The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-09-11
c,ontraot;on or nxpansionp

The New York World nsists that tbe cur J,
rency has been inflated seyepty.eignt' w"
lions of dollars; and the csncinna.l oo1s.e
improves upon this exaggeratfon oy as'e..
Inc hat there has been an initiation Q. one
hundred aud thirty millions. The non.
GsoreE II. PENpLsroS, Of ONO, eSpese'
these enormous representations IN MS
speech at Warren, Ohio. de showed 'ron,
Rennh,icsn official records that there nad
hoo, an immense reduction in the volume OF
tho circulation within the past ten years.
The CINCINNATI Gazette having denied bis
statements, Mr.. PENDLETeN sent the Gazette
the following note:
/" To tae Editor of The Cincinnati Gazette !:
en- your issue this morning, comment
inc on the questions between US as 10 tue
volume Of currency. you say the seVen-tnir'
ties were never made legal tender.
- Tue second section Of the act OIL June
so. 1864, Statutes at Large. volume 10, page
21S, authorizes the Secretary to issue urea.
sury noies not exceeding S2Oo,000,o GOO. OF
anv denomination not less than $40, payable
at any time not exceeding three years from
date: or. If thoaght mo- ,""rcdient. redeem
able at any time after three years from date,
bearing interest rot exceeding seyen anu
| thrce.tenths per cent. per apnum, payaole 10
lawful money st maturity, or, at the d'sc'e.
| ton OF the Secretary, semtanpua'l7.
And such of them as shall be made PdVdote,
PRINCIPAL md interest. at maturity snose cs q !,
ieoai lender TO the same ertent as Cna.eo
States notes, for their face ualue, e1c'udI"9
| interest,"" Respectfully, s.,
"GEuRGE II. PENDLBToN.
Tie Gazette prints the card, and has the
GOODNESS to say:
| "What the act said Is not the question, but
| what The 1905 were. MIR. Pehdieton salo
The 1905 we're issued as legal tender Tor
the express purpose of making them circu-
| tate as money! In fact, they were not maue
lppay ,cuder. This strikes 1885,, oOO,ooo iroln
Mr.. Pcndl.ton's currency figure"
We copy the conclusive remarks OF tbe
Cincinnati ENQUIRER upon this paragraph:
"Mr. Pendictoa quotes the law when
msdr the 1905 4 legal tender, anu Inc ca
.rtte sill says that 'thcy we're nor maze
LEGAL terder.' This is slupendouS falsifylng.
II, o. no use to argue With such people. On
this fal.euood, flung III the teeth OF the law,
the Gazette builds the statement that us lie
strikes eight hundred and thirty millions
from Dir. Pendcton's currency tigure,' ana
by similar reasoning the Gazette CLAIMS 10
strike CUT three hundred ard thirty.
six millions more from Mr.. Pendleton's
currency figurc.' 1t is within our per-
snnal knowledge. as it is within the
knowledge Of every businessman WHO
was alive wien the seyep.thlrhes were
l. sued, and is alive and saue now, that as
matter Of fact they did serve the purposes OF
curfeccy. They were not Only made legal
tender for their flee value, but they clrcu-
lated ~ money for moro than tbeIr lace
value, While people were not compelled 10
take them for more than the ngure pTlhteo
on their face, people did take them iof
nelriv or quite their face value anu the
accrued iaterest, and they SO circulated
in the manifold business transactions
of the cou.try. A check is not legal
tender, but men take checks. Five dollars
and twenty-five cents i'll silver, in lump,
are not legal tender, but they would be &C.
ceutpd in payment of a debt. The incontest-
lille point is that not only did The bonds
made legal tender for their face cir
cuiate As money. but they served the pur-
pcsn Of circulating medium for more tnan
their face value. Still further, Interest pear
ing issues not made a legal tender at all CIR
cuia.. d as money by common consent at
their face value, and more. Thee are facfs
will in the common experience and recolec.
tion. Now, Mr.. Gazette, are you IN FAVOR OF
further contraction OF the currency!