Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1875-09-30
Pendleton on the Stump.
How he took the Starch out of a
Stiff Contractionist.

y In the course OF his speech @
0 Warren, Ohio, a few days ago
0 Hon. George H. Pendleton had
q lively and most triumphant pas
0 sage at arms with one of lhos,
0 very nice and respectable gentle
. men, who are specially fond of
'fugring on public occasions. Mr.
. Pendleton had just concluded biz
) citations from the record, showing
, the decided contraction of the cur
rency, when he said:
, And now, my friends, l sub
nit to you whether l have not
made good my assertion that there
has been constant grinding con.
traction of the currency?
Just here a respectable looking.
, middle aged gentleman, who an.
nounced himself as Mr.. Peck, Of
Asbtabula county, rose and said:
Mr.. Pendleton, will you answer
me a question?
l will, if l can, promptly re-
piled Mr.. Pendleton.
Mr.. Peck: Is it not true that
money has accumulated to an eX-
traordinary amount in New York,
and can he had there on cali at
two per cent? /. :
Mr.. Pendleton: | cannot state
/ the amount which has accumu-
lated nor the exact rate of inter
/ est which is demanded for loans
on call; but, for the sake of answer,
/ will admit the facts supposed by
your question to be true.
Who borrows on cali? The mer-
chant? The manufacturer? The
tradesman? The builder? The
| farmer? Not one Of them. Never!
Not a man who is engaged IN use
! fuI business. Not a man whose
occupation enricheS society or ben
efts the community. They can.
not. They must know wien
their debts become due. They
cannot pay on notice of day or
an hour. The only people who
borrow on call are the stock brok-
ers and stock gamblers, and they
invest in stocks which have al
ways some market value, and put
these stocks as collaterals, and
then they bull, and bear, and cor
ner the market until faro, and
roulette, and three card monte be.
come reputable by comparison. -
Money too plenty! Let the mer-
chant take his note with good en-
dorser at four months, and he will
either get no money or he will pay
ten per cent. for it. Let the man
ufacturer take the notes given for
his wares, and himself endorse
them and he will see how often he
will 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
worth ten times Us much, and
these pleth1ric ba, ks will not look
at him. nor a Ioaner of money,
unless at ten per cent. and COM
missions. That's true.
Mr.. Peck But is there not
money enough for those who have
something to give in exchange?
Mr.. Pendleton: Something in
exchange? The laborer is eager to
give his work. that his family may
not starve. Is that nothing =
The manufacturer and merchant
will give their name, their credit
their best mind. their closest at,
tention, their unremitting indus
try. Are these nothing The
farmer will, pledge his fertile acres;
The iron owners of Lawrence and
Mrigs and Mahouing have their
iron stacked up like cord wood be-
cause they can get no money Tor
it. Are these nothing? General
Noyes told you, or rather the Peo
pie of Niles, last evening that
there was too much money and
too little business.
NJ. Peck: And that is what l
say.
Mr.. Pendleton You do? Well,
why is there so little business
Have the arms accustomed to la
Dor been paralyzed? Has the IN
genius of our people been
stricken with decay ? Has the
love of money, which we are told
is the "rcot OF all evil" been Grad.
icated by millennial holiness 3
Are this people less desirous of |
comfort, luxury and convenience ? |
These are the incentives and in
OF business.
Yonder, here in this splendid |
meeting Of all of your people, are
brawny arms and eager faces tell
ing their desire for employment.
Here is capital dead, or at least,
which Graves TO be ac
lively used. Here are human
hearts all around me eager to &C,
wealth Hero Is n com. !