Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1875-09-30

ing every article which can graft
fy the eternal longing for an in
crease of comfort, or utility, OF
taste; demanding unceasing ad
vance in every element of physica
| and moral we'll being: and tell me
tell these sensible men and wo
men that there is too little bus
mess because there is too much
money! No, sir. If there is so
much money and so little. business,
! why did not the Bank of Califor-
Liza convert its assets into money
at two per cent. and save that
disaster? Why didn't this sugar
shouse in Baltimore borrow a little
of this plethoric supply and save
its credit and honor? =? Money &C.
cumulates because there is. no bus
iness, and business has ceased be-
cause this grinding contraction has
caused DECLINING prices and loss
of profits In 1865: 6, =, When
the currency was far greater, bus
mess was active. and money nev-
er accumulated .EsaA5
Frightened, as l said before, by
the result of last year, Senator
Sherman says now thatspecie, pay,
meGts may be reached without
any great contraction. No candi-
date in Ohio to day will avow him.
self for contraction. And yet,
for all that they do in fact favor it.
Acts speak louder than words. -
If, as they alIege, there has been
no contraction and will not be
much, how will they reach specie
payments, with which they have
fallen in love so desperately and
suddenly? Grow UP to them. -
They riGicule the idea. Increase,
encourage opr industries, and SO
give US the balance of trade ! =
They hoot at the idea. There is,
then, no method left them but the
plan of their last years platform.
They have carefully left it out of
the platform this year; but it is
the key of all their legislation =
1t is to contract. the greenbackS
until specie payments are reached,
and then initiate the currency by
free national banking. Flrstmake
money valuable through the un-
told miseries. of contraction, and
then make~it more valuable by in
vesling it in national banks. And
thus we are brought face to face
with the true issues between the
parties in Ohio to day: Green
backs as against national bank
notes; sound and sufficient cur
rency aud prosperity Of indus ries
as against contraction and COM
mer :iaI ruin. T.
Mr.. Peck | cannot sit still and |
hear you. say euch things. You
kuow the Republican party never
authorized the reduction Of green
backs below three hundred and |
sixty millions.
Mr.. Prndleton: know 70 such |
thing. know just the contrary. |
The law of last winter = OF 1875 |
: the law to force specie pay
ments of greenbacks, and to
make national banking free, pro-
vides, compels the withdrawal of |
eighty dollars of greenbacks for
every hundred dollars of national
bank notes, and hkeepsf up this
process until greenbacks shall be
reduced,td thteehunqred millions.
Here is the law; read it for your
self. -
Mr.. Peck We'll, WELL, j did not
believe it. %. r,+
Mr.. Pendleton in the course of
his speech thus descIibed
CONTRACTION"
Contraction. Shall | tell you
what it is? Have any Of you bought
a lot aud paid for it, erected il
building. put in machinery, paid
for them all, employed your hands,
from the labor.r to the skilled me-
and gone into market and
bought the raw material, and Civ
en- your notes at three lor four
months, and then found when
your articles were for sale that
they would not bring enough, not
only not to pay the interest on
the cost of your lot, and building,
and machinery, but not enough to
pay your outstanding notes for
the raw material, and then seen
your stock, your building machi-
merry gone, and lot sold by the
sheriff? That man knows what
is. Sensation.
Has any laboring. man here,
when wages were three dollars a
day, bought a lot and house and
agreed to pay one hundred dollars
a year-thirty,three days work
would pay it? His wages have fall
en- to one dollar and half a day.
M lzIlo.o tI1 Yofac !