The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1864-07-01
THE NATIONAL FINANCES.
Passage Of the $400,000, 1000
Loan Bill by the House.
Important and Interesting Debate
WASHINGTON, Thursday June 2S.

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
for necessary expenses of engraving, printing,
preparing and issuing the United States notes,
Treasury notes. fractional notes and bchds, and
of dispOsing of the same to subscribers and
purchasers. He said only few days ago four
hundred and forty thousand dollars were ap-
propriated for similar purposes, and as the
whole amount to be printed under this bill
was $614 200 600. the one per cent would
make sum total of 81 900 600. 1t could be done
for 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 o substitute for the second section
Of the bill: E-
That the Secretary of the Treasury may issce upon
the credit of the United States bonds any denom
! nation not less than $0a payable in lawful money
three years from the date thereof and bearing inter
est not exceeding eight per centum per annum, pay
able semi annually in lawful money and may receive
at par therefor the lawful money the United States
Treasury notes certificates OF Indebtedness or GER
ti6cates 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
dempton 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 $l00 or of like denomination similar to those
authorized by the first section, and payable five years
firm 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.
shall cease to be legal tender in the payment of
public private Indebtedness on and after the first
day of October. 1864 and no Treasury notes made
legal tender, other than United States notes shall
hereafter he issued reissued; shall the total
amount of United States notes issued to be issued
ever exceed $4Oo. 600 0o0. and such additional sum-
not exceeding $50 OG0 600, may be temporarily
quired for the redemption of 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-
dients, but by 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-
gate value of paper money. and could only
work mischief. The House policy of 1862, Of
adhering 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
~ upon the issue of Government paper. The
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
ioan; ana attempting to float five per cent
BOND, and upon its failure, resorting to inte-
res-bearing legal tender, and on the part of
congress not speedily supplying an efficient
system OF taxation. It was, however, still pos
sloie by adhering to correct natural laws to
condition.
Mr.. Stevens, of Pa, said he could not agree
with the majority of the Committee of WAYS
and Means, and hence he has offered a substi-
tute for the first section of the bill
The question having been taken. the sub.
stitute of Mr. 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
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 5-20's is pay.