The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-09-02
A Currency Debate ,haf was MOI D"h.

A Currency Debate ,haf was MOI D"h'
Mr.. PEspLEToN, Of Ohio, appears TO be not
only a ready debater, but witty one. In
sneecb. last Saturday, at Warren, one Of the
towns of bis State, which he delivered TO an
immense audience, after recitiug some stalls
tics showing the decided contraction OF the
currency, be said:
And now, my friends, l submit to you
whether have not made good my assertion
that there has been constant, grlnaing con-
traction of the currency! go,
Just here a respectable.lookins, m'dd'c'
AGED gentleman, who announced himself as
Mr. Peck, of Ashtabula county, rose and
said:
MIR. Pendleton, will you answer me ques'
ton! A.
l will if 1 can, promptly responded Mr..
Pendleton. lao
| accumulated to an extraordinary amount IN
New York, and can be he'd there on eau al
two per cent! A..
exact amount which bias accumulated nor
the ex +ct rate of interest which Is demanded
for loans on call; but, for the sake OF an
swcr. will adult the facts supposed by your
question to be true.
Who borrows on call? The merchant
The manufacturer The tradesmau: The
hnilders The farmerY Not one OF them.
| Never! Not man who is engaged ia useful
business. Not man whose occupation en-.
riches society or benefits the community.
They cannot. They must know when their
debts become due. They cannot pay on no.
tice of day or an hour. The only people
who borrow on call are the stockholders
and stock.gam5 lcrs, and they invest in stocks
which have always some market value, and
| mt these stocks as cofaterals. and then they
| bulI. and bear, and corner the market until
fro. and roulette; and three card montc be-
come reputable by comparison. Money too
plenty! Let the merchant take his note
with a good endorSer at four months, and he
will either get no money or he will pay ten
| npr cent. for Il. Let the manufacturer take
the notes given for his wares, and himself
endorse them, and be will see how often linz
will be refused. and how deeply he will be
shaved Let one Of your farmers take his
note for one year, secured by mortgage OH
his farm worth ten times as much, aud these
pletboric banks will not look at him, nor Il
| loaner of moneys unless at ten per cent. and
commissions. That's true.]
MIR. Peck: But is there not money enough
for those who have something 10 give in eX-
change? Answer ME thai.
MIR. Pendleton: Something in exchange.
The laborcr is eager 10 give his work, that
his family may not starye. Is that nothing
The IN ,nufacturer and merchant will give
their nqme, their credit, their best mind,
their closest attention, their unremltting in.
dustry. Are these nothngr The farmer
will pledge his fertile acres. The iron.own-
ers of Lawrence aud Meigs and Mahoaing
have their iron stacked up like cord wood
because they can get no money for it. Are
these nothing. General SOyes told you, or
rather told the people Of Niles, last evening
that there was too much taoney and too lit
tie business.
MI Peck: And that is what say.
Mr.. Penuletou: You do. Well, why is
there so little business? Have the arms ac-
tcustomed tc abo- been parasZad? Has the
Inventive genius OF our pt Op!e been stricken
with decay: Has the love Of money, which
we are told is "tueroot fail evil" been Grad.
|,icatcd by millennial holiuesss Has capital
los:, its I'd .sire for Increase Are this people
less DESTROYS of comfort, and luxury, and
convenience! These are the Incentives and
instruments of business.
Yonder, here in this splendid meeting of
all your people, are bsawny arms and eager
,faces telling their desire for employ
kHere is capital dead, or, at least, sluggish,
which Graves to he actlCely used. Here are
brman hearts all around me eager 10 accu.
| emulate wealth. Here is a, community highly
civilized, demanding eyeE article W kich can
CRAFTY the eternal longing for an increase OF
comfort, or utility, or luxGry, or taste; de.
nlaGaiug unceas;ng advance in every elalDent
of physical and moral we'll being; and tell
| me-teil these sensible men and women
that thare is too Ettle busineac because there
| is too ssuch money! No, sir. If there'ts so
much mot e7 and so little business, why Gid
not the Rank Of California convert its assets
into moasy ut two per cent. and save that
disastert Why dids't this sugarho ia
Baltimore f5orroW a little OF this plethoric
supply anG ave its cre6i land bonGr? Money
ccumulatesteecauSe tha-e is no bua:neSS, and
business has ceased because this grinding
contraction has caused declining pe:ces and
! loss Of profits. In 1S65-V-'7, when Che cur.
! rency was far greater, business was active,
,snd money neyer.accumula dad.
/ Frightened, as said beige, by the result
,ar last year, Senator Shermaa says now that
specie.pay ments mag be reached withoutany
1 greet contraction. 10 candidate in Ohio to-
J day will avoW himsek for conttaction. AID
get, for all that, they de in fact favor it. ACES
| speak louder than WORDS. If, ashley alleges
tfaqre bts been no contraction ana will not
be much, how will thes reach specie-pay.
ments. w:th which they have fallen in love
so suddenly and desperately? Grow up to
thens They ridicu!e the idea. Increase,
encourage Or industries, and So give us the
balance of pade! They boot at the
idea. There Is, then, no method left but
the plaE Of tEeir last years platform.
III = have carefully left it out Of the platform
this year; but it Is the key OF all their
legislation. 1t Is TO contract the greenbacks
antil specie payments ere reached, and then
iDfate the currency by free national tank
10y. First make money valuable through
the ubtold missries of contraction, and then
maize it more valuable by Investing it in
national banks. Aud thus We are brought
face to face with the true issues between the
parties 10 Ohio to-day: Greenbacks a. against
natioDal.baDk notes sound and Sufficient
currency and prosperity Of industries as
against contraction and commercial l'usD,
Dir. Peck: cannot sit still and hea: you
say such things. You know the Reputl, "sn
party never authorized the reduction II
green backs below three hundred and sixty |
millions.
MIR. Pendleton: / know no such thing.
know just the contrary. The law Of last
@inter-of 1s75-the law to force specie.
payments or greenbacks, and to make ma.
iouai banking tree, provides, comrels the
withdrawal Of eighty dollars of greenbacks
or eYery hundred d.l!ass Of na!ilEal bsak