Rensselaer Union, Volume 1, Number 52, Rensselaer, Jasper County, 23 September 1869 — Mr. Pendleton’s Figures. [ARTICLE]

Mr. Pendleton’s Figures.

WM regret that Mr. Pendleton should have been prematurely flailed on by bis hnpaUout supporters, and 80 foi into the unfortunate mistake of committing himself to crude and inaoChrafe statements in regard to the finances, especially, in his only speech of the canvass. These tilings detract, in the minds of those who do not know his honorable intent, from the reputation for candid statesmanship aworded him by his political and personal friends. In this speech, which our readers saw on Saturday, Mr. Pendleton seems more intent in making out a case Against his opponents than upon heljiing his auditors to understand the situation as it is. For example, in what he says of the diminution of the national debt un<h r President Grant's administration—a point which is telling with great effect in favor of the Republican party—Mr. Pendleton reaorta to a species of figuring which docs him no credit, even for ingenuity. His process is no better than that of certain Democratic organs which we exposed some time since —of counting the sinking fond as a debt, and reckoning cash on hand and bonds bought in, on the wrong side of the account—ln order to make it appear that the thorough retrenchment and economy put in practice by this Administration, and its largely increased receipts 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 a very true saying, but they may be so turned and twisted that they convey to us common people, who are not Secretaries [or Presidential candidates?] but only tax-piiy-ers, a' very” impression."' Ana he proceeds to demonstrate—in a different way from what we might have expected—the* truth of his remark. Mr. Pendleton first objects to Mr. Boutwell’s official statement of the diminution of the debt, that “ every other Secretary thought the Pacific Railroad bonds were a part of the debt.” As Mr. Pendleton happens to think so too, he straightway—with wltat we may call gn. eager thoughtlessness—adds the full amount of those bonds to the debt statement of August Ist. By this process, he demonstrates that the debt, instead of being diminished, has been actually increased under the- present administration. Now, is It not a little singular that all the Democratic xnnthematictil experts hitherto should have failed to hit coon this discrepancy—one so obvious on the very Surface, if Mr. Pendleton is correct » 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 a full statement of the amount of Pacific Railroad bonds issued. They are fairly accounted for in every statement. It makes absolutely no difference in which way they are reckoned, when you are comparing month by month, to show the morease or decrease of the debt, provided they are included or excluded alike in each statement. Properly speaking, they have no place in the debt account, being in the nature of a 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 Administration, in any event. Not content with this fll-oonsidered venture, Mr. Pendleton adds; “But even according to his (Mr. Boutwell’s) 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 notof 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 receipts of the Government liave been largely Increased since the'inauguration of President Grant. This has been accomplished, not by imposing any new burdens of taxation, but mainly' by enforcing collection from the dishonest shirks who liad before managed to evade doing their part. With this increase of the revenues, there has been also a great diminution of expenditures, through rigid retrenchment and economy. By means of this twoedged 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 fitir 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, unworthy his reputation, is certain. — Cincinnati Chronicle.