Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1862-02-04
OUR SPECIAL TELEGRAPRIC
REPORTS. III
Our FinanceS.---ImpOrtant
Letters from Secretary
Chase.
The Burnside EXpeditlOn.----
Cause OF some OF the
Disasters.
The War TaX--CalifOrnia will
pay her Portion.
Our Foreign ReIaliOns.--.FaVOF-
able Dispatches from
Abroad.
Especial DIspatchest to the Cleveland Loader.I
WAaHIasroH, Feb. 3.

(Special dispatches TO the Cleveland Loader.l
WAsHNsToH, Feb. 3.
SECRETARY oHAsE's FINANCIAL VIEWS.
Secretary Chase in his letter to the Com
mittesof Ways and Means, says that he has
great aversion to making anything butcOin
a legal tender in payment OF debts, but it is
at present impossible, in consequence of the
suspension of the banks, to procure coin
enough for disbursements. 1t is therefore
indispensable to resort to issue notes. Unless
they are made alegal tender, discrimination
will be made against those who give q cor
dial support to Government and by those who
do not. The Committee, he continues
doubtless feel the necessity of accomplish
ing this measure by, legislation. ''It is neees-
sary to secure the highest credit, as well as
the largest currency of these notes. This
security can be found in my judgment by
proper provisions for funding them in
interest bearing bonds, by well guarded
legislation, authOrising banking associations
with circulation based on bonds in which
notes are funded, and by a iudicious system
of adequate taxation, which will not only
create demand for the notes, but by se-
curing prompt payment Of interest will sus-
tain the credit of the bonds. Such legisls-
ton 1t may be hoped will divest the legal
tender clause of the bill of injurious ten
denotes, and secure the earliest possible re-
turn to q sound currency of coin and prompt
ly convertible notes. Ibeg leave to add that
various military operations and unsparing
retrenehment of all necessary expense, will
also contribute essentially to the desirable
end"
Just before the adjournment tonight, Mr..
Spaulding read to the House letter from
Secretary Chase, urging the immediate pas
sage of the bill as a necessity for the Treasu-
~. He said he had drawn on the last in
stsllment Of the November loan, and feared
that after paying it the banks would refuse
to take Treasury notes at par.
In another note written to-day, Secreh y
Chase says: "True I came to the convict On
Of the necessity for legal-tender clause 10
luctantly, but reached it deci dedly, nd
now support it earnestly"
COMBINATIONS IN THE SENATE.
Brigadier Generals Msagher, WadswOrth
and SlOcum, of New York, and Cooper, of
Maryland, were among the officers confirm
ed to-day. Assistant Secretary of War
Tucker was not passed upon.
TIE BURNSIDE TRANSPORT FALUREs.
The War, not Navy Department is respon-
sible for the Burnside transport purchased or
chartered by Rowland and Aspinwall for a
commission of two and one.half per cent
The Burnside and John Tucker were Origi-
nally designed for another destination,
hence their excessive drsught.
Wilson's ARMY BILL.
Senator Wilson's bill defining army pay
and emOluments, will be reported from the
Military Committee with slight amendment.
An effort will be made to put it on an imme-
diate passage.
THE BRIGHT CASE.
Bright will probably not be expelled TIL
Wednesday. The death of Harlan's child
causes pOstponement.
TRAHsFER OF A FORT.
Fort Garland is transferred from the De
partment of Kansas to that of New Mexico
CALIFORNIA WILL ASSUME HER PORTION OF WAE
TAX.
Senator Latham has received dispatel
stating that the California Legislature unan
imously voted to assume her portion Of tn
war tax and pay in gold.
THE PRICE OF WOOD.
A combination of wood dealers has run u
the price to $11 per cord. They now refus
to sell.
DIPLOMATIC.
Diplomatic advices from Europe are cor
sidered favorable at the State Department.