Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1849-04-25
Che DO rtaoe Sentinel.
V E N N A, OHIO:
Wednesday, April s5, 1919.
Pittsburgh and Allegheny Scrip.

PlttSDufSn ana AileS0euy scrip.
Grea, excitement has prevailed through
out the country in regard to the scrip OF the
cities of Pittsburgh and Allegheny. The
brokers' of Pittsburgh, on Tuesday OF last
week, refused to receive the trash except
on special deposit, and it is now almost, 1t
not quite, out of circulation as currency,
though, by late Pittsburgh papers, we OBJ
serve'l that somo of the dealers in that city
advertise to receive it in exchange for
goods. Efforts have been made by the
Councils of the two cities to restore conf
dence in their rags. In Pittsburgh the city
Council passed an Ordinance requiring GER
tain city property to be laid off into lots
and sold. and the proceeds applied to the
redemption ofthis scrip. Also, requiring
the levy of tar of one mill on the dollar
on all taxable pronerttyy III Il. "a .ae city, the
:.:oiiev thus raised &c be applied exclusive
Iy to the redemption of City Scrip; also,
authorizing the City Treasurer, whenever
Scrip to the amount Of one hundred dollars
Or more are presented to him, to issue there
Tor certificates of debt, redeemable in ten
years, bearing an interest of six per cent.
from the passage of the ordinance, and pay
able semi-annualy on the first days of July
and January; and pledging the faith, cred.
it, revenue and corporate credit Of the city
to Tho redemption Of the certificates so is.
sued, and to the payment of the interest
accruing thereon, &c.
The city Council of Allegheny passed
an ordinance for the loan Of $50, 900; for
the sale of city property, &c, for the re-
demption of their Scrip. They also pass.
cd an ordinance authorizing the payment
of six per cent interest on their issue when
presented and endorsed.
The Pittsburgh Post, Of Saturday last,
contains the following article on the subject:
THE Scn,p.-The working men'of this
community will see, in the explosion OF
Scrip Issue, how li,le they can depend on
an exclusive paper currency, or on the
wisdom of the party that advocates it. We
have stated before, rn.i we re terate the
assertion that every dollar Of this scrip will
be eventually redeemed; bu. what is that
to the poor man or poor woman, Who now
has to part with it at an alarming sacrifice
As is always tho case, those who are the
least able will have TO belr the loss. We
hope that many will struggle to hold on to
what they have got, until the authorities
that issued it have repaired the injury done
to the people. Allegheny City promises
TO pay six per cent-so far SO good. But
who will ge, the six per cent? The prop.
ertv holders, who have taxes TO pay, and
the speculator, who is able to buy the scrip
from the suffering and improvident; bui
the toilers, who have little Of it each, and
much liz the aggregate, will be shaved on
the principal, and never obtain the interest.
But the paying of interest will appreciate te
the scrip. Ii is the toiling masses that al.
ways suffer, and whose shoulders always
have to bear the yoke. The scrip Of Pitts
burgh amounts to nbou! $3.50 900, though
some Of this may have been destroyed by
the groat fire. Her revenues, as we heard
Frederick Lorenz, ESQ, the Chairman OF
the Finance Committee, remark the other
evening, amount to Sl3o,0oo per annum
And so il will be seen that by 4 jud:ciou:
arrangement of the fiscal affairs of ths
city, the scrip may in a short time be alb
sorbed in taxes; but the Councils shoult
allow interest on it; if not on every dollar
| Of least upon all sums over twenty dollars