Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-22
THE OHIO CANVASS.
The Meeting at GallipOlis.
Speech of Hon. Geo. HI. PEN
dletOn.
His Explanation of the Financial
Plank of the Platform.
The Democracy a Hard Money
Party.
Greenbacl1s VS.. National Bank
Notes.
Currency Regulated by the Wants
of Trade.
Greenbaclks VS.. National Bank
Notes.

II
mated tina, fully 1900 persons attended
the Democratic meeting here to-day, COM
| ing not only from this, but surrounding
counties. Col. JnO. 4. Vance presided.
| Speeches were made by Gov. Allen, Hon.
| Geo. II. PendletOn and others.
Mr.. PendletOn opened by stating e was
/ thirty years since he had seen this city, and
remarked that the voyage then was diff
cult one. After touching lightly on the
] cause Of his coming now, ahe branched
out into political topics. He spoke
of the meeting of the Republican COnven-
tion last year, and the claims in its plat
form, but said that this year It tunes its
voice TO a different key, and only declared
itself in favor of our public school system
and q separation of church and State.
Upon these points he said the Democrats
could have no argument with the Republi-
cans, and he quoted from the platform to
show that the Democratic party would up
hold the State Constitution in this respect.
He interpreted the platform to mean ad-
herence to the principles of the government
established by the fathers; opposition to all
enCrOaChmentS of one department upon
another, or by the Federal power upon
the constitutional rights of the States;
equality before the law of all
citizens; one presidential term retrench-
msnt wherever there is extTava-
gance; refrOm wherever there is abuse; no
subsidies; public lands for actual settlers;
a tariff for revenue only; equal aud exact
Justice TO all religions; free secular educa-
tiOn in the public schools; opposition TO
sumptuary laws; TO interference with so
cial habits not criminal; to malignant es-
piOnage, and on financial questions cessa-
ton OF contraction; a sound and sufficient
currency; promotion Of industries as the
surest road to the appreciation of paper TO
par with gold; greenbacks instead Of na-
tiOnal bank notes; greenbacks for
customs TO the extent that the
necessities Of Government would admit.
This platform, he claimed, had been mis-
represented. 1t called for a currency equal
to the wants of trade, and that, he claimed,
was a fitting measure for the volume
of currency. Every issue of Government
paper, whether legal tender or not, every
restricted banking system, has been an ef-
fort to make and keep a currency equal,
according 70 the judgment of The Govern
ment, 20 the wants Of trade. So with
every free banking system. The Demo-
Gratis do not favor deprecated currency.
He thought he interpreted the Opin-
ion Of the party platform when he
declared that they were in favor Of
coin as the basis Of currency; that paper
currency should be convertible into coin at
par; that the party desire 4 return TO spe-
Gle payments as speedily as the interests Of
labor and business will permit; that we
would be glad TO return Immediately, If
honor and good faith should permit, and it
were possible. The Democratic party IS
not now and never have been in favor Of
repudiation IL any form. We do believe
it is our highest duty 10 fulfill all our
cOuntry's obligations according to the spirit
and letter of our promises.
We are not now ard ReyeT have been in
favor Of a volume Of currency changing,
huctuating according to the whims Of par
ties, OF interests Of bankers, or demands OF
spectators, but sufficient for the easy, ac-
tive, economical interchange of cammOdi-
ties, and so fixed and stable as the nature
of the case will allow, and so long as we
must have a Government paper currency,
We prefer greenbackS, which are sound and
cheap and good, 10 National Bank notes,
which at the outset cost the people six per
cent, and are at last only redeemab.e in
geenbacks. He confessed that there were
defects and dangers in this coin
basis system, that the superstructure
of paper was lager than the foundation Of
coin, and that as the superstTucture grows
higher il grows larger. But he would not
discuss to-day the merits Of the various
kinds of currency. The present necessities
demand relief that should be promptly fur
nished. He repeated thai he was a hard
money man; that a return TO specie pay
ments should be kept steadily in view, and
that wise craftsmanship will seek the means
Of TecOnCiing such return with the true
interests Of labor aud business and JUS
tice to the debtor. Resumption cannot
be forced, il must be the proper OutgrOWth
of surrounding healthy conditions, or 1t
will he neither beneficial HOr permanent.
When in Congress he voted against the
lagal tender act believing the law uncOnSti-
tutigral and the policy Unwise. As the
police became interviewer with our finance
and trade, he would seek all the good he
could ind in it. He would not abandon
specie payments, but he would not rHsh
ruthlessly back 10 specie payments over the
prOStratiUu of all busi ness and the TuinOfthe
debtor. The Democrats established the sub
Treasury system and the government in '6l
paid nothing but gold and silver. n Re
publican Congress passed the bond act, the
legal tender act and national bank act.
Gold and silver ceased To circulate, and in
1865 the various issues of paper money had
reached an enormous sum. Then COM
menced the Republican system Of finance.
Contract the currency, and if necessary to
this end increase the interest paying debt,
and contraction has been steadily going on. |
With the decrease in currency has been |
a decline in the prosperity Of the country,
until now we are confronted with con- |
ditiOn of affairs which all feel too keenly to |
make description necessary. To-day there |
is more property for sale on execution by |
sherifis of Ohio, than ever before. Gold |
and paper stands to-day at a difference of
IA per cent. A year ago the difference was |
ten per cent. Republicans claim COntrac- |
tiOn as a remedy for these things. Con- |
gess has passed a law declaring that re-
sumption shalPtake place in January, 1879, |
and the Treasury is preparing for this by |
buying gold and silver. Every dol |
lar of gold purchased with bonds |
for redemption of greenbacks |
adds to the annual interest. 1t is the old |
story of funding debt which pays no in |
terest in bonds which pay large interest.
He showed by comparison that the exports |
of -four, wheat, cotton, etc, had fallen off |
SS7,OOOOOO since last year, AMI claimed |
that we had been burning the candle at |
both ends. The Democratic party points |
to a middle path as the way to safety. |
Abandon this policy Of contraction, stop |
tinkeriDg with the currency, stop this |
effort at foIcidg resumption, give !
stability for a time, give /
BUSH LeSs a moment to revive, |
promote industry and production, simu- /
late enterprise by the prospect of gain, |
labor more and spend less. Tne great /
want of the country is an entire freedom for |
labor, a removal Of every obstacle, the /
presence of every aid-fair prices, steady
markets. ready sales are aids, and to Sc
cure these a sufficient and sound currency /
and low interest are indispensable, and if |
there be superadded low taxes, rigid econ