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Show TELEGRAPHIC Debate It el w ecu ludletuu auU Ourlieitl. PENDLETON. A joint discussion between Qporpe H. PenL'leton ud Jmes A. Garliokl, at Lancaster, O., recently wae listened (.0 by a large crowd. Mr. Pendleton, in the course of bis remarks, took up the subject of the reaumplion law ol 1S75, Buying that when it was passed gold wns at a premium of 6 per cent. Since then it has come down one-half. The law does not demand contracted, doen not say tbat men or banke shall contraction. It is claimed by its friends in be an expansion law, but the effect of it is to make all industries valueless. value-less. Men cannot borrow money to day tn rlo buainenBOn, or make contracts, if within three or six months money ib 3 or 4 per cent, higher than it was when they went into the enterprise. Bunks cannot put forth their circula tion, if within six or eight years they are obliged te resume in gold 8 or 5 per cent, more valuable than it was when they put forth that circulation. Mr. Sherman rnakea 8 reduction, contraction, or hoarding of gold, I don't care what you cll it, of 150,-000,000, 150,-000,000, in order to reduce the premium pre-mium on gold 3 per- cent, or 3J per cent. Cun the industries of the country stand another contraction of 150,000;000 in order to gut rid of the other 3 per cent? -' The greenback1 is made a . dis honored cuirency, inferior to gold. The wit of man cannot devise a scheme by which currencies made unequal un-equal by law shall be kept equal, except ex-cept by absolute convertibility, and il the convertbility fails for one moment, then the wbole scheme of keeping thera at par fails. Gold will go where it is wanted. However so little at a premium, it oan not be paid out by the government or in business without with-out a Joes. How much, I aek the hundred millions of greenbacks upon a convertibility of that kind7 I have found no answer to tbat question anywhere; any-where; none by Mr. Sherman, none by my friend here. It by resumption under the contrac-"lion contrac-"lion act you buy up paper dollar, for dollar, dol-lar, you must have $o00,'000,000of coin. I f by redemption you can convert and do nothing with the greenbacks, laying lay-ing them aBide for further disposition, then you must have $300,000,000 likewise. When you intend to rely upon a broken reed, when men know you have not got the gold to resume on, will they believe tbat you will? That would be more dishonor and a second suspension, While every man might believe that his neighbor would not present himself and demand golif, yet they themselves would do so. But if you mean by redemption .that greenbacks shall be converted and then paid out again to the creditors credi-tors of the government, then I want to know how long it will be before t be man who bus the greenback will be kflcp it - without going .to - the ilepart-hient and having it redeemed id g"ld, bee iu88 when he has the gold he;h3 the money with which he can pny customs ; It would be a rapid . race from the paymaster's ufiice to - the place of redumption, re-dumption, and if lb at process is to go, now you Bee it -nnd now you don't see it, no hi an can tell how much currency' cur-rency' would be necessary to keep that currency afloat. I would ask the gentleman. Is there enough currency io the ccuntry to keep the paper afloat? This country never bad more coin than paper, except at very rare intervals. France to day has as much coin aa fihe has paper outstanding. Coin is hoarded by her people beyond all precedent, and yet the Bank of France cannot resume 'to day. England keeps more coin in her country than she does paper, and we all know with what watchfulness she guards tboe reserves. We are ;the debtor nation; England, France and Germany are the credit nations. Coin flows into them; coin id constantly con-stantly supplied by the baUuce of trade; coin toes from us. We send them from $50,000,000 to GO,000,000 every yeur, and pay S150.000.000 in gild produclti. Now, speaking with great modesly, I believe I havo demonstrated to you that in order to j reach resumption in 1879 you must I contract the greenbacks or by the kales ot gold bondt', and hoard a volume of gold larger and greater than the volume of greenbacks. I have this to say, that such a system of boarding and contraction will destroy de-stroy the industries of this country; it will bankrupt it by the constant increase in-crease of its debt. This is coin resumption in 1879, and that is ail it means. And Mr. Sutirman is entirely right when be says that there are but twii methods by which it can be done; either a contraction con-traction of the currency or a hoarding ot the coin. I have spoken of this movement nothing except as to the ditiicullifcB to the government under either system, aud the paralysis of your enterprise, the light rewards of your industry, the bankruptcy to tradesmen, and distress to the community com-munity tbat will clothe the land with mourning, and there will not be in the government a household in which tbere will not be the sound otdisLeis. The only place in which there will be joy will be in the bouse of the usurer Hiid money-lender. . . ...... ; Which plan of resumption, my frienda, does, the republican party propose? Upon which does it stand? Will you by boarding or will you by contraction produce this result of specie guid payment in 1879? Gentle men, tweaking for mysell and believing believ-ing that 1 apeak also to-day as the accredited agent . of the democratic party, we will have neither method. We don't believe that .resumption in 1879, under our present condition of busipeas, is poaible. Specie payments pay-ments I hope, will come. Tbere are conditions under which it would be beneficent; condilious-under which il will come with blessings and Dot curses along with it.