Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-31
UNION AND AMERICAN.
"a n---D BARREN IDEALETY."
GOV. Allen On PendIeGon's GaIIiPOIIs
Speech.
Cincinnati Correspondence Of me St. Louis
Republican.

Speech.
Cincinnati Correspondence Of me st. Loui
RspueIican.
"Weu, Go, eTnor, did you hear Nh
PeDdleton's speech at Galipolis?"
mo, sir; I had 70 come away befor,
AIR. Pendleton began"
Have You read 1t? ~
"No, sir."
''Now, let me read to you an eXtrac
from Mr.. Pendleton's speech, touching
this point, and then, if you please, tel
me whether Mr.. Pend etOn's views arr
IN accord with your own" then
read that portion Of Mr. PendletOn'i
speech In which he says that, speaking
for himself, and believing that he truly
interprets the feelings and views Of the
body Of the Democratic party, he be-
1ieves IN bringing paper money to pan
with com and keeping 1t there, etc.
S'DOes that meet your views, Gov.
ernOr?"
"That, I should say, was rather IN
the nature Of a compromise between
my views and those of the bullionists, -
replied Gov. Allen.
''You use the tenn 'bulliOnists' tC
describe the opposition to your views;
do I understand that you are an anti
bullionist-that you are fundamental
" opposed to the doctrine Of resump-
tion?"
THAT question: - replied Gov. Allen,
"opens a large field of discussion. To
90 over 1t would require too much time,
As yet I have not perfected my public
utterances on the financial question.
7 have made two or three speeches,
each embOdying some EagmentaTy
treatment Of the subject, but / have
not yet blended them INTO q single
complete document.
Perhaps you do not exactly catch
the purpOrt Of my question, Governor.
The point is this: There IS a square
issue before the country as u whether
specie payments shall be resumed, OF
paper money made absolute. The PEG
pie are dividing on the question as to
whether coined metal or stamped paper
shall be the standard Of value IN this
country for al time TO come. Have
YOU any hes.tancy IN stating your ex-
act attitude with respect to this imP0r-
tant question:"
At this presentation Of the question
our indie William hesitated moment,
and then sand: I regard specie pay
ments. in the sense N which the term
might have beCu employed twenty years
ago, as a physical imPoSslbllIty now
and for all time To come. In my Jutg-
ment the business Of [ he world, &nd the
financial reeds Of mankind have out
grown the capacity OF the mines
TO produce precious metals enough
to serve as basis OF cur
rency. The business Of the world
to-day is transacted, not by the Irans-
fer Of coin rs IN the days Of Venetian
and Spanish commercial supremacy,
but by the Interchange % paper bills
rcpresen TING credit; representing the
confidence uf men IN one another; q
confidence which Is the outgrowth of
the intimate acquaintance between
communities and nations rendered pos
siblc by modern muthOdsof locOmOtiOn.
In some countries there Is still com IN
circulation, and paper money Is eX-
chaugcable at par for It. But
nowhere do specie payments exist
except Iy suiferance. Nowhere could
the shadow of specie payments which
does exist be maintained for a moment
If the people who hold the papeTmOney
were to withdraw their confidence from
the banks which hold what there is Of
gold. In a word, the Pretense Of specie
payments which exist IN England, the
strongest coin country IN the world,
would fail tomorrow, but for the credit
Of the banks based upon
the confidence Of the bil.holder.
Therefor, you see, tie basis Of
business IN specie paying as well as in
non-spegle-paying countries Is credit,
and nothing but credit after all. l
cannot low so over the whole subject
[ can give you my view oi the matter
in a few words. ! regard the accom-
pEshment Of resumption In this coun-
try as a physical imPossihi.ity. And I
rSrard the whole doctrine Of specie
payments as an ideality, without prac-
Ficll foundation to rest on. l regard
IT as a id barren jdeGLjty, sir