The Alexandria herald. [volume] (Alexandria [Va.]) 1811-1826, 1813-07-16

4hen moved toex ccpt those towns whose DO
pulation did not amount to ACCOMPLISHMENTS,
which was lost. An exception was then
made of towns where there we're not 100
families in mile square. After some
further debate the bill was laid onthe ia
BILE.
The committee of the whole then took
up the bill laying stamp duty on Bank
notes, notes of hand, and bills of exchange
Iof certain dcscrip,ion-M MIR. Bibb said
this tax was the same in principle as tax
| upon tea, the unpopularity of this system
OF revenue formerly was owing TO the great
Inconvenience in procuring the STAMP ma
fer. This was obviated by the numerous
establishment of post Offices. He moved
~ amend the first section, which says Is on.
all endorsed notes, &c. So as TO prevent
the evasion ofthc law by the giving of a
Ijsint note, and also TO include all compa.
Inies who shall discount paper, &c. 1t was
calculated that the banks and associations,
would compound with the government at
2 l-2 per cent on the amount of the divi-
Idcnds made to the stockholders. The
actual capital of banks was estimated at
is 5o,ooooo0.
Mr.. Taylor (of N. w made motion
which superseded Mr.. Bibbs, viz. to strike
out all the section and cremht all notes
putin for discount, and dou6Ee the tax on
the dividend to fire per cent. The actEal
lcapital of N. York, was S 2o,oOo,ooo, the
nominal much more. He estimated the
| bank capital Of the U. S. one hundred mil
kons-rhc average interest was twenty.
dollars moro on a thousand dollars than If
put out to legal interest, fifteen dollars
after paying the duty besides the advan-
Jage of drawing it scmiannually, as well
| as a SURPLUS OF from 2 to 4 IL per cent
which was laid by for exigencies. 1t
would be a great Inconvenience in his
neighborbood, the farmers and mechanics
generally had dealings with the Bank; it
| would give them a great deal of trouble 10
| procure the stamh haher, and when for
warded to the Bank, perhaps not discount
| ed, as not one half Of the paper offered was
supposed to be discounted.
Mr.. Bibb, Sheppard, Seybert and Ro-
beits opposed the motion. 1t was argued
lby the former that it was correct princi-
| ole to tax credit man never pledged
| his credit but for an equivalent, which cna-
bled to h IN monopolise, & derive large pro-
/ fits. The others contendcd that the stock
was generally bought by the present own
ers at from 90 TO 80 per cent. advance, SO
that allowing them 8 or per cent. on the
stock, they would not derive more than 6
Der cent. on the money vested. Many
widows and orphans had their funds vest
ed there to procure them scanly subsis-
tcnce, &c.
| Mr.. Taylor's motion was lost.
The speaker moved to include bonds
and obligations, and exempt from stamp
lduty, those whose paper should be rejected,
He took the mediam OF the bank capitai
l75,ooo, ooo-Thus every sixty days II was
fair to presume that 50,ooo,ooo of pa.
per was discounted-this would produce
100000 (S3oo,ooo from paper discounted
! and loo, 900 from duty on the bank no;es.)
MIR. Bibb Withdrew his amendments and
stated that the committee approved Of Mr..
Speakers modification.
MI. Wright was opposed to the amend
:nent as unequal and vexatious. He wish
\ cd so cents tax imposed ON all lottery tick
Its, &c. He was under the impression
tha. the law might be construed 10 extend
TO notes of hand circulating from one
TO another in the interior.
Mr.. Clay's amendment was adopted.
On motion Of MIR. Bibb ali drafts, notes
sc. issued by the United States wero to be
exemption the duty.
The bin to SO into operation from and
after the Slst of Dec. ncM.
The following is an extract Of letter
from colonel Hawkins to the governor, dat
Greek Agency, 27th June, 1918
Il I" A civil war is commencing among the
Greeks. The chiefs and warriors, who in
tohedieuce tn tho or,lpre re tb. co,,,c;I IS IL =,