The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-09-02
GREENBACKS.
Mr.. Pendleton is Interrogated IL
Public, and gets in some Good
Work on the Radicals.
THE TRUE INwARDNEss OF IT.


A STATEMENT OF THE SITUATION THAT CAr
BUT BE CoMPREHENDED BY ALL WHO CAN
READ, AND REFLECT, AND REASON UPON
THE CONDITION OF THE COUNTRY AND TIL
CAUsT; THEREOF.
The Hon. George II. Pendleton delivered
an able address in the Ohio campaign al
Warren, Saturday. He elaborated an in
vincible argument on the financial question
and concluded as follows, in answer to in
terrogatories by gentleman named Peck
"And now, nv friends, 1 submit to you
whether have not made good my assertion
that there has been codstsnt, grinding con
traction of the currency?" Just here re-
spectacle looking, middle aged gentleman
who announced himself as Mr.. Peck, OF
Ashtabula county, rose and said: ''Mr
Pendleton, will you answer me
81 will If can," promptly responded Mr..
Mr.. Peck-s1Is it not true that money has
accumulated to an extraordinary amount in
New York, and can be had there on call at
two per cent.?D
Mr.. Pendleton-HI can not state either
nor the exact rate OF interest which Is de-
manded for loans on call. but, for the sake
of answer i will admit the facts supposed by
your question to be true" Who borrows
on call? The merchant? The manufac-
turer? The tradesnnan7 The builder?
The farmer? Not one of them. Never
Not man who is engaged in useful busi-
ness. Not man whose occupation enriches
society or benefits the community. They
can not. They must know when their debts
become due. They can not pay on notice OF
a day or an hour. The only people who
borrow on call are the Stockholders and
stock gamblers, and they invest in stocks
which have always some market value, and
put theses tocks as collaterals, and then
they bull and bear and corner the market
until sfaro and roulette and theee card
MONTE BECOME REPUTABLE BY COMPARISON.
Money too plentyi Lst the merchant take
his note with good indorser at four months,
and he will either get no money, or he viii
pay ten per cent. for it. Let the manufac-
turer take the notes given for his wares, and
himself indorse them, and he will see how
often he will be refused and how deeply be
will be shaved. Let one of you farmers take
his note for one year, secured by mortgage
on his farm, worth ten times as much, and
these plethOric banks will not look at him,
nor loaner of moneys unless at ten per
cent and commissions. That's true.
Mr.. Peck-But is there not money enough
for those who have something 10 give in
exchange? Answer me that.
lIs
The laborer is eager to give his work that his
family may not starve. is that nothing?
The manufacturer and merchant will give
their name, their credit, their best mind,
their closest attention, their unremitting
industry. Are these nothing? The farmer
will pledge his fertile acres. The iron
owners OF Lawrence and Meigs and Ma
honing have their iron stacked up like cord
wood because they can get no money for it..
Are these nothing? General Noyes told
you, or rather told the people of Niles, last
evening, that there was too much money and
too little business,
Mr.. Peck-And that is what say.
Mr.. Pendleton-You do Well, why is
there so little business? Have the arms &C.
customed to labor been paralyZed? Has the
inventive genius of our people been stricken
with decay? Has the love of money, which
we are told is "the root of all evil" been
eradicated by millennjal holiness? Has
capital lost its desire for increase? Are this
people less desirous of comfort, and luxury,
and convenience? These are the incentives
and instruments of business. Yonder, here
in this splendid meeting OF all your people
are brawny arms and eager faces telling their
desire for employment. Here is capital dead,
or at least sluggish, which Graves to be ac-
lively used. Here are human hearts all
around me
EAGER TO ACCUMULATE WEALTH.
msnding every article which can crafty the
eternal longing for an increase of comfort or
utility, or luxury or taste; demanding un-
ceasing advance in every element of physi-
cal and moral well-being; and tell me, tell
these sensible men and women, that there is
too little business because there is too much
money? No, sir. If there is so much
money and so little business, why did not
the Bank of California convert its assets into
money at two per cent. and save that disas-
ter? Why didn't this sugsr-house in Balti-
more borrow little of this plethoric supply
and save its credit and honor? Money ac.
cumulates because there is no business, and
business has ceased because this grinding
contraction has caused declining prices and
loss of profits. In 1S65-6-7 when the cur
rency was far greater, business was active.
and money never accumulated. Frightened.
as said before, by the result of last year
Senator Sherman says now that specie pay
ments may be reached without any
great contraction. No candidate
in Ohio to-day will ayoyy
himself for contraction. And vet, for ali
that, they do in tact favor it. Acts speak
louder than words. II, as they a!lege, there
has been no contraction, and will not be
much, how will they reach specie payments.
with which they haye fallen in love so sue
denly and desperately? Grow up to them,
Tney ridicule the idea. Increase, encourage
our industries. and SO give us the balance
OF trade. They hoot at the idea. There is
Snee nc no method lett but the plan of their
last years pia.tn-rn- They have csraf,lIv
lett It out OF the platform. this year; but IL is
the key of all their legislation IT is 10 cor
tract the greenbacks until specie Payments
are reached and then initiate the currency bv
tree national banking. First make money
valuable through the untold miseries of con-
traction, and then make il more valuable bv
investing 1t in national banks. And thus
We are brought face to face with the true
issues between the parties in Ohio to-day;
greenbacks as against national bank notes;
souni and sufficient currency and prosper
ity Of industries as
AGAINST CONTRACTION AND COMMERCIAL
RUIN.
Mr.. Peck-I can not sit still and hear you
say such things. You know the Republican
novar aufh0rizad tho rodrof;o- -