The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1875-10-07
WHOLE NO. 148l.
TFrom the New York World, Sept. 24.l
Gov. Allen Proposes Reputation.

Gov Allen, if he is correctly reported
by correspondent of the Tribune, ap-
proves Reputation of the National debt.
He had already abandoned the hard
money convictions of his Senatorial ca
reer to take up the rag-money imitation
heresy of the foul-mouthed lunatics OF
the Cincinnati Enquirer 1t was but a
step in advance to approve the pay
| ment" of United States Bonds in green
backs
Governor Allen thus abandons the
company of George II. Pendleton and
Governor Hendricks who have united
to denounce the repudiating proposition
when it applied to that small portion OF
the bonds called the fve-twenties. 1t IS
certain that those two influential Demo
Gratis will denounce with still greater
earnestness Governor Aliens proposal to
"pay" all the bonded debt of the United
States with greenbacks.
| AS to the five-twenty bonds, there were
many honest men like Mr.. Pendleton
| and Judge Ranney, of Ohio, Governor
Hendricks, of Indiana, and Chief Justice
Church, of New York, who
believed that, until the act of March Is,
1869, had been passed, their payment in
greenbacks was lawful. Senators John
Sherman, of Ohio, and Morton, of Indi-
ana were notoriously of the same opinion.
But when the act of March, Is. 1869,
was passed, declaring that "the faith of
the United States is solemnly pledged to
the payment in coin or its equivalent
y of all the einterest-bearing obliga-
tions of the United States" it was at
once recognized that a new element had
been imported into the contract of the
Government with its creditors, and that
what they deemed to be the obligation
of the law therefore was less than the
enlarged obligation of the law thereafter.
Mr.. Pendleton, for example, said in
his speech at Columbus, Ohio, in 1874,
while disappearing the act of 1869. which
we have quoted - Nevertheless is the
law, and we must obey it, The terms of
the law have now entered into the con-
tract and must be complied with. The
bonds have changed hands, and the pres
ent owners are innocent. The bonds
have been retained on the faith of that
law, and we must sustain our countrys
plighted faith We abhor-repudiation
we refuse to break the contract. s3nT
Governor Hendricks, in his speech of.
September Is, the same year, threw over
board Dan. Voorhees, blundering Indiana
platform, and took the same position.
He said "I have no doubt the laws
admitted "that construction the pay
ment of the fve-twenties in eenbacks] j
that it was the proper construction.
think nc, subsequent legislation should
have changed the mode of payment But
by the first act which President
Grant signed in 1869 the faith and honor
of the country are pledged to the pay
ment in gold. \ Their acts within
the sphere of their power bind the peo-
ple.'' ESQ
If this be the position which honest
men must take with respect to the pay
ment of the only bonds that anybody
ever dreamed could be paid in green
backs, much more is it the position which
Governor Hendricks, George II. Pendle-
ton and every other honest Democrat
must take with respect to the great mass
of our bonded debt explicitly made pay
able in gold.
ment in greenbacks-a clear reputation
of the difference, amounting to many
millions, between the funded debt reck-
oned in gold and the same reckoned in
green backs.
1t is not the least doubtful what posi-
tion the Democracy of New York will
take concerning the reckless, shameful,
dishonest proposal of Governor Allen,
this open Haunting of the banner of re-
pudiation. Their Syracuse platform is
explicit:
Honest payment of the public debt in
coin; sacred preservation of the public
faith"
The Democrats of New York repudiate
this hoary repudiator.
But what will the honest Democrats of
Ohio and Indiana do? We listen for
the voices of Hendricks and Pendleton.
They frankly and honestly accepted the
full force of the act in 1869 in respect to
the fve-twenties. But that act was not
needed to affirm the obligation of the
United States in respect to all the rest of
the funded debt. That obligation was
complete and nowhere doubtful in the
explicit enactments under which the
bulk of our debt was funded If they
stood by the honor of the Nation when
new element was imported into a
doubtful contract, much more should
they stand by the honor of the Nation as
plighted in contracts never questioned
till now, and bearing the promise of gold
upon their face.