The New York herald., 1864-11-09


p. CLAYTON.
| MR.. cLAyToNs LErTrR-uIs PLAN AND POLICY
! UNJUST.
4 from the Richmond sentinel. NOV.
We publish elsew here letter tue Payment ot the
public debt Mr. Clayton, formerly Assistant Secre.
tary tue Treasury. We 90 so not as Indicating con-
curence bat as showing the views which lie holds and
expression OF whcn bs represents portion ~ tho
people. The standard oy winch Mr. Clayton proposes %
scale the public debt would, however be unjust even u
the policy be adopted. The price OF gold Is no., tue
OF the depreciation OF tho currency Gold 10 an
article not Of circulation hut o' trahe ana y oongat np
for specific such blockade running aud tho Ke
May staple articles hi2h they are selling Tar
below former prices gold be taken as the standard,
although the cost o. ther production has Greatly NJ
creased. Cord wood. tor example, IS selling Tor
| two to two aud half dollars coal for twelve
cents per bushel Farmers, by the standard, are
allowed by the appraisers less than thirty cents per
hushel for wheat, aud only about dollar and half for
family Hour The salaries OF public officers and the wa
of labor have been increased OF houses
have advanced until cry agony; but the
enhsncm OF al these is but trihe wnen compare
With the premium on gold. Some articles OF provisions
have advanced very much to private consumers largely
oGtsrippng. IN many Instances, the advance OF gold.
But TINS IS OFTEN OWING mainly to the difficulties OF trans
portation.
We have before US, for example, Raleigh paper, In
which tue prices quoted as prevailing in the market
there when reduced Specie give the following results
as TO the articles seectedChckens, lie l5c. ducks
loc. eggs, lie per dozen; geese lSc potatoes lrish)
| 25c. per eusne sweet, 2sc s6c. per , busn.
selling much higher now than ever before cannot be
questioned else lhey could no, be produced hut taking
tue STANDARD they low. IL ls oo
vous therefore, that specie IS not the true standard OF
depreciation; FAR from it, 1t Is 10 be sought in
parison OF prices where intercourse is unesrcteda
owance being made for local scarcity and increased cost
OF on-with the prices that obtained
times The depreciation thus estimated Is very far less
than the premium on gold would indicate. To give a
farmer certificate OF Indebtedness for his wheat at 81 so
and then scale him down to thirty cents in the rciemp-
tion oil The certificate with gold hereafter would be very
| unjust In any view that can be taken OF 1t.
REBEL SCHEME OF CURRENCY AND FINANCE.
[From the South Carolinian.l
The following scheme is submitted for the examna
ton and consideration OF all desire currency ap.
proxma,ng TO specie in It's purchasing or rket value
should be measured by the real value it
receives in exchange therefor so far as IL is pract
cable:-
CURRENCY
I. new currency, limited in amount TO two hundred
millions OF dollars TO be issued under pledge that no
o.ne further issue OF currency shall be made by the
government during tho war, far rs 1t may be
to reissue the present currency payments
on bonds and contracts already oustandnthe notes to
be payable in CORN wheat -four cotton their specie
value during the and the restoration Of peace
coin and 10 be receivable for all dues to the government
and fundabe in five per cent bonds at par.
Offer TO the holders OF the present currency to
change proposed currency for it. the
dollar for ve to retire the currency in circulation
B. Appropriate the currency not required for
ring the old the basis exchange proposed
expenses the government; authorize receipts to be
given for supplies needed by the government with an
obligation TO return the supplies with interest kind,
Oh the restoration Of peace continue the thng tax and
levy tax, to be paid the proposed currency,
probable balance required by the Treasury
year which 1t is supposed will not exceed hundred
and fifty millions OF dollars For any deficiency
Treasury order sale OF five per cent bonds
their payment by pedgiDg duties on exports.
