New-York tribune., 1874-09-14
THE OHIO DEMOCRACY.

OPENING OF THE CAMPAIGN AT COLUMBUS.
SPEECHES BY GOV. ALLEN AND GEORGE II. pESDLs-
Tos--vIEws OF THE LATTER ON CONTRACTION
AND SPECIE PAYMENTS. l
The Democrats of Ohio opened their Fall
campaign with meetny at Columbus last Thurs
day evening The attendance was very large. Gov
Allen presided, and made o speech which was note
worthy only by ITS silence the currency nues
ton. The princnal speech by the Hon George H.
Pendeton from which following extracts are taken
WHAT CONTRACTION MEANS.
Contraction Gentlemen, you know what tnat means
Earnings diminished the wages OF labor reduced the
price Of wheat and and hogs reduced the Vane OF
stocks on hand reduced debts increased; taxes IN
creased ; money made more powerful industry made
less losses and hvng paid out OF the ac
cumulations OF the past bankruptcy 10 the debtor
Contraction has counterpart In nature The cold ana
freezing Winter contracts. The breeze OF septemDer
harvests and fOretes the Winter from afar The rOst
Of October dewn fruits and grass aud weeds ana
growing life. November nardens the cold ground ana
locks the Rowing streams in Us frozen embrace srnts
all uature-shrink and dwarf unlil nerce December
eDwraps them in its snowy snroud and STAYS them N
you, and in the hight Of the facts see now d Is
my eoiorng. .,,.,,o. and
not until then free banking" So says the Repnnllcan
platform Gentlemen, do you fully understand that
L
ate resumption OF specie payments viii produce tne
same results Every DEBT will be increased ten per
Sen @ he increased Eyea e Der een Every dollar or
lated capital every fixed income will be increased zen
your land the cattle your pastures the stock In your
stores machines in your manufacGories-Wil DC Oh
minished IN price per cent.
T1e Republicans say they will force this result, and
then they will free banking They Will stop bust
ness paayze enterprise ruin the debtor, keep Idle the
aborer m order TO reach specie payments, and then
they will establish free banking In order tnat the oah
and bankers may expand the currency at their pleasure
Ii an expansion he currency s necessary Why nrst
reduce the currencyf Will tell you wny; In osues
that banking capital may be benefited by the expansion
that money may be made more py t9 a Soa az
draw interest on the bonds deposited and pronts
"That the circulating medium may be expanded or
according TO the demands OF trade and com
according to the will OF Congress- responsible to the peo
pie according TO the will OF the Dankersf s1au trey
be intrusted with this mighty power hard times or
easy timesi snail they make plethora panicl
would the currency the piaythng OF potcs or
the football of parties would its fluctuations
II such there must besuoject control of private
speculati0ns l know 1t Is harmful TO business 10
NOT believe t necessary. II cOnide this power
somewhere. l would choose to conhde it 60 Congress
rather than to the banks would say with David OF
old Let alLnto the hand OF Cod ior he Is heIeF
tul: let not tall into the hand OF man.
OBSTACLES TO SPECIE PAYMENT
Speaking for myself. gentlemen-and believe In TINS
that may speak for the Democratic party-whle ad-
here to the Democratic doctrine that gold and silver
coin is the basis of currency IN hat sense a
a hard money man. l would never have departed from
t-I would like to return to IT, was in Congress wnen
the LsgaLtender act was passed. voted asalnse % u
I spoke against IT, | believe IL was wr1ue NJ
the sacrifice of cretors prices. enormous in
debedness the neyday fusn times, the carnival OF
Would come when those steps would be re-
turned and the people w0ud De uragseu
anguish distress, through poverty and bank
ruptcy back the starting point, ana IOretou tneu
that the return would be- must be slow and painful ana
the most cautious and patient craftsmanship would
scarcely suffice To conduct IL Without the rum Oi oe
GRAFTON and the arS SaX the
Republican party rushed headlOng 10 paper money
aud imitation Ihe nme nae nesdonS 10 snece payment
and contraction. No, gentlemen, you canhot Vote Io
laws of health and be heaful You cannot plunge into
nth and be clean. You cannot avoid the consequences
OF your follies and your crimes. -.
I too desire specie payments l have never aoan-
doned the hope and the determination In 1867 anu s
Kept this point steadily In view never hdVOca'eu
the issue Of additional greehoacKs aor tne spid ihe
paying the hvetwenty bonds. never adEvca.ev VIC VIC
issue OF greenbaeks IN unlimited amounts ., Lsse
rnudiaiion Iresent the implication OF broken faith
stood upon the letter and the spirit OF the Jaw
changeth not, shall never be moved" believe this
AKIN applied TO nations as well as individuals nave
songht TO apply IL in public as well as III private me-
sou0nf poIicy which, while 10 keeDy sensitive 70
National duty and homer should also lift the burdens
from industry and the suferings from labor. Was
non responsible for broken faith TO tue creditor
/ win not responsible for broken faltn 70 the
i
sneed 10 paper will not rush wlth mad speed
10 specie resumption. pointed out that the legaendee
notes were able at no fixed place ana no n4eu te
an1 was told that wise and statesmanllke. For
they would always pay debts and taxes Gentle man
am of our legislation and our action. and the true
satesmanship will seek to attain 1t at such tune ana
hv snch means as Will inct the least injury on all the
Industrial interests involved Inc condition oI Ino
country is entirely exceptional The same pbeno ma
nave appeared elsewhere but they have never been SO
deveoued. The became inevitably or immense
magnitude. Tue expenses were enormous; the armies
cnasing keeping and distributing supplies aud OF Keep
ing accounts defective. MI. Cnase's can I0s
snnscrined by the banks paralyzed them The 5ecre-
tIrv ommended the Administration urged and Con-
gress adopted the lega-tender note system. fouI
hundred millions were Issued. Bonds were issued and
we're sold ut par legal tender-notes, Out al thiry,
forty or even fifty per cent discount In gold Ihe
national Rank system was devised TO make a market
for these bonds and three hundred aEd sixty mions
~ existepce on the hand and we've offered every
inducement become National DanAs on Tue oen9r
diitiouo these two OF increase, there were
aso five per cent notes. seyentnlrty notes, raceoua
cnrrancv and certificates OF loan, when, TOR a
,,me were M common circulation. The effect was
magical Tue experience OF England was repeated.
With nearly half the country possessed by the Con
,sderes with largely than million OF men IN the
North converted from producers 10 consumers WIN
taxes touching s600 100000 annually Win Ihe eApeho
tres for long time than $4,000 $50 each day WORK
was plenty labor yarded. energy and enterprise
were developed, public and private "ofAs were earieo
forward fortunes were amassed aud wel-oelng De-
yond what we had ever seen before wa. enjoyed Ia
avp
anreciatad But it rose and fell always according
10 the quantity, but according 10 the rate OF Daes lu
20 Inward of s25Oo0l 900; the floating debt rose to
Al 900 100 s4O0,O00O ana private Indebtedness
reached a fabulous amount
THE SITUATION AT THE CLOSE OF THE WAX
The war came suddenly to an end. Four millions OF
aves we're instantly brought the condition OF SELF
deoendent people, and earned and needed mouey. Oae
million of soldiers we're returned from the condition OF
,sumers TO the various avocatons OF ife aud they
too earned aud needed money The markets furnished
nv the demands Of the Government we're closed. New
ns,rkets aad to be opened Other markets Tor Their
nnmnodEes had 10 be substituted. Otler Industries
Sad 10 pe developed the OF the war. the dis