Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-06
Gov Allen on PendletOn's Speech and
Specie Resumption.

Cincinnati Correspondence st. Louis Republican.
well, Governor, did you hear Mr.. Pendleton's
speech at Gallipolis"
= "No, siri had to come away before Mr.
Pendeton began"
Have you read it?"
"No, sir"
"Now, let me read TO- you an extract from Mr.
Pendletons speech, touching this point, and
'tEen, If you please, tell me whether Mr., RendIe-
tons views are in accord with your own II
then read that portion of Mr. Pendleton's s
speech in which he says that, speaking Tor him
self, and believing that he truly interprets the
feeling and views Of the body of the Democratic
party, he believes in bringing paper money to
par with coin and keeping it there etc. Does
tnat meet your views, Governorg'
That should say, was rather in the nature
OF compromise between my views and those
of the bulliouists." replied Gov Allen
"You use the term bulionists' TO describe the
opposition TO your views; do | understand that
you are an anti-bullionist that you are funda-
mentally opposed to the doctrine of resump-
tionP'
That question: replied Gov. Allen, "opens n
large field of discussion. To go over it would
require too much time. As yet have not per-
fected my public utterances on the financial
question. | have made two or three speeches,
each embodying some fragmentary treatment of
the subject, but have not yet blended them
into single complete document"
Perhaps you do not exactly catch the pur-
port of my question. Governor The point is
this: There is square issue before the country
as to whether specie payments shall be resumed
or paper money made absolute. The Deople are
dividing on the question as to whether coined
metal or stamped paper shall be the standard of
value in this country for all time TO come. Have
you any hesitancy in stating your exact attitude
with respect to this important question:
AT this presentation of the question our Uncle
William hesliated a moment and then said: 81
TPCnrl SDpcip in the in which
that term might have been employed twenty
years ago, rs physical impossibility
now and for all time to come. In
my judgment the business or the
world, aud the financial needs of man.
kind have outgrown the capacity OF the mines
to produce precious metals enough to serve as
a basis of currency. The business of the world
to-day is TRANSACTED, not by the transfer of coin
as in the days Nenetian and Spanish CONNER
cial supremacy, but bv theinterchange of paper
bills representing credit representing the con-
idence of men in one another; a confidence
which iS the outgrowlh OF the intimate acquaint-
ance between communities and nations rem
dered possible by modern methods of locomo-
ton. In some countries there is still coin in cir
culation, and paper money is eXchangeable at
par for it. But nowhere do specie payments
exist except by suferance. Nowhere could
the shadow of specie payments which does
exist be maintained for moment
if the people who hold the paper money were
to withdraw their confidence from the banks
which mold what there is OF gold. In a word,
the nretense OF specie payments which exist in
England, the strongest coin country in tine
world, would fall tomorrow but for the credit
of the banks based upon the confidence of the
bill-holders. Therefore you see, the basis OF
business in spece-paying as well as in nom
specie-paying countries is credit and nothing
but credit after all. l can not now 20 over the
whole subject l can give you my view of the
matter in few words. | regard the accomplish
ment of resumption in this country as a
physical impossibility. And | regard the whole
doctrine, OF specie payments as an ideaiity,
without practical foundation to rest on. | re-
gard it as a id barren ideaIiy, sir"