Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-14
sENAron I.ENDLEr0N,s SPEECH.

oEN n US NDLExON>S SIEECH.
Probably the ablest exposition of the Dem
ocratic idea on the currency that has yet been
made was the speech of Senator George H.
Pendleton at Columbus, from which the
GLOBE made copious extracts Yesterday.
When MIR. Pendleton first advanced the idea
that our currency should be issuea direct
~ the government, and that all should have
IN equal legal tender value and he receivable
or dues of the government, he was de-
nounced as financial hereto and repudi-
.tor, his theories CONTEMPORARY treated,
md those who sided with him were denom-
mated rag baby nurses and lunatics. But
the strong common sense of the American
people has resumed its sway, and large
majority of the intelligent voters Of the
country are abreast with, if they do not lead,
Mr. Pendleton.
The propositions laid down by Mr.. PEN
lleton are concise and easily understood; his
arguments are conclusive Of the correctness
Of his position; his refutation of the false
fiscal theories of Mr.. Sherman and other Re-
publican speakers are complete and unan-
'werable. We could not add one iota to the
for;e of his remarks, or point out an error
in his logic. But too much stress cannot be
aid upon the evils of Sherman's policy, and
we cannot be too pointed in referring to his
bad faith in executing the laws of Congress
in accomplishing by iudirection what he
dare not attempt openly. The law of Con-
gress expressly provides that there shall be
no further contraction of the greenbeck cur
rency. Mr.. Sherman is a servant of tho law
its administrator to certain extent. Both
parties agree that the present volume of
the currency is none too great for the nee DIS
of the country. But Mr.. Sherman and The
money brokers whose plant tool he is be-
lieve in the policy OF ontraction. It has a
tendency to unsettle business and to incre Sc
values of certain favored articles. To ", rk
lis purpose and yet seem to obey the le ter
# tn, law Mr.. Sherman has boarded ], cal
ender notes in the treasury, and thus pre-
'cnted them from obtaining circulation.
lie dare not cancel the notes; the law for
bids that; but he eff .cts contraction by as
effective means-that of Withdrawing notes
rom circulation anil hiding them in the
vaults of the treasury. This system of
piracy is responsible for much of the disas
ter that has overtaken our industry. It has
produced an artificial scarcity of money, and
che books of the bankrupt courts, the empty
warehouses, the idle machinery and the
army of unemployed labore,s testify with
What result. Mr.. Sherman wants to resume
specie payments on the first of January next.
but he is retiring currency from circulation
ls fast as possible, SO that when that time
,rrives there will be nothing to redeem. He
knows that he would be unable to maintain
the forced resumption except by contracting
he greenback currency, and in violation of
ihe spirit of the Inv of Congress and the
unanimous demands of people of all parties lie
contracting the currency nt the rate of
many millions month.
In regard to the circulation of the stand
.rd silver dollar, Mr.. Sherman's policy
shows equal bad faith. Instead of issuing It
IS required by law, he declares that the peo.
pie do not want it, and he therefore boards
It in tie treasury, with the apparent design
It forcing it into circulation in
large lots at one time, in
the hope that the sudden plenty may become
plethora and result in the depreciation of
The coin. This state of affairs would give
MS money-broklng partners another chance
TO shave the people, and might form the ba-
'is OF another attempt to demonetize the
silver dollar. His scheme. however. ia too
veil understood to be successful. He NAV
succeed for q few months in creating sr-
perabundance of silver on the market. but il
will soon be absorbed BY the demands of
trade, and thoroughly equalized. Mr..
pendleton hardly laid enough stress upon
this point, which is in reality the whole Sc
cret of Sherman's financial policy-a desire
to create instability with a view to benetitino
tle sock and money gamblers of Wall
street. But it should be kept efore the
people in season and out of season. for thev
have right to know how the financial min.
ister of the government is abusing the trnst
reposed in him.