Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-10-02

1t sheer impudence and mendacity. The
Democrats favored the increase of the
value of greenbacks, did they? Was
that the reason why they were always
opposed to placing limit upon the is
sue of legal-tenders, and were believing
for more mOney-becaUse it was dspre-
ciated, and they desired still further de-
probation? They favored taking de-
preciated paper for customs simply to
stop coin payments on the bonds, consis-
tent in this with their theory that the
public credit, instead of the most proiita-
bic and precious of possessions, should
be constantly aSsailed with the view
that the makers of it and holders of it
should be treated as public enemies.
This country wOnld have emerged from
the troubles of the war years ago, and
entered upon career of prosperity, if it
had not been for this Internal idiocy.
The saying that the Democrats labored
for the reconciliation of silver is not
true of them As party. There were and
are Democrats rs well as Republicans
gold bugs. The Ewing inhatiOnists
supported the Silver Bill because they
were SO foolish as to believe that is
would hinder rather than help resump-
tion, and that the Rag Baby could DO
squeezed through after the dollar of the
daddies. Opposed to hOardingw were
the Democrats That is, they were Op-
posed to resumption resting on Treas
ury reserve. They did not believe In
piling up gold. The credit of the cOun-
try was good enough for these financial
winged creatures without the accumu-
mutation of the golden and silvern dross
of the earth.
And so Mr.. PendletOn has not been
taught anything no more than
he did when he came forward so crudely
to be the champion of system that be-
lOnged to one of two classes enthusiasts
infatuated with their own dreams, or re-
pudiatOrs taking advantage Of a subter-
fuge to destroy the credit of their conn
try either as gambling speculation or
an act Of Confederate vengeance.
Mr.. PendletOn goes ahead to talk of
the destruction of activities, $50 that
four per cent interest became better
than the return of any industry"
This Is his sneer at the establishment Of
the credit of the United States So that
fourteen millions are saved in interest.
Still Mr.. PendletOn frequently expresses
purpose OF the most pathetic character
to do everybody justice. He should do
himself the justice to see and say that
the way to reduce the public burdens is
to uphold the public credit, and to recog-
nize the entrance of cheap capital into
our enterprises as one Of the benifcent
results of resumption.
Mr.. PendletOn could not in this speech
have completed the circuit of possible
follies and left no fallacy without advO-
cacy, and no financial Justification lack
ing assertion, without contending that
we haven't resumption; and he would
hardly have been consistent with his
Owu confused methods of presenting a
case if he had not Immediately admitted
that there is resumption at last! We
quote:
This is all. do not disparage IL. but wish
to understand 1t fully, and represent 1t fairly
repeat what have said before. 1 am glad
we have obtained it. such as 1t is. 1 am glad
not been entirely without result 1 am glad
the sacrificial Offering has not been entirely
In vain. l value the equalization and consc>
quent convertibility Of all our currency. I
was opposed to disturbing it in 1861. 1 would
not TO disturb It In 1873. It has been reached
through ways which, dlsapprOved, at sscriti-
ces which thought entirely unnecessary; but,
being reached, we will make the best Of it.
The trouble is, the achievement of re-
sumption and the consequent prosper
Gus activity of business are proofs that
Mr.. Pendleton and his political friends
are. financial quacks; and he has no more
discretion while admitting the general
facts that command attention, than to
go on recommending the old nOstrums-
the very names of which have become
nauseating. We quote Mr.. Pendleton
again:
81 will do the Administration and Mr. sher-
man full Justice. When by his system OF
boarding aud contracting aud so appreeiaIiRg
the currency he had made business 80 uncer-
tain that enterprise was stricken with paraly.
sis, and capital could ind no safe investmsnt
In the channels OF industry, and four per cent.
was the alternative of idleness he did refund
much of the public debt with long bonds and
save largely on the interest And now he aids
sumption and his claim Of glory in having
accom- plished It, for these are his pledess
tia he will not further contract the currency,
or hoard IL. or longer make business uupro1t'
able. For these achievements he deserves q
just measure o com nendatlOn-"
Here we have tiippant review of one
Of the most brilliantly managed and
successful operations in the history Of
men and money. Mr. PendletOn should
be aware that his false cry of contrac-
ton has become ridiculous. and that his
misapplication of it in this case is Obvi-
Gus. His pickering about "hOarding" we
ask the special attention Of the reader,
is directed to the accumulation of gold,
without which our financial edifice
would not stand for day. The COM
plaint against Sherman for "hOarding"
is an Outcry against all practiaal finan-
cierS in all countries, and shows the mar
row limitations of Mr. PendletOn's in
formation, or the strange eecentricity of
his judgment.
Consider Mr.. Pendleton as he presents
himself. He would maintain Tesump-
tion by the issue of greenbacks, regard
less Of the contract limiting the amount,
and the dispersion of the Treasury re-
serve as a formality not requisite in the
Democratic method of keeping up cred
it. If this is not quackery, it is foOlery.
Approaching the close of his speech
NJ. Pendleton feels that he must be SOL
emn, and so warns US of the instability
of specie payments. He would turn for
greenbacks, and impressed that the
riches found in gold and silver take
wings and fiys away, he would do some
thing with immutable paper issues de-
creed by the Confederate Caucus, a body
LII WHICH Hc pay . d StlACtA9 SuOoIuIudlt
part. That would seem to be Mr.. Pm
dletons way of providing permanency.
and it is quite in harmony with his gen
eral run of operations. He tells US:
"Has the human intellect exhausted itself
to leave Us in such pitiful dilemma: Can
political science invent no relief from this dis
Il Iessing cycle OF Inevitable struggle, apparent
success, crushing failure: l will not believe
IL. The demand on the statesmanship OF eve
~ Nation to-day 10 to invent the remedy, to
produce a currency which will main tain It's
volume aud value at home, Notwithstanding
the political commercial convulsions OF
foreign Natious, and At the same time bear It's
proper relation to the currency which affects
The exchanges OF those Nstions-which shall
sustain home Industries and exchange their
products Notwithstanding WARS and runners
Df wars. The greenback was an effort In that
direction"
Precisely, and De la Matyr. Ben. But
er, y saunders Piatt and others have
worked the thing out. The main point