The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-09-02


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 to
give in exchange Answer me that
Mr.. Pendleton-Something in eX-
change. The aborer is eager to give his
, work that his 'amily may not starve. ls
that nothing? The manufacturer and
merchant will give their name, their
credit, their best mind, their closest at
: tention, their unremitting industry. Are
these nothing? The farmer will pledge
his fertile acres. The iron.owners OF
Lawrence and Meigs and Mahoning have
their iron stacked up like cord-wood
because they can get no money for it.
Are these nothing2 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 businessP Have the
arms accustomed to labor been paralyzedP
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 eradCated by millen.
NAL holiness? Has capital lost its de.
sire for increase2 Are this people less
desirous of comfort, and luxury, and con-
venenceP These are the incentives
and instruments of business.
Yonder, here in this splendid meeting
of all you people are brawny arms and
eager faces telling their desire for em-
ployment. Here is capital dead, or at
least sluggish, which Graves to be active
ly used. Here are human hearts all
around me eager to accumulate wealth.
Here is community, highly civilized,
demanding every article which con graf
ity the eternal longing for an increase Of
{ comfort or utility or luxury or taste;
demanding unCeasing advance in every
element of physical and moral well.
being; and tell me, tell these sensible
men and women, that there is too little
;, business because there is to 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 disaster2 Why didn't this
sugar-house in Baltimore borrow little
of this plethoric supply and save its
credit and hon.r? Money accumulates
because there is no business, and busi.
: ness has ceased because this grinding
contraction has caused declining prices
y and loss of profits. In 1865-6-7, when
the currency was far greater, business
was active, and money never accumu-
lated,
Frightened, as I said before, by the
: result of last year, Senator Sherman says
) now that specie payments may be
: reached without any great contraction.
No candidate in Ohio to-day will avow
y, himself for contraction. And yet, for all
. that, they do in fact favor it. Acts speak
% louder than words, If, as they allege,
y there has been no contraction and will
>. not be much, how will they reach specie
30 payments, with which they have fallen
e in love so suddenly and desperately
/ Grow up to them They ridicule the
d idea. Increase, encourage our industries
n and so give us the balance OF trade. They
# hoot at the idea. There is then no
d method left but the plan of their last
>. years platform. They have carefully
left it out of the platform this year; but
IS it is the key of all their legislation. 1t is
to contract the greenbacks until specie
M payments are reached and then initiate
% the currency by free National banking.
. First make money valuable through the
u untold miseres Of contraction, and then
l. make it more valuable by investing it in
Al National Banks. And thus we are
Is brought face to face with the true issues
l. between the parties in Ohio to-day:
L GreeubaCks as against National Bank
W notes; sound and sufficient currency and
prosperity of industries as against con-
y traction and commercial ruin.
l. Mr., PeCk-I can not sit still and hear
d you say such things. You know the Re-
Is publican party never authorized the re-
h duction of greenbaCks below three hund-
e red and sixty millions.
= Mr.. Pendleton-I know no such thing,
know just the contrary. The law Of
lg last winter-of l875-the law to force
n specie payments Of greenbacks, and to
D. make National Banking free, provides,
N compels the withdrawal Of eighty dollars
le of green backs for every hundred dollars
A. of National Bank notes, and keeps up this
IS process until greenbacks shall be re-
Of duced to three hundred millions. Here
r is the law; read it for yourself,
is Mr.. PeCK-Well, well, did not believe
G. it. ..
~ National Banks against greenbaCks
le Gentlemen, will not delay to tell you
ID of the National Banks. They are found
re ed on bonds. The people pay to the
~ National bankers at least fifteen millions
Id year for the Onerous, tremendous duty
Id Of issuing their notes and lending thenN
y. to the people at eight or twelve or fifteen
~ per cent, and then redeeming them in
r. greenbacKs at the last General Moves
d- says National Bank notes are better than
greenbacks, because bank notes are se-
lie cured by bonds. What secures the
elf bonds2 The faith and credit and honor
Sc and taxing power of the Government.
And do not the same faith, credit, honor,
q power of the Government secure the
greenback notes.-the legal tender notes
ed --also? [Great applause.
Contraction! Shall tell you what il
ey is? Have any off, you bought lot and
ry paid for it, erected building, put in
ld machinery, paid for them all, employed
your hands, from the labOrer to the
er skilled mechanic andg gone into the mark
a. ct and bought the raw material, and
n given your notes for three or four months
or and then found, when your articles are
'ts for sale, that they would not bring
enough, not only not to pay the interest
t? on the cost of your lot and building and
|? machinery, but not enough to pay your
of outstanding notes for the raw material,
H. and then seen your stock, your building,
IN your machinery gone, lot sold by the
or Sheriff. That man knows what COntrac-
Vt. ton is. [Sensationl
e. Has any laboring man here, when
te wages were three dollars day, bought u
lie lot and house and agreed to pay one
X hundred dollars year-thirty.three
st days work would pay it? His wages have
k fallen to one dollar and half day.
r The hundred dolars-the notes and