The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-09-24

hKEElHhO UF uONEhnNAs aAE4fe~-' 49, @@N-'s
GEORGE IT. PENDLET0N-LEIIER FROA
GENERAL THOMAS EWING THE REMARKS
OF SAMUEL F. CARY, GENERAL MORGAN
AND OTHERS.
[coNcLUDEDl
In 1876 the price Of corn was 81 so per bushel
the price of wheat was 81 per bushel In 1878 the
price of corn was % cents bushel; the price of
wheat 81 25 a bushel The bond remains the same.
The private debt remains the same. But 1t re-
ouires now eighty bushels Of wheat to pay bond
or note of slO0, while trequlred only forty bush
els 10 pay II in 1886. Does bushelo of wheat re-
qure less labor less powing less land to raise 1t
now? Labor Is oheapened, capital is made more
valuable, and hence this distress.
Now why isthis2 What tprompts Ppoicy which
thus resdltsg TO return Immediately to specie
payments. Is the end worthy the sacrifce2 Are
imms llato specie pymentsworthy this suffering
this ruin this staghaton of business, this depres-
sion of price, this oppression of labor3 Are they
worthy the tears Of hungry children, the groansof
despGrng parents, the agony Of banHuPts the
Losses of debtors2 Specie paymentst Are they
The chief end Of man, the perfection Of society, the
ItfmatepoIntf for which allliie Is to be sacrificed
and the whole generation to be ruined. Good
they are. Desired l have said they are, but they
can be TOO dearly bought g.
The country was brought, not by design, but by
the logic Of this legislation, to the condition of
1885. and true craftsmanship consisted then, as
Always notina napplyingspeculatiye theOryand right
rule but in using expedients. The public debt
of the country waste be paid. eprivate indebt-
edness was to be provided for. The immense ac-
auiHtlon to the selfdependent population was to
be employed In order to effect these ends, ener-
NV needed to be stimulated industry needed be
rewarded, production should have been encour-
AGED 10 the last degree and markets for the sale of
products should have been kept active In order to
stimulate other productions and other markets.
Clearly. this could not have been accomplshedby
contraction. O..
The wise plan, efficient, just and honest, was to
keep the volume Of the currency as 1t stood during
the war. Industry, energy, and enterprise would
not have been cramped business would
have continued active and profits would have
been realized the taxes would have been paid, and
debts would have been discharged at the same
rate at which they were contracted. This would
have been Just to the aborer just to the merchant
lust to the public creditor just to the private cred
itor. and above all Just to the debtor In the
meantime the public debt, discharged as rapidly
as IL matured would, by this time have been
Greatly diminished the private indebtedness
would have been largely paid off, and the ten
years of active and productive industry would
have so increased our capital so increased our ex
ports, that the currency would have approached
the value of gold, and thus specie payments would
in due time have been naturally, easily and safely
reached. At all events, with our debts discharged
we could have better borne the shock, and this
misery would have been avoided
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 goldbearing interest bonds,
To cancel the greenbacks to repeal the legal ten
der clause, and to make national banking free.
This is in one word toharass the people, to enrich
the capitalist, to ruin the debtor to disable the
private creditor, to paralyze industry and stlmu-
iatethe profits tsofmoney-ending and stock jobbing.
And, as II in solemn mockery Of every profession
as to the necessity ofspeclc payments, banking is
To be free on cash basis ofbonds, and without the
equality Oflegal-tender notes.
The scheme is vicious in every point So long
as we have paper currency let II be ilegal-tender
greenbacks-the cheapest and best paper currency
I'm the world. Let II be as abundant as experience
dictates to be necessary. When the industry and
wealth of the country shall be sufficiently devel-
oped they will be at par with gold and then specie
payments will be resumed In the meantime
trade will flourish; work will be abundant debts,
private and public, will be paid; interest will be
saved, and the great want of this new country
perhaps Of every country-lOw mterest-will be
uipplied. Accumulated capital, | know produ-
ces low interest SO does abundant currency. At
all events; abundant currency actively employed
IA the real parent ofaccumulated capital
But the Republican party would have none of
this policy. Reduce the revenue, fund the debt,
reduce the interest," has been their constant effort.
The hve-twenty bonds were originally payable in
Rrcenbacks The argument IS too plain for repe-
titlon. Mr. Sherman denounced all who thought
otherwise as repudators. on the 10Th of March.
1868, he wrote this letter to Hon. A. Mann,
Brooklyn: |. g
Us1rEDSrATEs SENATE CIfAHBER; I .
WASHINGTON, March 20, 1868.
,DEAR SIR IL was pleased to receive your let.
ter. Ny personal interests are the same as yours,
but like you i do not intend TO be influenced by
them My construction of the law is the result of
careful examination, and feel quite sure on i'm
partial Court would confirm It, If the case could
be tried before a Court. send you my views
AS fully stated in speech. Your Idea Is that we
propose to repudiafe or violate a promise when
we offer 70 redeem the principal in legal-ten-
den. tn.,
II think the bond,holder violates his promise
when he refuses to take the same kind Of money
he paid for the bonds. Ifthe case is TO be tested
by the law am right; lift is to be tested by Jay
Cookies advertisements. am wrong i hate re.
pudiation or anything like IT, but we ought not to
be deferred from doing what is right by fear Of
pndeserved epithets IT, under the law as it stands
the holders Of the fyetwenties can only be paid
in gold. then we are repudiators If we propose to
pay otherwise. Ifthe bond-holder can legally de-
mand only the kind of money he paid, then he is
a epndator and extortioner to demand money
more valuable than he gives
Truly yours,
JOHN SHERMAN.
TO Hon. A. Mann, jr., Brooklyn Helghtz"
Anu Jeti on tne ibtn OF mhfcn, ne, WIN MS he-
publican colleagues In both houses Of Congress,
passed The law pledgng the faith Of the Nation
that these bonds should be paid In coin. In my
judgment. q more unjuSt, unnecessary, uniustiha-
BILE law was never passed. 1t was wantOn, wick
ed sacrifice of the tax payers of the country. TWAS
wonton. PrOdlgate waste Of public money. With
out consideration. Il added largely 10 the public
debit without consideration, it contracted to pay
whoever should hold ittwenty to forty per cent
more than the face of the bond called for The unjust
steward reduced the Indebtedness to the Lord
These Stewards more unjustly, here increased the
Indebtedness of the Lord, and for the same reason
that when am put in stewardship they may re-
ceive me into their houses.
But nevertheless. It is the law and we must
obey 1t. The terms Of that law have now entered
into the contract and we must comply with them
The bonds have changed hands and The present
holders ars are innocent The bonds have been
retained on the faith Of that law and we must sus