Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1875-07-22
PeudIetOnISnl.

Pendk6tOnlSm.
GEO. III. PENDLEToN speaks IN This
city to-day in favor of soft money.
He desires to be understood as the
father of greenbacks, whereas that Is
Republican measure, adopted as
means in behalf of the salvation oil
the government, and while the policy
was being perfected, and enforced,
PENDLEToN was neither its friend nor
the friend of national preservation.
These are facts which have been re-
corded in the blood of thousands oil
union soldiers. Now, when the
measure has proven of such impor-
tance and welfare to the nation and
to the people, this man comes lot
ward and speaks as the father OF the
system. If he had done this in the
early history of the greenback move
ment he might have had some show
for consistency and honesty in these
later days.
Mr. PENDLEroN was a member OF
Congress when this greenback meas
ure was presented to the attention of
that body by the then eminent Sec
retary of the Treasury, SALMON P.
CHASE, and we have before US the
Congressional Globe, containing the
official proceedings of Congress upon
that question, and we find therein a
speech by Mr.. Pendleton, wherein
hisviews in regard to the policy OF
issuing greenbacks are plainly set
forth. We have room only for q few
choice extracts, but they are sufficient
to show the wonderful change that
has been wrought in the views Of the
gentleman in the short space of few
years: :
These notes are to be made lawful
money, and legal tender in dis
charge of all pecuniary obligations
either by the Government or by indi
viduals. a characteristic which has
never been given to any note OF the
United States or any note OF the Bank
of the United States by any law eveI
passed. Not only, sir, was such
law never passed, but such law was
never voted on, never proposed
never introduced, never recommend
ed by any Department OF the GOV
| eminent; the measure was never Sc
riously entertained in debate in either
branch of Congress.
I believe that this Government
n has reached a crisis in its history
( Ibelieye that it is approaching a pc
! Rod in the history of its Legislation
(which may determine the question o
its continuance. BY wisdom it MAJ
overcome the evils of secession; b,
its great powers and resources TINA,
be able to defend itself against thos
in arms against it; but | firmly be
Iieve that it cannot maintain itsel
against the shock of the accumula
ted and manifold dangers which fol
low inevitably, closely in the wake O
an illegal, unsound, and depreciateI
Government paper currency.
The feature of this bill which frs
strikes every thinking man even il
these days of novelties, is the propo
sition that these notes shall be mad
legal tender in discharge of all pc
cnniary obligations, as well as thos'
which have accrued in virtue OF con
tracts already made as those whici
are yet to accrue in pursuance OF con
tracts which shall hereafter be made
Do gentlemen appreciate the full i'm
port and meaning of that clause
Do they realize the full extent t
which it will carry them? Ever.
contract for the payment OF none,
is in legal contemplation a eontfac
for the payment of gold and siive
coin.
But. Mr.. Chairman, ] goa step ful
ther, | doubt whether there Is an
power in the Federal Government
issue the notes described in this bill
whether they are made legal teDdt
Of Hob nave SuOMh ~ gOu W.
the power to aemit bills of credit
was expressly withheld by the col
yention that framed the Constitution
/ have shown that it was witiihel
because they did not intend that th
power should be rested in Congress
You send these notes out into I'll
world stamped with irredeemabilit
You put on them the mark Of Cal
and, like Cain, they will go forth
be vagabonds and fugitiycs on I'll
earth What then will be the cons
quence2 1t requires 10 prophet
tell what will be their history. II
currency will be expanded; prize
will be inflated; fixed values will d
preciate; incomes will be diminisle,
the savings of the poor viii vapist
the hoardings of the widow will me
away; bonds, mortgages, and note
everything of fixed valve, will los
their value; everything OF chang
able value will be appreciated; Il
necessaries of life will rise in yaln
the Government will pay twofoid-
certainly largely more than it oug
--for everything that it goes in
the market to buy; gold and silv
wild be driven out Of the countr