Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1874-10-10

meant Reputation, fragrant unqualified But the m
dignaut condemnation which this plank Of the plat
form called forth from the country filed It's author
with wholesome terror It f0reshadoWed tnat ms Qs-
eomhture in 1855 would be repeated IN 1870; ana Mr.
his Columbus speech to declare that it did not mean
Reputation at all; that the Democratic party Il II re.
gained power not only would not repudiate the law of
1859 but would adopt the great crime, enforce its
terms and pay the dve-twenty bonds in coin to the
last farthing With such panie-streken alarm is the
disclaimer uttered that he assures US he never favored
the issue of eaender notes for the purpose oil pay
ing these bonds. His Clifton and Grafton speeches
we're otherwise understood. Answering therein the
| inouirv how the peopIe might be relieved
from the burden Of the public debt through the in
srumentalty Of his then green
back scheme" he said; "Pay it of and stop the in
teTest altogether 1t could not be paid OF in coin for
the Government had none. It could not be paid with
for they Eere owned by the people, not BY the Gov
eminent Nor could they IN generation be with
drawn from the people BY taxation in amounts SUN,
Gent to pay It of and stop the interest altogetner
without producing universal bankruptcy He, there
fore, meant further issue Of greenbaeks with which
TO pay it. or he meant deception. Did he deceive the
/ people then, or does be now2
If the Democratic party does not mean repudiatiou
If it means to stand upon the law OF 1858 and pay the
cation of that law inserted in its platform? Obvi
ously it could not have had but one other purpose
Nr. Pendleton not in aeeOrd with the national De
twenty bonds. Political e1igenciss required
| that he should be; but political strategy re-
quired that the appearance Of consistency be pre-
served in his changed relations and that the aban-
donment of his former doctrine should to proceed
not from acknowledgement Of its error but from being
made impossible to put in practice by the wrongful
Of bis political adversares. The reputation plank
Of the plafform and its denuncatiOn of the Republic
deTcover Of which to enable the author Of the dead
heey extrcate himself from its corpse and become
reinstated in his own household. 1t is most dis
graceful extricaon, and huniliatng but renders the
question Of paying the ve-tWenty bonds barren is
sue unnecessary be discussed because not even the
OF So PTOPo 70 pay them ssSg ot
of any difference Of parties this question for op-
posing Republican ascendency.
STATE OF THE coUsTEY DEPICTED.
Mr.. Pendleton portrays in extrsvagant coiors the
state of the country, from which, would seem that
instead of being the granary whence issues the sup
plies of the world it the Iduia of nations famine
stricken and waste He paints its business stagnan
its manufactures SILENT its merchants bankrupt its la
borers idle its women destitute its children starving
its fields desolati0n; the cause of all which he as
cribes 70 the original introduction of lega-tender
money during the var; and all which he then foresaw,
and that foreseeng this-foreseeng that the nation
could not plunge into the mire without becoming
hthy he for this reason opposed Its introduction at
/ the time.
His congressional record shows him to have based
his opposition on the ground OF unconsttuionaiity
But eoncedng that the record Is erroneous and that
he correctly states the part he Played what then and
what place does it give TO him in his cOunrys history
It supposed that the great statesmen of the war; who
advised the issue Of eaI-tener money did not also
foree the probability Of the worst that has since re-
suited from this cause? The Light of history
1
Of Europe, and Of their country under like cir
cumstsnceS, was before them. The bankruptcy that
sprung from the issue OF Continental currency, and
from excessive imitation in succeeding struggle, was
1 not forgotten. They knew that what had resulted
might result again. They knew that paper currency,
issued in amount to meet the demands OF gigantic
war would entail the evils OF imitation and consequent
contraction, ending it might be in universal bank
| ruptey. But what could they do? Armies must be
kept in the eld, the nation perish; but the Gov
ernment had gold with which 70 feed, clothe, and
equip them. Inexorabe creditors threatening to
~.
