The daily gazette., 1877-10-02
= HEo H1O iCANv ASS
4 Mr., PENDLEToN'SSPEECH.

4 George Arthur introduced Mr.. Pendle-
ton, who opened with courteous allu-
sion to his opponent, General Garfield,
aud referred to the beautiful and thriV-
ing city ,OfSpringfeids He rojoiced In the
which he saw about him to-day
shown in fine business houses, private
residences and mammoth factories; yet
even here are men out of employment
This is state of things which exists else
where to still greater extent. 1t is seen
in the ten thousand failures which have
occurred In the, commercial world within
the last twelve months; it is seen in the
distress prevailing fp the IRON regions.
What is the cause ofthis? Why are men
idle who are willing to worKp Since
President Hayes has So successfully es-
tablished good feeling between the North
and South, this Is the great problem to
be solved. These results, Mr.. Pendleton
claimed, are due to the fact that the Re-
publican party has sacrificed the cause of
the laboring man in behalf of the money
power. At the close of the war its waste
in both the North and South demanded
the stimulation of industry. The pro-
ducer should have been aided by the es.
tablishment of an ample currency. In
stead of this, we began to contract the
currency and pay war debts at peace
prices. The energies of the people were
crushed; prices fell and commercial dis
tress followed. In 1866, two-thirds of our
National debt was held at home by our
own people and was easily controlled land
yet In three years the Secretary of the
Treasury announce that ST, 1O0,0 100000 Of
this debt had been bonded, the interest oi
which was to be paid in gold and to &c
abroad. The result of this is that the
country is drained of coin. This funding
process has contracted the currency to the
extent of more than $70,000,000. The
five-twenties are payable in gieenbacks
in accordance with law and contract, and
the interest only is to be paid in coin
Thaddeus Stephens and Senator Morton
were quoted to prove this, yet the firs'
act under General Grants administration
provided that greenbacks should be pait
in coin, and from this came distress tt
labor and industry, imposing on them an
additional burden of $800,000,000. Sud
denly during this year, when new batcl
of bonds is to be put forth, it is announ-
ced that the interest is to be paid no
only in coin, but in gold coin. If the Re
lpublicans of Ohio prevail on the nintl
Of October, the interest of these bond
will be paid in gold and there will be NJ
remedy. In 1873 new thing was devised
the decentralization of silver. Unit
then, it and gold had been equally lega
tender coins. This was devised to in
crease the value of gold and bonds. TIL
United States being the greatest debto
notion on the globe, and owing $1,000,
100000 abroad, it Is not fair that silve
lshouId be demonetized. OF the $4,000
l000 of silver produced in the whole worl
after 1874, $45,000,000 was produced il
our own country. When we increase
the value of gold we increased the bul
den on industry, General Garfield wa
asked if, when he voted for the bill, b
understood that it would increase th
burden of the people, was that goo'
step toward specie payment? Mr.. Pendle
ton quoted from speech made by Ger
Garfield in Congress in 1876 the passag
"If you demand that the silver dolla
shall be restored, l demand that it shal
be made equal in value to the gold do
lar" and there was vigorous applaus
from the Republicans in the audience
, MIR. Pendle :on said: ave demand tia
Ithe silver dollar be restored with unlIm
ted coinage, and that it be made legs
: tender without limit" All that wa
necessary to crush the country was t
destroy the greenbacks by the passage {
the resumption law, and that has bee
done. Mr.. Pendleton aimed to prov
that there had been reduction of cul
rency to the amount of $l50,000,000, an
said: 81 do not believe that resumptio
can be reached in 1879 without causin
such misery as we have never known.-
Let us take a better course; let us repes
, that law; let us recognize silver; let L
send our products abroad, and max
: gold flo Y into us from all quarters of th
globe. Then we shall have benefcer
convertibility of our paper with GU
coin."