Year: 1868

gushing I'D Oc Icdl tue HIlel Is stage Srlel
and lamentations from such source ar,
entirely too theatrical TO produce the de
sired effect"


Governor Seym0ur's Speech


Troubles are said never to come singly
The day after the result ofthc New Hamp
shire election became known in the West
the Pendleton repudiators had their joy
farther chilled by the speech of Ex- Govern
or Seymour on the bond question They
might endure the defeat in New Hamp
shire, and ascribc it to ''side issues" anC
''local causes but the powerful voice o
the Empire State in Democratic Conven
ton assembled, against their favorite polio,
of watering the currency" and paying of
the debt in worthless shinplasters, was 9
cruel, crushing blow to their dishonest as
pirations. We publish portion of Gov
ernor Seymour's speech, from which oul
i readers may judge of it's effect upon Pen
dletonism:


1T has been proposed to pay most OF the
j,
ed greenbacks, and it is claimed that this
will save the people hundreds of millions,
without doing injustice TO their holders, as
it is alleged il was the contract they should
thus he paid. This is denied by Others
and it is clear that the proposal has excited
alarm, not only as 10 the mode ofpayment,
but as to a growing feeling in favor of re-
pudiating the debt. The last and perhaps.
the greatest peril to the public credit and
honor, is the fact, which meets US at every
turn, and annnoys wherever met, that the
bendholders are paid in coin, while honest
labor gets debased paper money. This
state of affairs alarms every Thoughtful
man. The sectional division ofour coun-
try into debtor and crditor States has caus-
cd much anxiety in the minds of thought
ful men, lest it should distract the counsels
of our party. While, on the one hand,
the oppressive legislation which burdens
the West with high tariffs, together with
/ the fact that tie revenues drawn from all
sections are mainly paid ont to one, excites
deep feeling; on the other hand, the bonds,
so unwisely, wastefully issued, have gone
! into the hands of innocent holders, who,
to vast amount, are compulsory owners.
1t is a mistake to suppose that they are
/
belonging TO children and widows, under
the order of courts or the action of Trus-
tees, have been invested in government
bonds. The vast amounts held by fire and
| life insurance companies and savings banks
are, in fact, held in trust for, and are the
reliance of, the great body of active bust
ness and laboring men or women or OF
widows and orphans The savings banks
of this State, which are the repositories of
the poor, or of persons of limited means,
hold about S60,0O0,0O0 of government
bonds. The whole amount held in the
State of New York, in the various forms
of trust, will not fall below 100000, 600.
If we look into other States we shall see
that only small share Of these bonds are
held by men known as capitalists, but they
belong in fact, If not in form, to the bust
ness men, the active and the laboring
members of society. The destruction oil
these securities would make widespread
ruin and distress, which would reach into
every workshop and every district, howey-
er humble.
"There is perfect accord in the Demo
cratic ranks as to the policy and the need
of honesty and economy, but there is some
difference or opinion as to the construction
Of the contract with the creditor. Some
hold that it is right, and that it is due to
the taxpayers that we should save what
we can by paying the principal of the debt
in currency, but they underra:e the force
OF their own arguments. 1t is a mistake
to suppose that the interests of the bend
holder and the taxpayers are antagonistic.
The fact is overlooked that in order TO
make any saving by giving the bondhold-
er a debased or worthless paper, we must
bring upon ourselves disaster and dishonor
which will cost hundred fold what we
can save. 1t means that we are to give to
the laborer for his toll base currency. X
means that the the honor of our country
shall be stained. 1t means that our bust.
ness shall be kept in uncertainty and con-
fusion. 1t means that the laboring man
shall suffer by the increased cost of the
comforts OF life. 1t means that the tax
payers shall be burdened by government
proved 10 be corrupt and imbecile by this
very depreciation of its money. We can
not afford to speculate upon the nation s
honor at so fearful a cost. We know that
when dishonest merchant or corrupt
government wishes 10 make large profit in
specializing in their own paper, they must
dishonor themselves as much as they can.
thank God that the faith which we all
hold, as one man, seeks to level up, not TO
level down. II means that sterling coin
shall ring again on the counters of the
tradesman, and glitter in the palm of the
laborer, and gladden. the heart of the
wounded soldier. Our friends forget the
force of their own argument. When they
show how the debt will be paid and taxa
ton lightened, by economy and honesty,
they also show how our paper money will
be made good as gold, The downward
course of men in power admits of traffick-
! ing in the honor Of the country. They
can sink it TO that point that the payment
of the debt will be an easy matter, but ii will
be at the cost of the honoi, the peace and
| welfare of our land. While, therefore, we
may differ as 10 the construction of the
contract with the public creditor, we must
not confound The position of those who
think 1t right to pay in paper, but who bat
tie to make that paper as good as gold,
| with the position of those who mean not
only to pay in paper, but who are also des-
troying the value of that paper. That Is
lrcpudiation. We are not trying to give
paper to the bondhelders, but gold and
silver to the people. There is nothing to
fear from those who think by the contract
lyou should take the paper, IL they take a
lcourse which will make that paper good
as gold. There is everything to fear from
tLosewho are driving on to bankruptcy,
and II matters not what their professions
may be.


II deem IL my duty to speak frankly on
this subject Of the debt We owe tito ouI