Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-05-10
- AN Reading Matter on
this page is from our Yester-
day Afternoon's Edition.
Anolher tiFI1ancIlI sebeno.i .

Tie Ashiabuls Sentinel complains tha
in our notice Of q financial scheme urge
By certain petitioners, We did not mention
9 sonome original with the editor Of ths
paper. We did not do 50, principally be.
cause, with ell due respect to the editor
we REGARDED ms plan as so impraotioabIl
ss to rsnIer comment unnecessary. The
editor slts forth bis peculiar views in the
following paragraph:
aIEstssd Of raisiag al the means Of meet.
ing the National indebtedness and expense
Of The var, By ordinary Tressury notes
end bonds, bsaring interest, 10 be sold at
heavy discounts, We propose that, to relieve
The other plans Of raising money, Congress
make enc lean Of the people Of two OF
three hundred millions, by the issue Of
Treasury Notes for circulation, upon plan
Of reduction In value by time, at q per CEN
eam PER GaaRM rate, in this way: Let the
Seoratsry Of the Treasury issue g given
sum--say $500, ,O0o, ,O00-all dated upon the
frst Of Janusry next, in notes Of every
convenient denomination, from S. 70 500.
Est these notes have engraved upon their
40. AlLH nUlNkAN "a AAlAA A1ANlAAllAANaAfH44
. provision that they shall diminish in
value ct the rate Of JiVs per cent PER aRaarus.
At the same time they should be made re-
csivable for sn Government dues, as cur
present notes are, and be lawful tsndsr
between citiEens in the payment Of debts,
st the reduced rates Of Eve pr cent per an
slin, from the date Of their issue. Thus, if
she Government should not pay them sll
out on the date Of their issue it should
aftsFaards pay thon At tho rodu0et vsaU0i
and 90 ct sll times Of their reissue from
Government agents"
This plan might answer if ell were 50
eminsntly patriotic as to be willing to sac
risee ave per osRtum per annum on all Of
these notes coming into their hands. The
Sentinel proposes to create certain
amount Of fictitious currency, based upon
no promise to pay, and for the redemption
Of which no provision is made. The notes
are ultimately to become worthless, and
consequently would be worthless ct the be-
ginning. Legal ensctmenis might force
creditors to acospt them in payment Of
dues, but they would be entirely rejected
in other transactions. Suppose q certain
amount Of these notes to be offered to q
msrohsnt in payment for merchandise, on
tbs hrst day Of the month. Suppose, again
tie merchant should not desire to psy Oui
this currency until the seventh day Of the
msnfh. In this ease, be would not be viii
Hngtorsceivs it except st such discount as
would enable him TO use il without loss s
week hence. BE would, therefore, require
discount equal to the interest for one
weak; that is, provided the party to which he
would offer 1t should be willing to receive
itstits nominal value; but as the merchant
dsnsndsd discount, the party receiving
the notes Of him would be most likely Il
demand . like rsdustion, and tHs SAINT
oirouusisnees Nhish oOmpeils th
machant TO require discount would eaus
the next person to demand the same; hene
the notes would be deprecated at the yer!
outset to such degree as to render them un
suited to the purposes Of circulating me
dium. THUS would the Governments note
20 begging, spd nothing else would hav
been accomplished py their issue than the dc
struosion Of the Govsrnmenfs credit.
The feet Is, the financial system alread
adopted BY the Government is predicting th
most satisfactory results, and no amount
dootoring can make it better. By the GoI
.eaasnt EsosiEes the requisite amount {
money, and the FrsssuFy notes pass ct par |
all business transactions. What more oOul
be deslrsa3