The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-20
mr. P.ndIeton,. Financial views.

From The ~. Y World.
The Times recently made retraction of
its statements aspersing the reputation of Mr..
Pendleton, and we hope the Tribune, which
has more than once reiterated the same un-
founded statements, will follow its example.
This is not more due to Mr.. Pendleton, whose
opinions have been injuriously misrepresented,
than to the character of these journals, which
owe their readers the truth on every subject
important enough for notice in their columns.
The Times, we are sorry to say subjOins to its
Tetraction shutting attempt to show that
there was some reason to attribute to Mr.. PEN
dleton a plan which he has repeatedly and
wholly disclaimed. The 4 1imeS has again and
again charged Mr.. Pendleton with a wish to
initiate the currency to the amount
of the funded debt, amounting to
something like two Thousand mil
lion dollars, when, in point of fact, he has,
in every speech he has made on the subject,
dsclaimed any wish to increase the currency
at all. But the Times thinks it discovers that
a vast expansion would be necessary to pay
the public debt in greenbacks. 1t thinks the
charge it is compelled to withdraw as a fact
may be sustained as an inference. But so long
as Mr., Pendleton himself neither draws nor
admits that inference, there is no color of JUS
tice in circulating it as part of his views.
The inference, if sound, might be a valid argu-
ment against his views; very likely if it could
be sustained to the satisfaction of Mr.. Pendle-
ton, he would TenOunce his plan. But as he
breaches a specific and detailed scheme by
which he thinks the public debt can be paid
without further expansion, it would have been
more pertinent to show wherein this is de-
fective than to endeavOr, by vague general
inferences, to make him responsible for oonse-
quences he disclaims.
The Times loose inference might easily be
retOTted. IT. as it holds, it be impossible to
pay the debt in greenbacks as it falls due
without enormous initiation, it logically fol-
lows that it would be impossible to pay it in
gold without corresponding increase OF coin.
1t takes no more greenbacks to pay debt,
dollar for dollar, than it wOald of gold to pay
the same debt dollar for dollar. The Tines
must therefore see that it puts itself in this
dilemma: either its inference from MIR. PEN
dleton's views is false, or the debt cannot be
paid at all.
The only successful way to rebut Mr. PEN
dleton's reasoning is to disprove his main
position. Once admit it to be consistent with
the public faith to pay the Five-twenties in
gTeenbaclxs, and the rest of Mr.. Pendleton's
plan is defensible and statesmanlilze. But if it
can be proved that the Government is under
a legal and moral obligation to pay the prinoi-
pal in gold, Mr.. PendletOn would be himself
among the first to admit that the whole ques-
tiOn is closed. Ii the obligation TO pay gold
cannot be proved II is futile to stand oavilling
at the details of his plan. This has been our
view from the first and while steadily oppos-
ing Mr.. Pendletons fundamental tenet, we
have not thought it worth while to take the
slightest notice OF any other part of his scheme.
II his main position can be refuted, the whole
falls but if his main position can not be re-
futed, what he builds on it is sound, although
it might require modification in the details
We shall take an early occasion TO restate
the argument against the payability of the
iive-twenty bonds in greenbac1s; and we hope
"a put it with such cogency that even Mr.. Pen
dl,ton (who is as candid as he is courageous)
will perhaps be induced to reconsider his CON
olusions. Heis as Jealous as any man ia the
country TO have the public faith maintained
ihviolate, and should he be convinced that the
Government is under an engagement to pay
gold, lie win cease 20 press his plan. lie has
| been so widely misTepreseuted by Republican
journals that we think it due 10 truth that our
readers should be permitted TO see precisely