The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-09-16
Ohio Democracy.

Last Thursday the Democrats of Ohio opened
the fall campaign by meeting at Columbus, at
which Mr.. George FL. Pendeton, the green
back apostle, made the principal speech Gov.
Allen presided, but the old war horse hadn't a
word to say on the currency question. Mr..
Pendleton, however, devoted the greater part OF
his speech to that question. in the course of
his speech he tells the country
WHAT CONTRACTION MEANS
Contraction! Gentlemen, you know what
that means. Earnings diminished; the wages
of labor reduced; the price of wheat and hogs
and corn reduced; the value of stocks on hand
reduced; debts increased; taxes increased;
money made more powerful; industry made
less remuneratve; losses and living paid out of
the accumulations of the past; bankruptcy to
the debtor; idleness to the hungry laborer;
stagnation everywhere. Contraction has its
counterpart in nature. The cold and freezing
winter contracts. The breeze of September
signs for the exuberance of vernal bloom and
summer harvests, and foretells the winter
from afar. The frosts of October cut down
fruits and grass and weeds, and strip the
branches of their falling leaves and nip all
growing life. November hardens the cold
frozen embrace. Fruits and flowers die, and
earth and water, wood and metals-all nature
shrink and dwarf, until fierce December en-
wraps them in its snowy shroud, and stays
them in death-like inertness. Do overdraw
the picture? Look about you and in the light
of the facts see how dim is my coloring.
Specie payments, and when they are at
tanned, and not until them free banking" So
says the Republican platform. Gentlemen, do
you fully understand that provision? have
shown what contraction is. Immediate re-
sumption of specie payments will produce the
same results. Every debt will be increased ten
per cent. Every salary paid by your govern
ment will be increased ten per cent. Every
dollar of accumulated capital, every fixed in
come, will be increased ten per cent. Every
article you have to sell-the crops on your land,
the cattle in your pastures, the stock in your
stores. the machines in your manufactures
will be diminished in price ten per cent.
The Republicans say they will force this re-
suit, and then they will have free banking.
They will stop business, paralyze enterprise,
ruin the debtor, keep idle the laborer, in order
to reach specie payments, aud then thew will
establish free banking in order that the banks
and bankers may expand the currency at their
pleasure. If an expansion of the currency is
necessary, why first reduce the currency? [
will tell you why. In order that capital may
be benefited by the contraction, and that bank
ing capital may be benefited by the expansion;
that money may be made more valuable by the
contraction, and that the money thus enhanced
may at once draw interest on the bonds deposit
ted and profits on the circulation.
That the circulating medium may be ex-
banded or contracted according to the demands
of trade and commerce." Shall the currency
be expanded or contracted according to the will
OF Congress, responsible to the people, or ac-
cording to the will of the bankers? Shall they
be Entrusted with this mighty power of hard
times or easy times? Shall they make ple-
thOra or panic? / would not have the CURRENCY
the playthng of politics or the football Of
parties. / would not have the lamentations
if such there must be-subject to the control of
private speculatons. l know it is harmful to
business. do not believe it necessary. If II
must confide this power somewhere, would
choose to confde it to Congress rather than to
the banks would say with David of old,
'Let me fall into the hand of God, for He is
merciful; let me not fall into the hands of
man.
Learning nothing by this experience, the Re-
publican party proposes to continue the present
contraction, to pay specie for greenbacks and
to buy the specie with gold bearing interest
bonds. TO cancel tine greenoacks, to repeal the
legal-tender clause, and to make national bank
ing free. That is, in one word, to harass the
people, to enrich the capitalist, to paralyze in
dustry, and stimulate the profits of money
emn mockery of every profession as to the ne
cessity of specie payments, banking is to be
free on basis of bonds. and without the equal
ity of legal-tender notes.
The scheme is vicious in every point. to
long as we n ave paper currency let it be legal
tender greenbacks-the cheapest and best pa.
per currency in the world Let it be as abun-
dant as experience dictates to be necessary
When the industry and wealth of the country
shall be sufficiently developed they will he at
par with gold. and then specie payments will
be resumed. In the meantime trade will flour
ish, work will be abundant, debts, public and
private, will be paid, interest will be saved, and
the great want of this new country-perhaps
of every country,-low interests-will be sup.
Piled Accumulated capital, know, produced
Il, into 60 ahnud Ia Mt
all events abundant currency actively employed
is the real parent of accumulated capital