Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-03-14
The canfsasrnte-Currener.

1t sppears that the public at the South
tske much the same view Of the late fnsn-
cial legislation Of the rebel Congress which
we have been taking here. The Richmond
Enquirer Of late date, says:
"0n the publication of the Currency
Bill passed by Congress prices immediate
Iy qesped up Everything has on up
ward tendency. Yesterday whisky,
which had been selling ten days ago for
ninety dollars per gallon, could not be
boUobt aC one hundred and twenty dol
Iors. Brown sugar at twelve and half
dollars per pound by the hogshead, and
none offering. Some Of the dealers have
absolutely shut up and refused to do busi-
ness at ali, preferring to hold on to the
goods rather than receive anything in
shape Of money larger than Eve dollar
note"
The meaning Of this is, that the sctual
holders Of the currency ara likely to be
the sole victims Of the system Of wholesale
plunder on which the rebel Government
has entered. AS soon as it is decided that
all outstanding Government notes must
be converted into Government bonds be-
fore the first Of April, on pain Of the loss
Of one-third Of their value OF before the
first Of next January, on pain Of the loss
Of the whole, nobody, of course, likes TO
receive them in exchange for goods. The
goods have a sustained value Of their own,
and need not be converted into Govern
menl securities, either before the first Of
April or any other data. Thoss who hold
them, therefore, naturally refuse TO part
with them for species Of money, Of which
they themselves may find it impossible to
get rid. Every man who finds himself in
possession Of Government notes Is now
anxious to pass them out Of his hands
while it is yet time, and for precisely the
Same reason, every body else is unwilling
to take them, lest they should be found on
his hands ct the period fixed BY Csngress
for their conversion into stock. If the
credit Of the Confederate Government were
not utterly destroyed, Of course this state
Of feeling would not exist. But as the
currency is, it possesses some value 90
long as it can be used as medium Of ex-
change, like coWries or wampum; but IS
soon as it becomes necessary to convert
it into Confederate bonds, people treat it
as utterly worthless, and refuse to receive
it.
The rebel fnsnciers, in giving the peo.
pie year for the conversion, were prob
ably Of opinion that this would prevent
any sudden or violent convulsion, and
enable the operation to be effected without
disturbing the business Of the country.
But they evidently acted in ignorance Of
the thorough contempt Of the people for
them and their expedients. The "Curren-
cy Act" which was to restore order to the
finances, was the product Of much nurs-
ing on the part Of Messrs. Davis and Mem.
minger, has produced precisely the same
effect as en- act repudiating the entire Con-
debt-s mOda Of limiting the
with which the King Of Da-
honey is probably just ss familiar as the
statesmen at Richmond.
We shall therefore probably see the COM
mercial transactions Of the Confederscy
carried on during the next six months en-
tirely BY barter, Or gold, or greenbscks.
Under such circumstances We need hardly |
say they will be very limited in number. !
9old is very scarce; barter is highly in |
and the circulation Of green |
backs is illegal. The new issue of notes
which the Secretary Of the Treasury is
to make, will be used in paying
he soldiers wages and remunerstine the
armers whose produce is impressed for
he army, but we predict that the quantity
4 these which will find their way into /
,e0ple's hands who are not forced 10 read
ham nil he a1aoadfnrl-