The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1875-09-30
PENDLETON ON THE
STUMP.
How he took the Starch cut of q
Stiff ContractiOnist:

gentlemen, who are specially fond of
figuring on public occasions
Mr.. Pendieton had just concluded
his citations from the record, show
ing the decided contraction of the
currency, when he said.
Aud now, my friends, submit to
you whether l have not made good
my assertion that there has been
constant, grinding contraction of
the currency?
Just here a espectable- looking,
niddleaged gentleman, who an
nOunced himself as Mr.. Peck, of
Asltabula county, rose and said:
Mr Pendleton, will you answer me
a question: =
will, if 1 can, promptly respon-
ded Mr.. Pendleton.
Mr.. Peck: Is it not true that
money has accumulated to an ex-
traordinary amount in New York,
and can be had there on call at two
per cent?
Mr.. Pendleton L cannot state
either the exact amount which has
accumulated nor the exact rate of
interest which is demanded for loans
on call; but, for tho sake answer,
will admit the facts supposed by
your question to be true.
Who borroWs on call3 The mer-
chant? The manufacturer? The
tradesman? The builder2 The far
mer? Not one of them. Never
Not man who is engaged in useful
business. Not a man whose occu-
patton enrichcs society or benefits
the community. They cannots-
They must know when their debts
become due. They cannot pay on
notice OF q day or an hour. The
only people who borrow on call are
the stockholders and stock-gam
blers, and they invest in stocks
which have always some market
value, and put these stocks as col
laterals, and then they bull, and
bear, and coner the market until
faro and roulette, and three card
monte become reputable by compar-
ison. Money too plenty! Let the
merchant take his note with good
endorser at four months, ana he
will either get no money or he will
pay ten per cent. for it. Let the
manufacturer take the notes given
for his wares, and himself endorse
them, and he viii see how often be
viii be refused and how deeply he
will be shaved. Let one of your
farmers take his note for one year,
secured by mortgage on his farm,
these pletheric banks viii not look
at him, nor a loaner of money unless
at ten per cent. and Commissions
That's true.
Mr.. Peck: But is there not
money enough fer those who
have something to give In ex-
changep Answer me that.
Mr.. Pendleton: Something in ex-
changer The laborer is eager to
give his work, that his family may
not starve. Is that nothing9 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
MohonIng 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 l
say.
Mr.. PendIeton: You do? Well,
why is there so little business2-I
Have the arms accustomed to labor
been paralzed? Has the inventive
genius Of our people been stricken
with decay2 Has the love OF money
which we are told is "the root of all
evil" been eradicated by millennial
holiness2 Are this people less de-
sirons of comfort, and luxury, and
convenience? These are the incen
Cives and instruments of business.
YoAder, here in this splendid
meeting of ali your people, are
brawny arms and eager faces telling
their desire for empioymeet. Here
is capital, dead, or at least, sluggish,
which Graves to be actively used,
Here are human hearts all around
me eager to accumulate wealth.
Here is community, highly civil
lied, demanding 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
physical and moral we'll being; and
tell me-teIl these sensible men and
wOmen-that there is too little bus
iness because there is too much
money and so little business, why
did not the Bank Of California con
vert its assets into money at two per
cent. and save that disaster2 Why
didn't this sugar house in Baltimore
borrow a little ofthis plethoric sup
ply and save its credit and honorY
Money aecamulates because there
is no business, and business has
ceased because this grinding con-
traction has caused declining prices
and loss of profits. In 1S65-'6-'7,
when the currency was far greater
business was active, and money
never accumulated.
Frightened as said before, by the
result last year, Senator Sherman
says now that specie payments may
be reached without any great con
traction. No candidate in Ohio to
day will avow himself for eontrac
tion. And yet, for all that, they do
in fact favor it. Acts speak louder
than words. If, as they aIlege,
there has been no contraction and
viii not be much, how viii they
reach specie payments, with which
they have fallen in love so suddenly
and desperately? Grow up to them
They ridicule the idea. Increase,
encourage our industries, and so
give as the balance OF trade? They
boot at the idea There Is, then, no |
method left but the plan Of their
last years platform. They have
carefully left it cut Of the platform
this year; bat is Is the key Of all
their legislation. II IS to contract
the greenbaeks until specie pav-