BONDS
A. Restrict the future OF bonds to those bearing
five per cent interest and nake the interest payable
of the proposed issue of currency durng the
and after the restoration of peace in coin Pledge
duty on the future exports OF the country FOR the
ment OF bonds hereafter issued and make them
al twenty years from the ist day OF January, 1865
ipg at the pleasure Of the holders into bonds Of pro-
posed issue at equitable scale of exchange,
cnrngo the holders Of the old bonds equivalents In the
bonds at par for the real value paid by them the
old bonds aud provide that interest the old bonds
while still outstanding be paid in the present currency
as heretofore.
NorE.--In proposing The foregoing scheme II Is be.
leved the obligation and ability the government
TO meet any demand Tor agricultural staples which
would be the holders OF the proposed currency
will give the the purchasing power or ex
specie value OF those staples ia market Thus
dollar note would buy whatever could be obtained
IN exchange for ten dollars worth OF whoa flour
cotton at specie value.
The purchasing market value thus attaching to the
notes. compared with that OF the present currency
being largely in OF five the interest OF every
holder OF the present currency would point TO the
the second section OF the scheme proposed.
At the reduced prices Of supplies under the proposed
currency In connection with the tthe and the
OF supplies which Is believed producers would furnish
aud receive in exchange therefor the obligation OF tho
government to return with Interest In kind, IL thought
suggested and that portion OF the proposed curepcy
required for retiring ehe old would prove sufficient
sorting TO sale Of bonds.
The fourth section oontempatcs the permanent debt OF
the government to bear out Ave cent interest sug
gests believed 70 be the best OF securing
its payment and proposes an equitable plan for the
version OF the bonds now outstanding into the five per
cent bonds, without loss TO the holder Of anything
the real specie values be invested in the old bonds
leaving the conversion entirely voluntary with the
holder the interest the old bonds he prefer to
retain hem TO be paid him. as now 10 the present cur
rency. This section is not necessarily embraced in a
scheme for currency but 10 appended 20 complete tho
plan Of finance, and because 1t is believed that the pro-
sent the best time, both for the and tho
noders Of the od bonds to perfect the conversion
The proposed currency so far corn wheat and -four
are concerned, ir established would at once do away
with OF the chief evils under which the country has
been yet is laboring-that OF having prices
the main necessares OF life for the government and
another the peoplesnd place the prices OF a
agricultural and manufacturing productions OF the
try at the relative value they bear to coru wheat flour
and cotton represented specie prices by the notes.
The whole plan, so far az the proposed currency 10
involved could be put In efficient operation without the
employ inent of additional olcer agent at
few points, where would be necessary TO provide for
large demands on the notes. Post commssares and
quurtcrmasters scattered as they are all the
try, could De authorized to meet the demand on the
made in limited quantities by the people for
SUMPTION and In very little while the people finding the
faith the government kept prompt payment OF
the notes, would relieve the commissaries and quarter
masters by selling 10 each other and receiving the notes
at par for specie prices.
1t is in the power Of the governmen. Issue and
tain the currency suggested and 1t is due by the gov
ernment to the people who have so long and so patiently
suffered under the infection OF existing or
finance that the best currency the government can issue
should be shed them and the question is gravely
submitted whether there be thing else of geseral
chan ngeabe value, agricultural staples, which
the government control and wed In sufficient quanti
ties furnish basis OF convertible paper currency for
ths country.
The details of legislation necessary 10 carry the
scheme need not be suggested possibly that IL
be well TO say that the government should reserve
the option TO itself to pay either article named in the
notes with limitation IN favor OF the holder OF
making demand on them for his own or his familys
consumption. The scheme Is submitted by the writer
a
ability for relieving the financial difficulties In which
involved, beth individuals aud nation so far
as they remediabe. lie soics for II full and fair
examination, desiring, II II possesses not the merit he
couceves attaching to H. TO learn the fact II better
be devsed-one giving assurance OF placing in tho
hands OF the people more valuable circulating medium,
aud of enabling the goversmert TO compass It's wants
with less indebe,edness--no will accept IL
readily more choertuy than himself Tho only object
IN proposing Il IS the PUBLIC GOOD.