Year: 1869

Immediately upon the acceptance by Hon.
George II. Pcndleton of the nomination in
Ohio, Gen S. f. Cary took the stump in his
behalf Gen G. was elected to the last Con-
gress from one of the Cincinnati districts, on
the workingmens Independent ticket and
has long been distinguished for his efforts in
behalf of the laboring classes. lie now sees
no hope for the advancement of their interests
save in the triumph of the Democracy, and
accordingly is lending his powerful voice and
influence for the election of Mr.. Pendleton.
From his speech at the great Cincinnati Rat-
iication Meeting, we extract that portion
which treats Of the financial questions now
before the country:


The financial question is of the greatest in
terest and Importance, as upon its proper set
tlcment depends the preservation Of our ma
tional honor, the prosperity Of the whole peo-
pie, the eNaltation of labor and the pcrpetua-
ton Of democratic institutions. The last Ma
tional Convention of the Republican party
resolved that the debt of the government
should be paid according to the letter and
spirit OF the laws-under which it was created.
In its State Conventions in Ohio and Indiana
two years ago, as we'll rs in other localities,
it was resolved that the fve-twenty bonds
Composing the largest part of the dcbD We're
payable, and should be paid only in legal
tender notes Thaddeus Stevens, the dis
tinguished leader of the party, and chairman
Of the committee of Ways and Means of the
House Of Representatives, by whom the laws
creating the bonds were reported, and other
leading men Of the party, declared that it was
the expectation and intention to pay them
only i'll grecnbacks Mr.. Stevens favored
paying the interest as we'll rs the principal in
legal tenders, but finally yielded, for the
reason that the gold payment of the interest
might enchance the market value Of the bonds.


The bondholders and National bankers
havc-sincc become mighty powerin in the land,
and having complete control in Congress,
have decreed that the entire bonded debt OF
the United States shall be paid in gold. presi-
dent Grant not only signed the bill cnacting
gold payment, but declared in effect in his
inaugural that this was = cardinal measure Of
his administration. The Convention nomi-
mating General Hayes for recollection endorses
the ''@old bill, and he is its advocate. The
Republican party, after equivocatng and
dodging, and being on both sides of this
question, has at last taken its position on the
side of the National banker and untaXcd bond
holder.


The Democratic party is Just Us emphatic
and distinct in its avowal that these bonds,
having been purchased with legal tender
money at less than fifty cents on the dollar
Gin gold and having been made payable in
lawful money, they should be paid as fast as
redeemable in grcenbachs, these being the
lawful money Of the people. The issue is
fairly joined, and it is for the voters to decide
whether eight hundred millions of dollars
shall be- added to the already crushing load Of
debt simply to @r;ltify the lapacity of the I'M
taxed moneyel aristocracy, or whether they
will abide by the letter and spirit of the law
and pay the bondholders in the same money
which taxpayers receive for their labor and
the products of their t;trnls and Workshops
Applause.


There arc substantial reason why Lam with
the Democratic party on this issue, which may
be briefly stated:


L. Payment in gold of the lve-twcnty bonds
was never promised nor intended,


, If disposed to pay these bonds in coin
the people have no coin with which to pay
them and they cannot oct ii in the world in
sufficient quantities.


81 Having received from the Government
IN its extremity usulious interest for their
money, a demand that the principal shall be
paid Ill coin is dishonest unjust and insolent
10 embody all in n single spntencc-the pro-
dueing classes are under no legal or moral
obligation to pay these bonds in coin; they
could not thus pay them if they would and
ought not if they could. (Applausc)


have said the national honor is involved
in this issue. Ii the people are not allowed
to liquidate these bonds in legal tender notes
according to their letter and spirit rcpudia-
ton will come, if not from choice, from
necessity, as certain Is that death will come
to all the living. Let us maintain the nations
both debtor and creditor, by paving the
debt according to its terms in the money of
the people. Prominent Radicals, and Demo
cratic capitalists who insist upon coin pay
ment, say that greenhacks arc not money and
that the bonds are payable in money. This is
certainly Il recent discovery. During the war
they were held to be and were treated Us
money by every department of government,
Legislative, judicial and executive. The
soldiers who We're entitled to receive thirteen
dollars per month III money We're paid in what
is snceringly called S'papcr promises,r and
they received them as money at par, although
worth in gold forty cents on a dollar They
were even used by the Government us money
in the purchase of all army supplies in the
payment Of all debt, and the widows and or
phan5 of our fallen heroes must take them for
PENSIONS payable onfY IN M0NeV. Every
Office OF the Government from the greatest
to the least, receives them. States us well
rs Individuals pay even their own obligations
with them and all the people know and ac-
cept them rs the only money in circulation


Whatever is endowed by National law with
the functions Of money, and is made legal
tender for the payment Of all taxes and Gov
ernment dues, Is money, no difference in what
form or OF what material. No !Siuic can make
anything but gold and silver II legal tender
for the payment OF debts. The power to coin
money and regulate its value is an attribute
Of the highest sovereignty, and is therefore by
the Constitution conferred only upon Con-
gress. In the exercise Of that power Con
gress has made greenbacks u legal tender,
and the States and the people have received
and disbursed them Us money. Applause |


To make bondhoders privileged class by
law, not only eXcmpting them from taxation,
but paying them in money unknown to the
people, is an outrage which will not be toler-
ated. The Republican party is full commit
ted to the consummation of this outrage, and
this is therefore Il distinct. and, think, most
important issue in this canvass.


We are told that these bonds are now lar"e-
" held and owned in Europe, and that The
holders have right to expect payment in the
money of the civilized world. 10 this reply
that each Independent nation establishes its
,J,t., Il ,