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

for its description in the first quarter
of this century. You yourselves see its
influence all around you.
Will you have more of it2 And yet
this is the only remedy the Republicans
hayel And to embitter it still more, they
couple with it the enormous increase OF
your interest-paying debt To-day the
Secretary of the Treasury has the power
to issue fifty millions of gold bonds, bear
inc gold interest, with which to buy sill
yer, and four hundred and fifty millions
with which to buy gold; and II he sue
eSeds, you and your children for thirty
years will have the happiness of paying |
twenty-five millions in. gold each year |
for the luxury of reaching specie pay |
ments according to the Republican
method.
Gentlemen, do moi underrate specie |
navments. | am in favor of reaching
them as soon as is practicable. 1t seems
10 me there is a better, easier, safer
remedy. 1t is to stop this policy of con-
traction: to stop the constant tinkering
with the currency; to stop this effort at
scRcing resumption. Give stability for a
moment, so that business may revive
that enterprise may be stimulated by the
hope of gain, and labor be led to exer-
ton by the certainty Of reward. We
need to labor more, to produce more;
but we can have neither labor nor pro
duction on falling prices and certain loss
es. repeat as said before;
The country is new. Its agricultural
and mineral wealth is incalculable. They
are undevelored. The variety OF soil
and climate, and people, give to 1t an IN
finite power of production. Its great
want, its pressing necessity, is an entire
freedom for labor--the absolute removal
of every obstacle, the positive presence
of every aid. Falling prices, uncertain
markets, precariOus rewards, pubic dept
and high interest are obstacles. FAR
prices, steady markets, ready sales, are
aids; and to secure these a sufficient
sound currency and low interest are in
dispensable. These will put in motion
the vast and complicated machinery OF
producing and consuming Industries.
And if there be superadded low taxes,
rigid economy, simplicity Of government
purity of administration, that motion
will be continued and accelerated.
Active and prosperous and increasing
business will increase our production,
increase our capital, increase our expor-
tations, increase the influx Of coin, and
thus in time bring greenbacks to par
with coin.
Mr.. Taft objects to this system, that
Congress will continually initiate the cur
rency beyond the possibility of reaching
payments; but Congress will try to do
right and the people will correct any
policy which may be perversely followed,
He objects again that this is in fact the
process of contraction, only by slower
steps. 1t may be 80, but the difference
between stimulating our industries and
carrying more gold coin and contracting
our currency to the point Of gold coin is
the difference between radiant and Wig
orous health and emaciated weakness.
Mr.. PecK-Now, Mr.. Pendleton, what
Ifear-is it not true-if the Democrats |
obtain power, they will issue first ten |
millions, and then one hundred millions,
and then still more, and end in infinite |
imitation and repudiation?
Mr.. Pendleton-No, sir, it is not true |
Have not Democrats the same interest in |
trade and commerce and interchange of
commodities that Republicans have?
Are they not working men, active men,
money-getting men, money-lovlng men;
above all, are they not men who need a
fair days pay for an honest days work ?
Do they not need an honest, reliable,
sound currency more even. than other
men2 Mr.. Peck, you are anIintelligent
man; your bearing excites my respect.
Let me ask you question. Did you
ever hear Democrat advocate repudia-
hon?
Mr.. Peck-I did not. [Applause.
Mr.. Pendleton-Did you ever hear
from Democratic speaker, did you ever
read in a Democratic newspaper or
Democratic platform, or hear it in a Dem.
ocratic State, County, Township, School
District, or Ward meeting that the party
would or ought to expand the currency
30 much that you thought it would be
deprecated, much less end in repudia.
ton 2
Mr.. Peck-I never did !
Mr.. Pendleton-Then what is the per
tinency or sense, or even fair treatment
anon opponents, of such a question as
you have asked?
Mr.. Peck it not true that the disas-
ters from rain and other causes in Europe
last spring promised short crops there
and large market for our prOduCts-and
have not our harvests been reduced sud-
denly and unexpectedly by heavy rains
and is not this cause of troublep
Mr.. endletOn-Certainly sir; it will
be cause of trouble. But do you at
tribute the trouble of last year, of last
month, of to-day, to the expected failure
of crop which has not been harvested,
and the decrease of expectations which
could not be made until next fall, or win
ter, or spring?
About these days the Republicans
quote with great frequency, and with
great commendati0n of its merits,
speech l made in Congress against the
issue of legal-tender notes. | am fiat
tered by the notice; and, if it will com.
mend me to them, | desire to say that
adhere to-day, after thirteen years re-
Election, to every word of that speech.
l believed then that the law was uncon-
Btitutional and the policy was bad.
have never changed my opinion. But
Congress passed the law. Tie Supreme
Court has sustained it. The policy has
entered into our system. | am in no de-
gree responsible for its adoption; but it
would be folly, it would be criminal, not
to get out of the policy all the good there
is in it in behalf of the people who have
suffered its evil. l will not be guilty of
the folly. will not commit the crime.
believed then in currency of coin and
of paper convertible into coin. l believe
in it now. Iwould be glad to return to
1t at once. Against my earnest protest
you abandoned specie payments and in
hated the currency to the infinite loss OF
the creditor. Imake my equally earnest
protest now against forcing contraction
and resumption to the prostration of all