The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1875-09-30
! inYestinp b in nafional hanks..

4
And thus we are brought face to
face with the true issues between
the parties in Ohio to day: Green
backs as against national bank
notes; sound and sufficient currency
and prosperity Of Industries IS
against contraction and commercial
ruin.
Mr.. Peck: cannot sit still and
hear you say such things. Yen
know the Republican party never
authorized the reduction of green
backs belowIhree hundred and sixty
millions.
Mr.. Pendleton: I know no such
thing. ! know just the contrary
The law Of speicie- payments OF
greenbacks, and to make national
banking free, provides, compels the
withdrawal OF eighty dollars OF
greenbacks for every hundred dol
lars of national bank notes,
and keeps up this process until
greenbacks shall be reduced to three
hundred millions. Here is the law;
read it for yourself
MIR. Peck: Well, well; did not
believe it.
Mr.. Pendleton, in the course OF
his speech, thus described
CONTRACTION"
Contractionl Shall I tell you
what tits? Have any OF you bought
a lot and paid for it, erected 3 bull
ding, put in machinery, paid for
them all, employed your hand, from
the laborer 20 the skilled mechanic,
and gone into market and bought
the raw material, and given 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
your stock, your building, machine
Try gone, and lot sold by the sheriff:
That man knows what contraction
Is. fSensation.
Has any iaboring man here, when
wages were three dollars q day,
bought lot and bouse and agreed
to pay one-hundred dollars q year
thirty three days work would pay
it? His wages have fallen to one
dollar and a half day, The hun
dred dollars - the notes and
mortgage-remain the same. 1t
takes the wages of sixty days
work to pay the hundred
dollars. My God, that's SO
Contraction! Need tell you again
what it is? Language has been ex-
hausted. Others, more facile with
words than I, have said it bIights as
the frost. 1t destroys as the mil
dew. II eats as the canker-worm.
Like the cold blast of winter, it
shrinks and shrivels eli things with
in i s influence, and finally locks
them in an icy and death-like inert
ness. 1t passes like the angel OF
death, so that there is no house in
which there is not one dead. Ma
caulay has painted its effects in Eng
land two centuries ago. Allison
found his glowing words too tame
for its description in the first quar-
ter in this century. You yoursel-
yes see its infuece all around you.
Will yoH have more of it? And
yet this is the only remedy tb@ Re
publicans hayel
The country is new
Its agricultural and mineral wealth is
inealculable. They are undevelOped.
The variety of soil and climate (and
people, give to it an infinite power
of production. It's great won't, its
pressing necessity, is an entire free
dom for labor-the absolute remov-
al of every obstsIcle, the positive
presence of every aid. Falling pri-
ces, uncertain markets. precRrious
rewards, public debt, and high in
terest are obstacles. Fair prices,
steady markets, ready sales, are
aids; and to secure these a suffiaient
sound currency and low interest are.
Indispensable. These will put in
motion the vast and complicated
machinery of producing and con-,
Stunning industries. And if there be
superadded low taxes, rigid econo-
my, simplicity of government, pur
ity of administration, that motion
will be continued and accelerated.