- Those conditions condi-tions -are tbat this resumption act should be repealed, and tbat silver shall be remonelizcd, that our industries indus-tries shall be euergtz'.-d, and by the bounty of this great and growing people applied to the industries, by all the benelactic nd. that God has given us, to make this a productive country, we shall bring all the.othcr nations ot the world' to l;y their tribute at our leet. When that id tioue when we are creditors and not. debtors; when your bonds are at home, and when your bunds tiro at home, and when your country is not drained by debt; when coin is coming to us, and not goiug Irom. us; when the country blooms and prospers through the whole laud; when other nations bring their wealth and lay it, as it ought to be laid, at the leet of this people, as combining more noble and grand qualities, uud when, through God's Eoodueea to us, we enter that conditionthen condi-tionthen we can resume, and then it will be beneficent. Great and continued con-tinued applause. GAHPrELD. Mr. Garfield, in his rejoinder, Baid: My distinguished friend is in favor ol reaumplion when the United States becomes a creditor nation, and no longer a debtor nation. We are paying pay-ing our debt at the present rate of taxation at the rate of about 130,000,-000 130,000,-000 a year. vVe owe $2,000,000,000; you oau see that we will be able to resumo, according to his theory, in about loO years from now. Laughter Laugh-ter acd applause. Tb:i.t is something the way Peter followed the Lord afur ofl'. Renewed laughter. Labt year it was "just repeal the date, eo as to hasten it." Now it is, ' until it may be for yer.rs, or it may be forever, but when we shall cease to be a debtor nation," My friand'n point ia tht we have contracted the currency $150,000,000, and have got dowu front 6 per cent, premium to 3 per cent. He hag only tnade a mis- j take of $100,000,000 in the contrac tion business, anl 7 por cent, in the I rate of discount. That is a little j thing, not a large item when we con-1 aider billions together, butseemB large ' when we consider smaller amounts. 1 I have in my baud the official state- j ment up to the first day of September, from the secretary ol the treasury, showing not only the volume of the circulating medium, but the present amount. I have ako a table showing that amount in each year for the last ten years. I read from the figures of 1874. That was before the resumption act took place. We bad at that time, iu legal-tender notes, and fractional currency, and national bank notes, $707,500,000, ot all those together. We have to day lor national bank notes, greenbacks, fractional cur-rtnry, cur-rtnry, and silver fractional currency, $727,53S,000, a contraction of less than $50,000,000 sinae June 30, 1S74. When the resumption law passed in June, 1S75, told stood at 113 and a fraction; to day gold ia 103J, or it was yesterday. Put the two lacU together. to-gether. If we take the only policy of contraction of which my friend speaks, il $50,000,000 of contraction brings us dowu from thirteen to three cents, how much more contraction will it take to bring the . remaining three cents? If we take the other policy my friend siys that boarding cannot be done. As to the amount of gold and silver coin in the country, I have here the official sluleinent of tbe secretary of the treucitry: On the first day of the present month there were in the vaults of the treasury $100,904,936 iu gold and silver coin, and that was an increase of $14,000,000 in twelve months. How ia that, gentlemen, for the other method ot resumption? My friend leaves out of account the fact tbat $1G6,000,000 of gold streams from Europe to us every year, over and above what we have to purchase. I don't mean to say that we don't pay & part ol that on interest abroad. But I want to call my friend's attention at-tention to another lact: When we began be-gan our policy in 1867, of refunding, that be finds so much tanlt with, we were paying $143,000,000 coin per year ot interest on our publio debt. Tbat euormouB Bum fell down during tbe time of that policy of refundiug the public debt at tbe lower rate of interest we are now paying, $90,000,-000 $90,000,-000 a year only a saving of $53,000,-000 $53,000,-000 in coin every year to the country, a saving alone which, in ten years, will make $530,000,000 to the taxpayers taxpay-ers of this country. Renewed applause ap-plause i, Fellow-citizens, I am not blue about the future ol this American republic of oura; I am not especially one of those who tbiok that the country is going to the demnition bow-wows because be-cause it pays ofl its debts. I leel that it is brightening all around our skies. In the Btateof Ohio alone we have for sale, over aud above five bushels per annum ner bead for our population 45,000,000 bushels of wheat, which will put about $50,000,000 into the laps of our farmers. Is that a thing to set up a howl over and grieve about when the great' crops of the year come on as they have? Let us not turn our faces to the rear and look into the tumultuous wake of our ship, but, standing rather on the prow, have hope that our country can pay its debts. Prolonged applause. Tbat is the gospel of gioom which my friend preaches; let us have more ol the gospel of hope. |