Year: 1868

! democratic brother, greenback PENDLE.


TON, into the middle Of next year. We
! commend il to the careful consideration


of the 'unterrifed" who endorsed Pen
J dleton as their fovorite candidate for
the Presidency at their State Convention
! in January last:


! "It is mistake to suppose that they


1.-THE bonds are mostly held by capital
Fists. Large sums, belonging to children
T. and widows, under the order of courts,
por the action of the trustees, have boen
invested in Government bonds. The
! vast amounts held by life or insurance
1 companies and savings banks are, in
1 fact, held in trust for and are the reli-
/ ance Of the great body OF active business
and laboring men or women, or Of wild
| ows and orphans. The savings banks
! of this State, which are the depositaries
/ of the poor, or OF persons Of limited
means, hold short of $50. 900 Of Govern
| ment bonds The whole amount held in
. the State of New York in the various
/ forms of trust will not fall below $500,
900, 600. If we look into other States,
! we shall see that only small share of
these bonds are held by men who are
! known as capitalists; but they belong in
] fact, if not in form, to the business, the
/ active. and the laboring members of So
ciety. The destruction of these secu-


rites would make a wide spread ruin
and distress, which wonid reach into


every workshop and every home, how
ever humble.


'.There is q perfect accord in the
! Democratic anks as to the policy, and


the need of honesty and economy; but
there is some difference Of opinion as to
the construction Of the contract with the
public creditors. Some hold that it is
right, and that it is due to the tax pay


ers that we should save wha, we can by
paying the principal Of the debt in cur
rency; but they underrate the force Of
the argument 1t is mistake to sup
pose that the interests of the bondhold


ers and the tax payer are antagonistic.


The fact is overlooked that, in order to


make any saving by giving the bond
holder a debased or worthless paper, we


must bring upon ourselves disaster and


dishonor, which will cost a hundred fold


what we can save. It means that we


are to give to the laborer for his toll


base currency. 1t means that the hon


or of our country shall be stained. 1t


thot hc lob mon haD


by the increased cost of the comforts of


life. 1t means that the tax payer shall


be burthened by Government proved


to be corrupt and imbecile .,y this very


depreciation of its money. We cannot


afford to speculate upon the nations


honor at so fearful q cost. When dis.


honest merchant or corrupt Govern


ment wishes to make a large profit in


speculation in their owu paper, they


must dish onor themselves as much as
they can. They not only propose to
pay in deprecated paper, but they are
doing what they can to dishonor the
character and credit of the country If
they carry out their corrupt, revolution
ary schemes, they will pay off the debt
with paper which is not worth 10 cents
on the dollar There is no Democrat
living who thinks this can be done with
safety, or that it is for the interest of
the tax payer at the East or the West
Every Democrat demands a policy Of
peace, order and harmony; and just as
far as he gains that, he lifts up the ma
tional credit; he helps the tax payer,
and does justice to the bond holder: he
makes our currency as good as sterling
coin. for that will rise with the public
credit - .-