The New NationPaxson, Frederic L. (Frederic Logan)
History
The New Nation
Paxson, Frederic L. (Frederic Logan)
United States -- History -- 1865-1921
Like every other West, the West of 1868 was in debt; like every other
debtor community, it was liable to yield to theories of inflation, and
was prone to look to politics for redress of grievances. The farmers of
Massachusetts and Connecticut had followed Shays for this purpose in
1786; Ohio and Kentucky had attacked the second Bank of the United
States when it forced their banks to pay their debts; and now the
Northwest listened to politicians who told them that more greenbacks
would cure their ills.
The advocates of the Greenback movement urged that the legal tenders be
retained as the foundation of the currency, and that all bonds and
interest payable in "lawful money" be paid in paper. By thus increasing
the volume of greenbacks in circulation they hoped to avoid a fall in
prices or an increased pressure on the debtor. Wherever men were heavily
in debt, they accepted this doctrine. George H. Pendleton, of Ohio,
became its most prominent spokesman, though it received the support of
men as far apart as Thaddeus Stevens and B.F. Butler, and on it as an
issue Pendleton sought to obtain for himself the Democratic nomination
for the presidency in 1868.
[Footnote 1: In the cases of Knox _vs._ Lee and Juilliard _vs._
Greenman.]
The aspirations of Pendleton, when his friends brought his "Ohio Idea"
to the national convention, in Tammany Hall, New York, on July 4, were
opposed by the similar desires of Chief Justice Chase, who still wanted
the Presidency, and Horatio Seymour, the Democratic war Governor of New
York. In its leader, commenting on the convention, _Harper's Weekly_
asserted that "The Democratic Convention of 1864 declared the war a
failure. The loyal people scorned the words and fought on to an
unconditional victory. The Democratic Convention of 1868 declares that
the war debt shall be repudiated. And their words will be equally
spurned by the same honorable people." Pendleton failed to secure the
nomination, which went to Seymour, on the twenty-second ballot, with
Francis P. Blair, Jr., for the Vice-Presidency, but the "Ohio idea" was
embodied in the platform of the party, although Seymour distinctly
disavowed it.
Pledged to what the East commonly regarded as repudiation, the
Democratic party was severely handicapped at the beginning of the
campaign. Not only could their opponents reproach Seymour as a
Copperhead, but they could profess to be frightened by Wade Hampton and
the "hundred other rebel officers who sat in the Convention." Already
including "treason," and disloyalty, the indictment was amended to
include dishonor, by the Republicans, who scarcely needed the strong
popularity of Grant to carry them into office.
Public-domain text, read in full here on John Shaqi.
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