New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-07-23
POLITICAL.
The Pendleton Speech.

GALlfoPOLIs. Ohio, July Ex-Governor
Allen, George H. Bendleton and others ad-
dressed the Democratic meeting. Pendle-
tons Interpretation of the financial plank
in tho platform: Cessation of contraction,
sound and sufficient currency, promotion
of industries the surest road to the apDreci-
ation Of paper to q par with gold, green.
backs instead of national bank notes,
greenbacks for customs to the extent that
the necessities Of tho government will per-
init. He announced himself q hard money
man, but would not rush needlessly back
to specie payments over the prOstration of
all business and the ruin Of the debtor.
Mr.. PendletOn spoke of the meeting of
the Republican convention of last year and
the claims in it's platform, bat said that this
year it tunes its voice TO different key, and
school system and separation Of church
and State. Upon these points he said the
Democrats could have no argument with
tho Republicans, and he quoted from the
platform to show that the Democratic
party would uphold the State con-
stitution in this respect. He inter
preted the platform to mean ad-
herence to the principles of government
established by the fathers. Opposition to
all encroachments of ono department. upon
another. or of the federal power upon the
constitutional rights of the States. equality
before the law of all citizens, one PSesiden-
tial term, retrenchment wherever there is
extravaganza, reform wherever there is
abuse, no subsidies, the public lands for
actual settlers, tariff for revenue only,
equal and exact justice to all, religion free,
secular education in public schools, Opposi-
ton to sumptuary laws, and to interference
with social habits not criminal to malignant
espionage, and on financial questions cessa-
ton of contraction, a sound and suffi-
cient currency, promotion of industries,
the surest road to the appreciation of paper
to par with gold, greenbacks instead of
national bank notes, greenbacks for Gus
toms to the extent that the nece ssities Of
the government will permit. This plat
form, he claimed, had been misrepresented.
1t called for currency equal to the wants
measure for the volume of currency. Every
issue of government paper, whether legal
tender or not, every restricted banking sys-
TEN, has been an effort to make and keep a
currency equal, according to the Judgment
of the government, to the wants Of trade,
SO with every free banking system.
The Democrats do not favor q deprecia'
ed currency. He thought he interpreted
the opinion of the party and the platform
when he declared they were in favor Of coin
as the basis of currency; that a paper cur
rency should be convertible into coin at par;
that the party desire return to specie
payments as speedily as the interest of
labor sud business will permit; that we
would be glad t. return Immediately if
honor and good faith and justice would per-
NIT. and it we're possible. The Democratic
party is not now, and never has be IN in favor
Of repudiation in any form. We do belisve it
try's obligations according TO tho spirit
and letter of our promise. We are
not now, and never have been in favor of .
volume of currency, changing aud huctu.
ating, according to the whims of parties or
the interests of bankers, or the demands of
reckless speculators; but sufficient for the
easy, active, economic and profitable inter
change 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, which at the outset
cost the people six per cent, and are
at best only yedeemable in green.
backs. He confessed that there were
defects and dangers in this coin basis sys-
tem-the superstructure of paper was
larger than the foundation of coin, and
that as the superstructure grows higher it
grows wider and larger: but he said he
would not discuss to-day the merits of the
various kinds Of currency. The present
necessities demand relief that should be-
promptly furnished. He repeated that he
was . hard money man, and return to
specie payments should be kept steadily
in view in legislation and action,
and that wise craftsmanship will seek the
means Of reconciling such return with the
true interests of labor and business and
justice to the debtor. Resumption can not
be forced; it must be the proper outgrowth
of surrounding healthy conditions, Or it
will be neither beneficial nor permanent.
When in Congress he voted against the
legal tender act. believing the law uncon.
stitutional and the policy unwise. As the
policy had become interviewer with our sys.
tenn of fpance and trade, he would seek all
the good he could find in At. He would
not abandon specie payments. but he
would not rush ruthlessly back to specie
over the prostratioA of all bust
ness end the ruin Of the debtor. Tho Dem