but they had no gold with which to save them. The
wives and children Of the veterans must have bread,
or deserton 70 their relief thin the ranks but they
had no gold with which 70 procure it The alternative
was national destruction loss Of liberty, and extnc-
ton Of the American name, find substitute for
gold at any cost With it the country might be saved
without ii, not. From bankruptcy a saved country
might arise again. for nation destroyed there could
Be no recovery These ststesrneu knew the sacrifice
great but could they hesitate to make it? Could
they higgle about questions OF financial expediencY
and possible bankruptcy when their country was in
the scale and hecatombs Of human victims smo-
ing upon its altar? Mr.. Pendleton knew they could
not knew that unless they resored to the iutroduc
ton Of paper money all would be lost They did it at
the risk Of financial ruin. He opposed the risk Of
national destruction Such ststesmanshp in the
oiUtion2ry Congress would have perpetugted the yoke
Of British desposn rather than hazard the issue Of
Continental currency.
THE DEMocRATIc REMEDY.
The Ear left upon the country what its great states
men anticipated, deranged values and inflated cur
reneY To bring il again TO the normal condition of
healthy peace without financial catastrophe was the
great problem Of statemsnship That such condition
has been nearly approached without it, is the marvel
The plan offered by the democratic party for the
solution of this problem is as unwise the
original opposition to the financial measure; which
gave rise to it was unpariotie. Its whole policy
this subject is mosaic of ineongruies. Processing
to deplore the existence OF inaon il proposes the
cure therefor to perPetuate imitation Pretending to
favor return TO specie payment, which can only be
attained BY contraction, it insists applying the
remedy Of expansion.
Denouncing the leap that landed in the mire. 1t re-
fuses to be eeansed Of the deprecated fifth As de-
duced from the Columbus platform and the utterances
this: First Expansion Of the currency, for the
avowed purpose, as shall presently show, of depre-
go This is the kind Of currency to be furnished to
the people. Second, Payment Of the entire public
debt principal and interest, in coin Rags for the
people, gold for the bond-holder Third, Collection of
one-haH the tariff duties in appreciated greenbaeks
the whole Of which by present law is coilectable in
coin This cuts of one-hs the coin resources of the
ra7.t ,n5 fbers1v asrivos n ~ t5e nasns *
pay the interest, much less the principal
OF the public debt in gold Whence, then, can be OBJ
tanned the coin to make up this deficiency? In Wall
street. by exchanging the depreciated greenbacks of
the people therefor and the payment of fabulous pre-
miums 70 the gamblers Of the gold exchan ge amount
ing, it may be, to many niliona annually. In what
position will this place the Government? At the
mercy Of Wall street. Whom will it benefit The
gold gambler and the merchant prince who are
relieved from paying their tariff duties in coin. Who
will bear the loss The people. First deprecate the
currency; next pledge payment Of the public debt in
and force it into the gold market purchaser at
ruinous sacrifice. This is called financial pohcy-a
policy adequate and adapted to relieving the country
from the imaginary and highly fanciful condition OF
distress in which Nj. Pendleton portraysit.
DEPRECIATION THE OBJECT OF EXPANSION.
As expansion is the chief issue of the campaign let
further consider its philosophy, its object and
effect assume that Mr.. PendletoD, its great adyo-
cate and expounder states these correctly He asserts
that expanding the currency viii exhance prices
independently of the laws Of supply and demand or
any other cause than abundance of money; that
consequence less labor and less property will COM
mand dollars and pay debts after EXPANSION
than now; and for tits sole urges its adoption
1t is true shat expansion will have this effect. II
resulted from the issue of legal tenders at the be-
ginning Of the war; foreseeiDg which and for that
reason Mr. Pe1dleton opposed the measure. Does this
effect proceed from an actual enhancement Of values
OF from the depreciation Of the lega-tender currency?
Let us examine this question.
Because Of its inherent worth and little liability TO
huetuation, gold is made the measure and
standard Of real values By ali civilized nations.
Values measured by different standard are not real
but fictitious and apparent only. IT, when bushsl Of
wheat will command gold dollar it will at the same
time command two paper dollars its actual value as
measured by the gold Standard 10 doar its fct-
dous or apparent value measured by the paper
standard, Is two dollars Therefore, when prices are
uou1fuellV adiuqfad "a the standard NJ rar,ar