Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1862-02-28

WI. Hdil. oh ltODtil ttl Oi tu-
Producing his bank bill in 1914 said, that
in the opinion of her majesty's Govern
ment enquiry had been exhausted"
Upon no subject are the discussions ful-
Ter, or opinions expressed in more author
tative manner, than that of the currency.
Embracing the everyday business Of an
important and intelligent class of the cont
munity, and dealing with the values Of ey-
cry mans property, mems wits have been
sharpcned by their necessities. aud they
have expressed themselves fully and cog
gently, if not learnedly and wisely.
1t is true that even the wisest have not
always reached correct conclusions. The
provisions Of Sir Roberts bill, supposed by
her majesty's Government to be the en-
bodimcnt OF financial wisdom, We're found
not to work favorably in a mercantile
pinch an1 the aid Of the ministry was in-
voked by the bank managers, on the first
stress in busincs. affairs, to protccp the
institution and the mercantile community,
from the effects of the provisions Of the
/ charter in relation to the specie reserve.
Following in the footsteps of all legisia-
tors upon the subject, We are in some sort
Spectators in public affairs and our meas
ures. rough hew them how We will must
be submitted TO the practical operation Of
every day business life, before We can say
of them that they are entirely satis!ae-
tory.
| do not know that can add anything
to the argument in support of the measure
under consideration, but | venture to sub
init to the committee the process of reason-
ing through which | came to the conclu-
sion to give it hearty support.
Ii. Que thing We are all agreed. We
agree that tn, necessity Of action is upon
Us. 1t Is said to have been delayed too
long already, but think not. Il is bet
ter to have this and the coguate plan Of
taxation well ma,urel and made as perfect
as we know how before launching them
Ii in the end we arrive at a reasonably
correct set Of measures to alleviate the
present distress shall be satisfied. Roc
titying every manifest injustice that shall
be brought to our notice, it cannot be that
the process Of setting apart iarge por
tion OF the property of the country for
public U.s. by means of taxation, shall
not work with special hardship upon dit.
crcnt localities Ii 1t is impossible to as
sess an orliulry tax upon snail city
without causing complaint of uutllrness
in the levy, how small q chance must
there b. of comprising this immense job
without just reason - many to hal fault
with our action. Time sPeat ia sdarllns
against errors Is we'll spout iOr those who
shall pay the assessments
The problem before the committee i
neither new nor complex. l. has occur
red times without Imbcr to individuals,
been pressed upou their attention by ncc-
cssties that would not be postponed, aud
each man has been obliged to solve it in
+ his own way and at his own peril and
Governments all the world over, in all
arcs, have been di,cu-sin. the same thing,
constantly seeking the means by which
they could exc out their slender revenues
aud make good awkward deficits in their
budg =
1t is certainly favorable for Us that tha
people Of the whole country have come 10
demand action in this matter ot taxation.
They expect and desire it. They are vii
linz to sci apart Il generous portion OF their
earnings and their aceumulatiuns Tor tue
public use. They have contributed their
sons in ample numbers to swell the ranks
Of our grand Army, and now they will
send after them their money and valul.
bles for their support. We certainly
commence our l4bor> under favorable au.
spices.
We find ourselves with the control of
abundance OF property The census pre-
sent, Us an account OF it in billions. There
are some eleven or twelve thousand mill
ions in the loyal States TO draw from. and
starting with this as a basis even throw
ing ont of present account the footing OF
the rebellious States, Que would think We
could float a debt against this enormous
mass Of valuable property for an amount
suffcieat for the necessities Of this Goy-
ernment during the war.
j 1t is quite necessary to create n debt.
We have no means Of discharging obliga-
tions already accrued and those which
are accommodating every day, but to bor-
row.
The property of the country is uomin-
ally in our power; but practically, the
only means Of reaching it and controlling
/ it is by taxation. This takes time, aud
while We are waiting to receive the re-
turns from the tax-gatherers, We must bor-
row. There are two ways OF borrowing
proposed. One conforms to the mercan-
tile idea it claims that the Government,
like any other debtor in distress, shall get
the money at the market rates, issue Its
bonds, and sell them for what they will
bring. If those who have money will
pay for the bonds, we'll and good if not
par then ninety, or seventy, or fifty per
cent. The mercantile idea is inexorable
sell your paper for what it will bring,
and pay or fail We are adjured to adopt
this standard as the only one of high and
honorable tone. The rights of the credi.
tor should be held sacred, and in no event
be postponed or jeopardized and it is in
sisted that whatever fails to come up to
this high point should be discarded by
those having control of the Government
finances This is certainly easy to be un'
derstood Its plain and straightforward
W. con,nrahand the rule and reason for