Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1864-06-22
ortb-Garolina 5tandar1:
substance Of the Remarks Of Mr.. Giimer'

Substance Of the Remarks OF Mr.. Gimer'
- II : ii or NORTH CAROLINA. 2,r,. ,.
On tho Bill Relating to the Issue Of Cert.1scates
Indebtedness by Tie Government o. t"s coHVs@'
crate States !.,,s.-. So
Mr.. Gilmer, of N. G., 10 substance, said that DC
conceived that the Chairman OF the Committee oi
Was and Means was in error in supposing that the
amendment offered by the gentleman from Alabama,
or the other amendments offered to this bill, II
adopted, will either injured it or destroy the useful
ness Of it
The amendment offered by the gentleman from
Alabama in substance, proposes to let the holders
of these certificates use them in purchasing six per
cent Government bonds. This, or something Oh
the kind, will add strength to the measure in Con-
eress and usefulness 10 the country that there was
much in the views OF the gentleman OF Alsosma,
mr. Pugh) so eloquently and forcibly presented by
him last evening; that this amendments move IN
the right direction; that the policy heretofore
favored by Congress has placed the financial con-
'dtion of the country in q confused ra!nlfled ana
complexed situation We have loans OF several
kinds per cent, 7per cent, 6per cent, per
cent bonds !; some coupon, some registered, some
with interest and without call certificates ana
evidence of debt so various and diversified that the
people cannot understand the condition OF the
financial matters of the country. -:s-e>,+ -
Mr. Gmer went On to argue that it was mat
of great national concern get all the evidences OF
the nations Indebtedness in simph6ed condition.
In this as in all Others simplicity adds force, and
secures confidence and satisfaction That II Con.
gress, as in reasonable period, can be done, will
80 arrange as to place ALL or most of all, her In.
debtedness in the shape of Governments bonds, and
reasonable proper amount of Treasury notes, the
money affairs Of the Government will be greatly
improved He conceived it highly desirable to get
all the Indebtedness of the Government into the
shape Of bonds, using, from time to time, only a
reasonable and limited amount of Treasury notes.
This being DONE the people will readily pay into
the Treasury taxes sufficient to pay the annual IN
terest on the debt He argued that, when this
simplicity shall be secured, and the Treasury sup
piled from taxes with money enough to paythe an:
nusl interest on our bonds, the Government will
wants for her uses. When the people, in the shape
Of tithes, shall annually have supplied the Govern
ment with one hundred and fifty or two hundred
millions in value, they cannot afford to pay, they
=! cannot without great oppression. pay into the
Treasury annually, whilst the war and its many
other calls are upon us, mere than the interest on
the national debt If the army is led and clothed
in kind by the people, and the interest the debt
Is annually and promptly paid, plenty Of money
can be had upon Government bonds, (tbe circula
ton Of the country,) and prices Of all commodities
reduced to wholesome and desirable state, and the
necessity Of creating or enlagng the nationa! debt
greatly diminished. Things will begin to assume
healthful, natural State
Mr.. G. argued that as nation never dies, if il
promptly and steadily pays the interest on its debt
its bonds are sought after as investments. Reduce
all things to their natural standard, and this coun
try can and will raise money enough to pay an
nualy the interest on all the debt necessary to be
made in the securing of ou- liberties and indepen
dence. This accomplished and the country reev
ed of the tithes, the inter- can be paid yearly
and as the country grows and increases in powe
and wealth. the principal can annually be decreased
and diminished until extinguished
Mr.. Gilmer argued that the county and its rea
interest and credit had been greatly injured by tn
late reputation policy. That thereby vital stal
had been given to the faith and credit of the Gov
eminent. That they had suffered much and seri
ously by this policy. That it would take the coun
try long time to bear this down. That It woul
have been far better to have called in and dminis
the treasury notes to the same extent, or eve
greater, by an adualorem tax upon the money itsel
and every other species of wealth. He insiste
that we should profit by the errors of the past
Get into the right way, and all would be well, an
further lights for independence and peace xoul
soon break and thicken upon us.