The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-09-14

VI .ivOteSs sts.fa*
Hon. GEoRas II. PEsnIEToN, the orr ylnaal
Greenbacker. madea speech at Columbus
Ohio, last Tuesday. He was the favofite
Greenback candidate for President IN lsoS'
aud his friends appeared IL New YORK at
the Natlona, Convention of that year WIN
thousands OF Imitation grccnhacks, some OF
them PINNED on their coat-coiiars.
The Empire City was alive with green
backs. Now. lie. every sensible man reaa
and learn for himself how far the ONO
Democrats 60 in this matter.
Mr.. PENDtEToS said:
The Democratic platform declares in ia.
yor of papcr-money made receivable for all
dues to the Government OF equal tender
with coin, the amount Of such issues to be
so regulated by legislation OF organic la"
"a to give the people an assurance OF the
STABILITY in rolume Of currency, and conse'
qasent stability Of vatue. All parties IN
Oho-I say parties, not individIais-con'
cur that the amount OF grcenbacks now out.
standing By law-about $34i ,00o, 000-shat
be permaneutly maintained in our curren'
CIV. And no party ventures TO a1Erm III
words that there should be any contraction
Of the present amount OF outstanding bank.
note cnrrcncy-about 1922, eco, 000-unless
an equal volume be otherwise supplied.
lThis would be no ,inflation.]
Mir. p. continued:
The Democratic party demands the rrpeal
OF the resumption act. the liberation o. tue
coin boarded in the Treasury, the Tree ano
unlimited coinage OF silver, the gradual
substitution O; greenbacks Tor bank cur
rency. the amount to be so fegula'ea as to
give assurance Of stability IN volume ana IN
yalue. no further increase liz the bonded
debt. no further sale OF bonds for the pur-
chase OF coin for resumption purposes,
rigid economy, reduction OF expenses, and
a tariff for revenue only. And these it de-
clares to be further acts Of justice, as
well as measures OF relief. They are
so. They will bring relicf-relef to men
who are anxious to work and can hnl
no employment. The want OF employment
for willing workers is the very llml5 OF
misery and distress. Il fills happy homes
with want and suffering; it holloWs the
check and fills with hectic fire the eye OF
wife and mother; it fills honest hearts with
a sense OF bitter Injustice, and then with
despair. and then witt! thoughts OF crime;
it fills the land with trampS, the streets Win
pauperS, The iails with criminals.
Abundant employment, with FAR wages
for all who are willing to work, is the foun-
datiOn ri domestic happiness and OF soc:al
advancement: it promotes every manly VIZ
tue, patience, courage, seli-re>pcct, a>plfa-
ton for better things, and tends to rcprcss
and weaken every vicious impulse. it gives
opportunity for rising; il destroys self-de-
ception IN falling. It Is the necessity OF IN
divIduaI success, and the sole requisite for
national prosperity and growth.
lido not underUalue the resumption Of Spc-
cis-paynacnts, il by that Is meant The eqnatt-
cation of paper and coin money; hope TO
see IL established AID maintained; but 10 be
beneficial it must be natural, il must DC
brought about by The proper condition OF
affairs; it must come as "a blessing, with
healing on lis wings" and rot as curse
over public mi>Iortunes and private rum.
1t must be real and permanent; not sham
and temporary.
THE NOTES OF THE NATIONAL BANKS.
Mr.. PENDLETON. continued:
There are three hundred and TWENTY-FIVE
million Of these notes in circulation. They
are secured by more than three hundred
and fifty millions OF United States bonds.
The amount in circulation four Republican
friends love 70 tell us) is fixed under the
frce-banking law by the real, true wants OF
trade. Therefore so much currency, in adj
dition to the outstanding greenback-three
hundred and fOrty-seven milions-can be
maintained without imitation. which so
alarms them, and without disturbance OF
values.
The Democratic party says: "Withdraw
this bank circulation; issue United States
notes IN their stead. Do it gradually, so as
to produce no shock; do it carefully, so as
10 sacrifice no interests or rights. Buy up
with these notes United States bonds at their
market value and cancel them, and save to
the people annually the interest. This pro-
duces no shock, works no injustice, pro-
vides better currency, produces no lnf1a-
ton, lessons the taxes OF the people, and
gives them the money benefit OF the credit
OF their Government, which. after all, is the
only.support OF bank currency"
The argument is cogent-why should it
not prevail? 1t is admitted that we must
haye-and that it is great positive benefit
that we should havc-33i7, 100000 Of United
States notes outstanding. Why not have
all our papcr-money of the same kind, es-
peciaily il it is more economical for the
people? Will it be less valuable, less free
OF circulation: Viii it be more oncrous to
the Government: Will it be more fruitful
OF private disaster, or of public temorai-
cation, or OF unsound political influence
Nobody pretendS it. Again l ask, why
should it not prevail?
GPlainly Mr.. PEEDLEroS and the Ohio
Democrats do not propose 10 add one dollar
to the amount OF papeT-money now in cir
culation. They propose merely to substi-
tute grcenbacks for national. bank hottest
THE OLD STATE-BANK SYSTEM.
Mr.. PESpLEToy thus described the Old
ante bellum bank-note:
A bank.note, whether national or state
bank, substantially such rs we had before
1862, which is on Its face promise tc pay
coin on demand, and whose value depends
upon the ability OF the bank Issuing 1t at
ali times to fulfil that promise. 1t Is SAID
that experience has shown that coin equal
to one quarter or one third OF the amount
promised by these notes will suffice TO keep
Them at par. History does not support the
assertion.
This form Of papcr-muncy depended sole.
ly on the capacity OF the bank 10 redeem in
coin. say solely, because, although there
were many expedients devised to give ulti-
mate security to the note-holder, yet, il the
bank did in fact refuse resumption over its
counter, panic cnsued. the notes depre-
ciatcd. they lost their currency, and were
finally either scaled or totally repudiated,
or paid to spectators who had bought them
at low rates. Without single exception,
so far as II now recall, the note holder who
received them in business lost largely.
The law permitted. and, acoasequence
as memorable as human greed, eploined, an