The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1865-11-29
From the Pittsburg Post.
Our National Finances.


sr to threaten, a contraction of the currency
and = rapid return TO specie payments. Mr..
McOallOch and his dependents have been at
great trouble 70 show. what every Fane per
son in this broad land knows painfully well,
that specie is better than papsr-and there
fore that the use Of specie ought to be re-
stored But neither the Secretary nor his
can tel us how this great matter
is to cousumates-that problem is too hard
for these over confident gentlemen. Mean
time this threat Of contraction has produced
much agitation in monetary matters, and
hss given spectators grand opportunity
We all, of-course, want to see specie pay
men,s rcsumed-but it must be done gradu-
ally, and upon some broad basis of law. 1t
cannot be done by the mele invention Of the
Secretary. A competent writer on finance
10 the New York World, asks? "What
right has the Government the Secretary
to initiate a policy Of contraction which
must produce q panic or decline in prices,
which will force the masses Of the people to
sell their property at a sacrifice. +" AL men
must answer that by new laws of Congress,
and not by the arbitrary action of Mr.. Nc
Culloch, relief must come. Partial expedi-
ents will not do--they only result in robbing
the people. ~" -'''aa.'.. -
The same writer makes the following sug-
gestien. a.s-- .-..t. -..-...-..'-g...
Withdraw all national bank notes before
touching the greenbacks, because green
backs are loan to the Government ttithout
cost of interest to the Government and the
people prefer them to every other kind OF
paper currency. Why pay the national
banks six per ceut gold interest in order to
provide the country with paper money is
sues. and allow them besides to make inter-
est by lending the currency, WHY NOT LET
GOVERNMENT MON oPoLIZE ALL THE PROFITS
OF PAPER CURRENCY By PROVIDING GREEN
BACKS. I''..s'
And we would heartily say in responce-
If not, wherefore? And further, why not
let the people have all the profits of the
paper currency based upon their own in
dc1tedncss? Why can they not have the
profit if they are to undergo the pain of re-
deeming this paper money. E
Here is an article to think upon:
1--WE believe thatthe grcenbacks, demand
notes, compound interest notes, and frac-
t;onal currency, are now estimated at about
$500 900, 900. Whether they arc entirely
constitutional or not is no longer question
for ditcussion-or rather it is conceded to
the affirmative. That these notes are as
sacred obligations as the certificates, bonds,
&c, we suppose no one will question. That
they now circulate more freely and univer.
sally than the limited issues of the myriad
Of petty National Banks which dot the
rural districts and adorn the crossroads, we
are certain--and that the people, if 1t be
shown that upon the value and currency oi
greenbacks depends the early release from
a burdcn-some debt, will do their best to
sustain the credit Of that kind Of paper and
promote its circulation, is equally certain.
So reasoning, we propose that the whole
debt of theaUhion had better be in green
backs than any other form of promise tc
pay. And we submit that if $780, ,00O0 00C
of notes are legal and proper, $4,000, ,000,,
600 would be equally legal and proper
Therefore,
|. We propose that Congress should d.
rect the issue of as many greenbacks (hear'
ing no interest, as will redeem and diSplace
all the bonds, certificates, interest notes
and every sort Of time Obligations, whether
bearing interest or not.
2. Let Congress enact that from and { ftel
1n,, F,o,, oeuor oP tho =,
law all holders Of such securities, no mattel
when they may mature, may present then
at the repositories of the Government anC
receive the amount of the principle in greer
backs, and at the esane time tn" arrears 9
interest that may then be due lin gold o
paper as may be legal, J up to the time 0
the surrender Of the securities. ~.
g. If any corporation or living .persoi
shall decline to present their bonds for ex
change at or after the time fixed upon, tn
interest upon their evidences of indebted
ness shall cease from the first day appointed
by law for the redemption Of greenbacks.
d. Whenever sufficient greenbacks shaI
have been issued to cancel the bonds, &c.
| then the plates should be destroyed the print
ing presses sold, and no more notes sha
ever be printed CT, issued at or By the Unite
States treasury -h''
5. Taxes shall be cqualized, and as muc
collected as would be required to.pay th
interest on all the bonded debt. when "a
is settled, known and provided for, ''-sa
$235, 900, 900. r .
6. In one year from the date fixed for tn
surrender Of the bonds, the Governmen
shall proceed to redeem in gold say $500
OnO, 00u at least of the greenbacks no.
circulating or that shall be issued. Prece
dence as to whose notes shah be first re
deemed to be determined as loans arc nov
awarded. e., each holder of grccnback
who wants the gold for them shall propQs
under seal to take t Of /, or of ], or 2-o
5 per cent Tor whatever he pleascs to bid
is than the face Of his n t"s in gold fc
them in full-and those bidders shall hay
! the gold who will, give the most in greer
backs for.it. ~...
I. The same process shall he gone thrt
with each year until all the greenbacks al
redeemed and the natiaual debt is paid.
g. The foreign holders of our securitit
will be put upon a level with our citize
holders, Of course, -
| As very napy Of these first bought the
bonds for 80 cents in gold for 81 coin bono
and but few Of them have paid as high !;
/ 60, they will no doubt, be glad to take p'
| per, fair percentage Of which will be IT
deemed in gold every year. '''' ."'
4 THIS aroposttion IS simply to $are o.,
| S200, ,000,009 Of interest yetrty by asstttr
greeabacls to b,y bonds, aldtien asstg q
5000 700, 100 50 sared, yearly, to redeem, 4
| greenbdcks,"' " . r "
This will dispense with hundreds {,
clerks who are figurieg away in the Trea
ury Department all tiietinl about current
interest notes, coupons, &c., &c. 1t wi
discharge thousandsof skilled, trustwortt
and highly paid persons employed in q
craving, printing, counting, cutting az
taking care. of the millions Of currency
sued 70 the thousands Of rational bank
and the greenbaclSs. secured just ap the n
! tional currency is, (for il the bonds declil
in value so will the notes,) will be and
now preferredto the local national clirrenc