Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1875-09-30

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ness.
Yonder, here in this splendid meet
ing Of all your people. are brawny arms
and eager faces telling their desire for
employment. Here is capital dead, or.
at least, sluggish, which Graves to be
actively used. Here are human hearts
all around me eager to accusulate
wealth. Here is community, highly
civilized, demanding every article which
can crafty the eternal longing for an
increase Of comfort, or utility, or luxu-
~, or taste; demanding unceasing a2-
vance in every element of physical and
moral well-being; and tell me-tell
these sensible men and women-that
there 10 too little business because there
is too much money! No, sir. Ifthere
is 50 much money and so little business,
why did not the Bank of California con-
vert It's assets into money at two per
cent. and save that disasterf Why did
not the sugar house in Baltimore Dor.
row o little Of this plethoric supply and
save its credit and honor? Money ac-
cumulates because there is no business,
and business has ceased because this
grinding contraction has caused declin-
ing prices and loss of profits. In 1866
'6-'7, when the currency was far great
er, business was active, and money new
or accumulated. 4aaffs f- .sa -f
Frightened, as 1 said before by the
result of last year, Senator Sherman
says now that specie payments can be
reached without any great contraction.
No candidate in Ohio TO-DAY will avow
himself for contraction. And yet, for
all that, they do it in fact favor it
Acts speak louder than words. If as
they allege, there has been no contrac-
tion and will not be much, how can
they reach specie payments, with which
they have fallen in love SO suddenly
and desperately? Grow up to them
They ridicule the idea. Increase, en-
courage our industries and SO give us
the balance Of trade q They hoet at the
idea There is, then, no method left
but the plan of their last years plat
form. 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.
First make money valuable through
the untold miseries of contraction, and
then make it more valuable by invest
ing it in national banks. And thus We
are brought face to face with the true
issues between the parties in Ohio to-
day: Greenbacks rs against national
bank notes; sound and sufficient curren.
cy and prosperity of industries as
against contraction and commercial
ruin. -t
Mr.. Peck-I cannot sit still and hear
you say such things. You know the
republican party never authorized the
reduction Of greenbaeks below three
hundred and sixty millions.
Mr.. .Pendleton--I know no such thing.
I know Just the contrary. The law of
last winter-of lS75-the law to force
specie ayments of greenbacks, and to
make national banking free, provides,
compels the withdrawal Of eighty dol
lars Of greenbacks for every one hun.
dred dollars of national bank notes,
and keeps up this process until green.
backs shall be reduced to three hum
dred millions. Here is the law; read it
for yourself.
Mr.. Peck-well, well; I did not be-
lieve il. .-#o#.
Mr.. Pendleton in the course of his
speech thus described &C.,.
~
Contraction! Shall I tell YOU what
it isr Have any of you bought Q lot
and paid for it, erected q building, put
in machinery, paid for them all, employ
ed your hands, from the laborer to the
skilled mechanic, and gone into the mar
ket and bought raw material, and Civ
ing your notes at three or four months.
and then found when your articles are
for sale that they would not bring
enough, not only not to pay the in
terest on the cost of your lot and
building, and machinery, but not enough
to pay your outstanding notes for the
raw material, and then see your stock,
your building, your machinery gone,
and lot sold BY the sheriff !? That man
knows what contraction is. Sensa-
tion.l
Has any laboring man here, when
wages were $500 day, bought lot
and house and agreed to pay one hun
dred dollars year-thirty three days
work would pay it? His wages have
fallen to one dollar and . halt . day.
The hundred dollars-the notes and
mortgage remain the same. It takes
the wages Of sixty-six days work "a
pay the hundred dollars. my God,
that's so Contraction! Need I tell
you again what it is7 Language has