Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1866-03-23
The Loan Bill.

In the debate on the Loan bill on Friday,
many sensible truths were uttered. Mr..
Pike said truly that the people were satisfi-
ed with 'sgreenhaeks. At any rate Il is the
best kind of paper money, and ii we can
not have gold and silver, give us as mitch
of the circulating medium in greenbacks
as possible. People who are travelling
over the country find this Kind of money
the most convenient, because it passes at
any point he may visit. So also in making
remittance at distance it is found con-
venient. We confess to have liking for
greenbackS. Then if the Government will
only take a small proportion of this cur
rency in pay for duties. it would still en-
nance its value, and create demand for
it over other paper money. II the
government is saving from seven to ten
millions of dollars annually by the issue
of greenbacks. and the people are glad
TO have it do so. and to have this currency,
then why displace it p?
Mr.. Price pithils stated the whole case
in the following:
Mr.. Price of Iowa, in speech against
the bill, said the nation now only needed to
exercise common care and common homes
tv. led by common sense. lie mace Il
statement of the resources and liabilities
of the Government. and asked what ground
there was for fear when its resources were
constantly increasing and its expenditures
constantly Diminishing. He would ask the
friends of the bill what would be Thought
of a business man who, having outstand-
ing notes bearing no interest and payabte
at his own option, should propose to cah
them in and issue ether paper bearing i'll
terest and maturing at specified time.
Mr.. Pike, among other things said:
Mr.. Pike said he was willing to let the
theory Slide and stick to facts. Ii was the
evident design of the bill under considera-
ton to strike at the greenhack currency.
and leave the other descriptions III full
volume. He believed that the country had
never had currency with which 1t was
better satisfied than with the government
mrecubacks. and as soon az the people De
come thoroughly convinced that the per
manent revenues would suffice 10 dtfraE
the permanent expenses when time Woutu
soon arrive. specie would drop to It's proper
level. Seven millions OF interest We're
saved annually by the non-interest bearing
added to the taxation If those notes We're
withdrawn He would tax the bank cir
culation. because il belonged to the few,
and would preserve the government CIR
culation. because it belonged to the many.
The bill proposed TO increase that class of
government securities which were exempt
from municipal taxation. The people sub
mitted tn this exemption during the war.
but there was now no ex use for increasing
these exempted bonds. The proposition
that the general government should tax
these bouds was equally open to objection,
for this would simply b. eating down the
interest which the goveTlmcHt had pled9-
ed itself to pay. Nj. Pike closed ny say
inc that he could see no reason why the
Secretary of the Treasury should not he
permitted to sell his bonds abroad. and
that, entertaining the views which lie had
EXPRESSED he could not vote for the bill
before the House.