The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1875-07-29
DEMOCRACY
The Prosperity Of the Country
Demands More Currency
The Views of Hon. George H.
PendletOn.

PendletOn.
We need make no apology for giving
place to the following telegraphic re-
port of tae great speech of Hon. Geo.
II PendletOn at Gallipolis, Ohio, Oh the
2lst, at the formal o1eiing OF the cam
paign in that State
He Interpreted the platform to mean ad-
herenee to the principles of government es-
tablished by the fathers; opposition 10 ali
encroachments Of one department upon an
other. or by the Federal power upon the
constitutional rights Of the States; equality
before the law of all citizens; one Presiden-
I al term: retrenehmenJ wherever there is
extravaganza; reform wherever there is
abuse; no subsidies; public land for actual
settlers; tariff for revenue only; equal and
exact Justice to all; religious freedom; secu-
lar education in public schools; opposition
to sumptuary laws; to interference with so
cial habits not criminal; to malignant espi
onage; and on financial question: u cessa-
ton OF contraction; sound and sufficient
currency; promotion Of industries the sur
est road TO the appreciation of paper to par
with gold; green backs instead Of National
bank notes; greenbacks for customs TO the
extent that the necessities Of the Govern
ment viii permit.
This platform, he claimed, had been mis-
represented 1t called for a currency eqr al
to the wants Of trade, and that he claimed
WAS q fitting measure for the volume of
currency. Every issue of Government paper,
whether legal tender or not, every restricted
banking system, has been effort to make
and keep the currer cy equal. according to the
Judgment of the Government, to the wants of
trade. So with every free banking system.
The Democrats do not favor "A deprecated
currency. He thought he Interpreted the opin-
OF the party and platform when he declared
they were i'll favor of coin the basis of
OF currency; that paper currency should be
convertible into coin at par; that the party
desires return to specie payments as speedily
IS the interests of labor and business will
permit; that we would be glad to return i'm
mediately, honor and good faith would per
nit, and it were possible
The Democratic party IS not now and new
eT has been in favor Of reputation in any
form. We DO believe it is our highest
duty to fulfil all our ceuntry's obi
cations, 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 according to
the whims of parties, or the interest of bank
ers, or the demands of spectators, but suth-
cient for the easy, active, economical inter
change of commo dities, ind as fixed and sta
Die as the nature Of the case will allow, and
so long we must have a Government paper
currency we prefer breenbacks, which are
sound and cheap and good, to National bank
notes, which at the outset cost the people six
per cent. ard are at last only redeemable in
greenbacks. He confessed that there were
defects and dangers IN this coin basis
system; that the superstructme of paper
was larger than the foundation of coin
and that the superstructure grows
higher il grows larger. But he would
not discuss to-day the merits OF the various
kinds of currency. The present necessities
demand relief that should be promptly fur
nished. He repeated that he was a hard
money man. that return to specie payment
should be kept steadily in view, and that
wise statesmAnship viii seek the means of
reconciling such return with the true interests
of labor and business and justice to the debtor.
Resumption cannot be forced; it must be the
proper outgrowth Of surrounding healthy
condition, or it will be neither beneficial nor
permanent,
When in Congress he voted against the le-
gal tender act, believing the law unconstitu-
tional and the policy unwise. As the policy
became interviewer with our system offnance
and trade, he would seek all the good he
could find IN it. lie would not abandon
specie payments, but he would not rush
back to SPECIE payments over the prostration
of all business and the rum of the debtor.
The Democrats established the sub Treasury
system, and the Government in 1861 paid
nothing but gold and silver. A Republican
Congress passed the bond act, the legal ten
der act, and the National Bank act. Gold
and silver ceased to circulate, and IN 1865 the
various issues ofPaPer money had reached an
enormous sum. Then commenced the Re
publican system of finance. Contract the cur
iency, and if necessary to this end, increase
the interest paying debt. Contraction has
been steadily going on with the decrease in
currency, and has been a decline in the pros
perity and happiness ofthe country ,untilnow
we are confronted with a condition of affairs
which all feel too keenly to make description
necessary. To-day there is more property
for sale on execution by Sheriffs of Ohio than
ever before. Gold and paper stand to-day at
a difference of IA per cent. A year ago the
difference was 10 per cent. The Republicans
claim contraction a remedy for these
things. Congress has passed law declaring
resumption shall take place in January. 1879,
and the Treasury is preparing for this by
buying gold and silver. Every dollar of gold
purchased with bonds for redemption Of
greenbacks adds to the annual interest. 1t
is the old story of funding debt which pays
no interest in bonds which pay large interests.
lie showed by comparison that exports of
flour, heat, cotton, ETC., had fallen Otfeighty-
seven millions ofdOllars since las year, and
claimed that we had been burning the candle
1t both ends. The Democratic party points
to the middle path as the way to safety.
Abandon this policy of contraction; stop
tinkering with the currency; stop this effort
at forcing resumption, give stability for
time; give business a moment to revive; pro
mote industry and production, stimulate en-
terprise by the prospect of gain: labor more
and spend less. The great want OF the couu-
try is an entire freedom for labor, a removal
of every obstacle, and the presence of every
aid. Fair prices, steady markest, ready sules,
are aids, and to secure these, a sufficient and
sound currency, and low interest, are indis-
pensa'le, and if these be supeIadded, low
taxes, rlgld economy, simplicity of govern
ment, purity OF administration, that motion
will be continued and accelerated.