Knoxville Whig and chronicle. [volume] (Knoxville, Tenn.) 1875-1882, 1875-09-15
MORE LIGHT FOR OUR NEIGH.
Dor.


volume of the currency was
continuously going on then lin
1879. The extract was garbled to
sustain its statement of fact on a
material point in the discussion be-
tween us; to-wit, whether there had
been a contraction of the currency
under Republican rule. BY emitting
full and important sentence from
the extract referred to, it overthrow
our claim, by proving that even under
President Grant, in 1873, q contrac-
ton was constantly going on. We
exposed its garbling, but it answers
thai it was immaterial. No matter
whether material or not, garbling in
any respect proves the weakness of
the position of the guilty party. But
the garbling 5rdS material, and the eX-
posture we make leaves the Press and
Herald without official proof to show
that a contraction of the currency has
been made by the Republicans.
We have shown that the volume Of
currency is greater now than it was in
1868. The Press and Herald affects
not to see how this can be, when we
admit the contraction of S44,00O,000
made by Andrew Johnson's Demo
cratic Secretary of the Treasury. The
dullest of our,readers doubtless I'M
derstand it. but we will make it plain
er for the sake of our contemporary,
in the hope of making him again the
hard money man he was year ago.
Suppose the editor Of the Press and
Herald had held 100000 of legal
tender notes in 1865, had lost $4,000
in 1867, but had recovered his loss so
that on the 1st of Sept, 1875, he was
worth S120,OO0. Wodld we not be
right in saying he was richer in Sep
TENDER, 1875, than he was in 1865?
The supposed loss of 1867 did not
change the result. So with the volume
of currency. 1t is greater now than
it was in 1865, even though a Demo-
cratic administration contracted it in
1861.
As to Mr.. Pendleton's claim that
the $50 bonds were legal tender, We
have only to answer that they were
not; and if one of those bonds is
produced, it will be found they were
not. As this is an issue originally
raised with Mr.. Pendleton by the
Cincinnati Gazette, we quote from an
recent editorial of the latter, which
completely vanquishes Mr.. Pendleton,
and will, therefore, serve to show our
contemporary again the danger Of re-
lying upon such politicians as Pendle-
ton for important facts upon q ques-
ton of this character. The Gazette
says:
We have TO be SO very rudimentary in
our lessons to the great geniuses of money
and finance on the Democratic stump and
in Democratic journals, and 10 repeat so
many times the simplest facts and princi-
pies, that our work needs as much patience
as the teaching of the alphabet in an infant
school.
For example, when Mr.. Pendleton, in his
speech at New Lisban, said: " The 1905
were issued as legal tenders for the express
purpose of making them circulate as
money" we mildly observed that, in fact,
they we're not made legal tender.
To this, Mr.. Pendieton replied by the
note we have published, citing part of the
act under which 234 millions were issued,
providing alternate conditions by which
the Secretary might issue these as legal
] ttlNtI ApI thSlA LaNts We NVoh Alllo ho hh
effort to let himself down gently from a mis-
taken statement, and we mildly observed
that what the 7-30s actually were was the
question, and that ain fact they were not
made legal tender" We made no remark
on Mr.. Pendleton's citing an act as if for
all, which authorized only fractional part;
nor on his stopping short his quotation just
before he came to this important proviso
which would seriously curtail the available.
ity of any legal tender quality if that had
been given:
"Nor shall any treasury note bearing in
berest under this act, be a legal tender il
payment or redemption Of any note ISSUED
by any bank, banking association, or bank
err calculated or intended TO circulate Of
money"
Mr.. Pendleton's citation Of part Of thi
act might show how he could carelessly b,
led into such a blunder, but it does no
show that the notes authorized by it wert
/ ;sgr.d ne laoa1 1anIar and frrtbnrroro l.,