The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-07-01
THE NATIONAL FINANCES.
Passage Of the s4O0,000,OOO
Loan Bill by the House,
Important and Interesting Debate
WASHINGTON. Thursday June %

WASHINGTON, thursday June rs.
The House, in Committee of the Whole re-
sumed the consideration of the new loan bill.
Mr.. Brooks. of New York, called attention
to the fact that the bill provides one per cent
for necessary expenses of engraving, printing,
preparing and Issuing the United States notes,
Treasury notes. fractional notes and bends. and
of dispOSing of the same TO subscribers and
purchasers. He said only few days ago four
hundred and forty thousand dollars were APP
propriated for similar purposes. and as the
whole amount to be printed under this bill
was $614, 900 600. the one per cent would
make sum total of 81, 600 O0O 1t could be done
for q great deal less. He himself would print
the public money for one-tenth of that sum.
On motion of Mr.. Brooks an amendment
was made that the imprint of the seal of the
Treasury Department shall me made in room
apart from the printing bureau.
Mr.. POmerOy. of New York. offered the fol-
lowing as substitute for the second section
of the bill:
That the Secretary of the Treasury may Issue upon
the creoit of the United States bonds any denomi
nation not less than SlOh payable in lawful money
three years from the date thereof and bearing inter
est not exceeding light per centum per annum pay
able semiannually in lawful money. and may receive
at par therefor the lawful money tnc Initcd statcs
Treasury notes certificates Of Indebtedness, GER
tfcates of deposit issued under any act of Congress
and the Secretary of the Treasury in addition to the
total amount OF bonds authorized by the first and
second sections of this act shall issue at par, in
demption of any outstanding notes certificates of de-
posit certificates of indebtedness, Of the United
States bonds, similar TO those herein before in this
second section authorized in denomination of less
than $780, or of like denomination similar to those
authorized by the first section and payable five years
fir IN date with interest at six per Centum and the
Secretary of the Treasury is further authorized to
issue in lieu of any bonds hereafter authorized BY
law and not now issued in pursuance thereof bonds
similar and of the denomination hereby authorized
All Treasury notes other than United States notes
hQl1 roQS IN he q in of
public private Indebtedness and after the first
day of October. 1864, and no Treasury notes made
legal tender other than United States notes shall
hereafter he issued or reissued shall the total
amount of United States notes issued to be Issued
ever exceed SinnN n0 0nG. ard such additional sum-
not exceeding $50 0CO 600, as may be temporarily
quired for the redemption of a temporary loan
Mr. Pomeroy said that the present apprecia-
ton upon gold is not the result of speculation.
and is not to be obviated. by temporary expe-
dents. but by a return, in practice as well as
in theory, to the policy of gold values estab-
lished in 1862. With the amount of paper
money in circulation, the issuing of interest
bearing notes would add nothing to the aggre-
work mischief. The House policy of 1862, OF
adherng to gold values, must be adhered to,
or the theory advocated by the Chairman of
the Committee on WAYS and Means (Mr. Stew
ems, of Pa, ) adopted namely, repudiating the
payment of interest in gold and relying entire
.,upoh IHc ISSUE Vi UONcTuIncHt paper. INC
effect of the present imitation must soon become
seen to the masses of the people. The fatal
mistake OF the Secretary of the Treasury was
IN abandoning the popular six per cent 500
loan; and attempting to float five per cent
Dond, and upon its failure, resorting to inte-
est-oearlng legal tender, and on the part Of
congress not speedily supplying an efficient
system OF taxation. 1t was, however, still pos
sioie by adhering to correct natural laws to
restore the credit of the country to healthy
Mr. Stevens of Pa, said he could not agree
with the majority of the Committee of Wavs
and Means, and hence he has offered substi-
tute for the first section OF the bill
The question having been taken the sub.
stitute of MIR. Pomeroy for the second section
OF the bill, as given above, was adopted, by
yeas IS. nays AZ.
Mr.. Stevens, while advocating the amend
ment. said that those who attribute the raise
I. in gold to gambling are poor statesmen. Instead
of passing the gold bill to restrain speculations
it would be better to take away the demand
for gold, for no bill could reduce it cent
The Secretary of the Treasury had said, in his
wisdom, that the principal of the 5-2O's is pay