Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1869-09-24
Mr.. PendletOn's Figures.

WE regret that Mr.. Pendleton should
have been prematurely called on by his
impatient supporters, and so led into the
unfortunate mistake of committing him.
self to crude and inaccurate statements in
regard to the finances, especially, in his
only speech of the canvass. These things
detract, in the minds of those who do not
know his honorable intent, from the repu
tation for candid craftsmanship accorded
him by his political and personal friends.
In this speech, which our readers saw on
Saturday, Mr. Pendleton seems more in
tent in making out case against his OPP
ponents than upon helping his auditors to
understand the situation as it is.
For example, in what he says of the
diminution7 Of the national debt under
President Grants administrations point
which is telling with great effect in favor
of the Republican party-Mr. Pendleton
resorts to species of figuring which does
him no credit, even for ingenuity. His
process is no better than that of certain
Democratic organs which we exposed
some time slnce-of counting the sinking
fund as a debt, and reckoning cash on
hand and bonds bought in, ON the wrong
side of the account-in order to make 1t
appear that the thorough retrenchment
and economy put in practice by this Ad-
ministration, and its largely increased re-
ceipts from an honest collection OF the
revenue, have not diminished but actually
increased the debt Mr.. Pendleton well
says: "Figures won't lie may be very
true saying, but they may be SO turned
and twisted that they convey to us COM
mon people, who are not Secretaries or
Presidential candidates but only tax pay
ers, a very false impression" And he
proceeds to demonstrate-in different
way from what we might have expected
the truth of his remark.
Mr.. Pendleton first objects to Mr.. Bout
wells official statement of the diminution
of the debt, that "every other Secretary
thought the Pacific Railroad bonds were
nart of the debt" AS Mr.. Pendleton hap
pens to think so too, he straightway-
with what we may call an eager thought
lessness-adds the full amount of those
bonds to the debt statement of August LIST.
By this process, he demonstrates that the
debt, instead of being diminished, has been
actually increased under the present adj
ministration. Now, is it not little singu-
lar that all the Democratic mathematical
experts hitherto should have failed to hit
uuon this discrepancy-one so obvious on
the very surface, if Mr.. Pendleton is cor
rect? Is it not even more surprising that
Mr.. Boutwell, should hope to palm off such
a trick without detection In point of
fact, the Secretary has furnished full
statement of the amount Of Pacific Rail
road bonds issued. They are fairly ac-
counted for in every statement. 1t makes
absolutely no difference in which way
they are reckoned, when you are compar-
ing month by month, to show the increase
or decrease of the debt, provided they are
included or excluded alike in each state
ment Properly speaking, they have no
place in the debt account, being in the
nature of o guarantee loan, secured by
mortgage; but that, we repeat matters
nothing in the comparison of monthly
statements from which the Pacific bonds
are excluded. And these liabilities were
not incurred under the present Admins
tration, in any event.
Not content with this ill-considered
venture, Mr.. Pendleton adds; "But even
according to his (Mr. Boutwells) plan, the
statement shows an increase of more than
eleven millions Of dollars of bonds which
bear interest in coin" He does not accom-
pany this assertion with any figures from
the official report, or state within what
length of time this addition has been made
to the issue of bonds which bear interest
in COIN" The Government has not Of late
been issuing bonds of this class, to our
knowledge. Mr.. Pendleton is not specific
enough.
The truth is-and no amount of special
pleading or adroit figuring can prevent its
recognition by the people-that the re-
ceipts of the Government have been
largely increased since the Inauguration
of President Grant. This has been &C
complished, not by imposing any new bur-
dens of taxation, but mainly by enforcing
collection from the dishonest shirks who
had before managed to evade doing their
part With this increase of the revenues,
there has been also great diminution of
expenditures, through rigid retrenchment
and economy. By means of this two
edged sword Of reform, an unusual and
important surplus has been left in the
Treasury, which Mr.. Boutwell, has used in
paying off the debt at the rate of millions
per month. Whether he has done this in
the best possible way, is a fair subject for
discussion. To "deny the facts" as Mr..
Pendleton does, can hardly be wise, or
expedient even for an occasion. That it is
an uncandid attempt to mislead, or else a
hasty exercise in financial ciphering, I'M
worthy his reputation, is certain.-Cin-
ciaa71dti Chronicle.
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