Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-22
CraRd Democratic Rally from al the
Adjacent Towns and Counties
Distinguished Speakers
Present.
Sound Democratic Doctrines EBunci.
atSd by Mr.. PendletOH-A Clear
and Concise View OF the
Currency Question.
Governor Allen at Newark satUTday-
An URaRsWerabls Document
The Financial ksue
Clearly Defined.

GALLIPOLIs, July 2l.-It is estimated
that fully fifteen thousand persons at
tended the Democratic meeting here to-
day, coming not only from this but the
surrounding counties. Colonel John A
Vance presided. Speeches were made
by Governor Allen, Hon. Geo. II. Per-
dleton, and others. MT. PendletOn
opened by stating that it was thirty
years since he had seen the city, and
remarked that the voyage then was 8
difficult one. After touching lightly on
the cause of his coming now, he branched
out into political topics. He spoke OF
the meeting of the Republican cOnven-
ton last year, and claims its platform,
but said that this year it tunes its voice
to a different key, and only declared it.
! self in favor of our public school system
and separation OF church and State.
! Upon these points he said that Demo
Gratis could have no argument with the
| Republicans, and he quoted from the
| platform to show that the Democratic
| party would uphold the State cOnven-
| ton in this respect. He interpreted the
| platform to mean an adherence to tue
| principles of government established by
the fathers; opposition to all encrOach-
ments of one department on another, or
by Federal power upon the constitutional
rights Of the States; the equality before
the law of all citizens; one Presidential
term; retrenchment where there is eX-
travagance, reform where there is abuse;
no subsidies-public lands for actual set-
tiers; q tariff for revenue only; equal
and exact justice to all religions; free
secular education in public schools; op
position to sumptuary laws to interfere
with social habits, not criminal; to ma
lgnant espionage; and on financial
questions, cessation of contraction, q
sound and sufficient currency, the pro-
motion of industries, the surest road to
the appreciation OF paper to par with
gold, greenbacks instead of nation al
bank-notes, Sreenbacks for customs, to
the extent the necessities of the govern
nent Will permit. This platform, he
claimed, had been misrepresenteds 1t
called for currency equal to the wants
of trade, and that, he claimed, was a fit
ting measure for the volume of cur
rency. Every issue of government pa
per, whether legal-tender or note,
every restricted banking system has
! been an effort to make and
keep currency equal, according
| to the judgment of the government, to
| the events of trade, so with free bank
| ing system; the Democrats do
not favor a deprecated currency. He
| thought he interpreted the opinion Of
| that party and platform when he de.
] clared they were in favor of coin as the
| basis of currency; that paper currens
! cy should be convertible into coin at par.
| The party desires to return to specie pay
| ments as speedily as the interests OF la
! Dor and business will permit; that we
would be glad to return Immediately II
honor, good faith and justice would per-
nit, and il it were possible. The Demo-
cratic party is not now and never has
been in favor Of reputation in any
| form. We believe that it is our highest
| duty to fulfil our country's obligations
according to the spirit and letter Of our
promises. We are not now, and never
have been, in favor of volume OF cur
rency changing and fuctuating accord
! ing to the whims Of parties or the inter-
estS of banks, or the demands of reck-
! less speculators, but sufficient for the
easy, active, economical, practicable
| interchange of commodities, and as
| fixed and stable as the nature of the case
will allow, and so long as we must have
government paper currency we
| prefer greenbacks, which are sound and
| cheap and good, to national bank notes,
| per cent, and are at last only redeema-
! BILE in greenbacks. He confessed that
! there were defects and dangers in this
coin basis system; that the superstruc-
| ture of paper was larger than the foun-
dation of coin, and that as the super
structure grows higher it grows wider
and larger, but he would not discuss to-
day the merits of the various kinds OF
| currency. The present necessities de.
mand relief that should be furnished.
He repeated he was hard-money man;
that return to specie payment should
be kept ste9dily in view in legislation
and action, and wise craftsmanship will
seek means of recOnciling such return
with the true interests of labor and
! business, and justice to the debtor. Re-
sumption can't be forced; it must be the
proper outgrowth of surrounding healthy
! conditions or it will be neither bene-
| fetal nor permanent. When in con-
! gress he voted against the legal-tender
| act, believing the law unconstitutional
and the policy unwise. AS the policy
| had become interviewer with our sys-
| tenn OF finance and trade, he would seek
| all the good he could find in it, He
would not abandon specie payment, but
| he would not rush ruthlessly back to
]
| all business and the ruin OF the debtor.
! The Democrats established the sub-treas-
/ ury system, and the government in 1861
paid nothing but gold and silver. A
| Republican congress passed the bond
act, the legal-tender act, and the ma
| tional bank act. Gold and silver ceased
/ to circulate, and in 1865 the various is
sues of paper money had reached an
enormous sum. Then commenced the
! Republican system of finance. Contract
the currency, and if necessary to this
end increase the interest.paying debt,
/ and contraction has been steadily going
on. With the decrease in currency has
been decline in the prosperity and hap
| piness of the country, until now we are
| confronted with q condition of affairs
which all feel too keenly to make de-
scription necessary. To-day there is
more property for sale on execution by
sheriff5 OF Ohio than ever before.
Gold and Taper stand to-day at differ
ence of fourteen per cent; year ago
the difference was ten per cent. The
Republicans claim contraction as rem
edy for these things, Congress has
passed Law declaring that resumption
shall take place in January, 1879, and
the treasury is preparing for this by buy
ing gold and silver. Every dollar ol
gold purcha sed with bonds for the re-
demption Of greenbscks draw an annual
interest. 1t Is the old story Of funding 6
debt which pays no interest with bonds
which pay large interest. He showed
by comparison, that the exports Of -four
wheat, cotton, petroleum, meas, turpen
tine, tGllow, tobacco and timber haC
fallen oft eighty-seven million dollar
last year, and claimed that We had beer
burning the candle at both ends. Thi
Democratic party points to the middle
path as the way to safety. Abandon
this policy Of contraction; stop tinker
ing with currency; stop this effort a
forcing resumption; give stability for
time; give business a moment to re
Vlve; promote industry and production