONEST WAY TO PAY HONEST DEBTS
| Mr.. Pendleton thought, in 1867, tha
he had made a adiscoveTy-but in 1865
when he was candidate for Governo
| in Ohio, he had come to the conclu
sion that he had not made discoy
cry. He was materially aided II
coming to that conclusion by being
slaughtered in the Democratic Con
vention in New York in 1858. Thi
gentleman, in common with Mr.
VOORHEES,, thought he had discovered
a way to pay the national debt with
; out costing anybody anything, with
out taxation, without any burden up
on the people, simply by expending
few thousand dollars for ink, paper
and printing, and they now wish t
make the people believe (mOre especi
ally Mr.. VoOrhees-for Mr.. Pendle
ton has abandoned the whole thing
that, having found out this way Z
pay the national debt without cOstinl
anybody anything, the Democrati
! party may now be put into power L
relieve the people Of all taxation.
have heard something like this be
fore. Some of you have seen adyeI
tisements in the newspapers, that
YOU send one dollar to some Post Ofhc
box in New York, or Philadelphia, o
Boston, you would receive in returl
a great secret, by which you would b
enabled 10 make a large fortune, o
become suddenly rich. Such advel
tisements are frequently contained i
: the newspapers, and greellhOT1lS some
times bite at them and send their do
: lars. All such advertisements are in
r tended for !QreeTlhOTIlS, and the gam
is what is called a confidence game
: Whenever politician comes befOr
= YOU and tells you he has found out
way by which the national debt ca
] be paid without costing anybody any
+ thing, remember that it is intende
+, for 0reenhOrns and nobody else.-
) Laughter and applause. ThenatiOr
al debt can only be paid honestly, ,iu:
: like your debts can bepaid, and wher
t ever politicians attempt to gain tn
p. confidence of the people, and to gal
e their votes, by pretending that the
1 have found out a way to pay the NJ
D tional debt without taxation, an
1 without cost to anybody, it is only
r political confidence game-that IS al