Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-03-30
Benton's Plan to Suppress Small
Notes.


the way Of even gradual return TO
sound constitutional currency is the
separate action of the several States
on the Bank question. Each State
being sovereign, can put into circula-
ton as much trash as it pleases, and
call it money. And all experience has
shown that it is needless to try to keep
out the shinplasters of other States by
law. If they circulate they will trav-
Ell. Several States have laws prohib-
ting the circulation Of small notes,
but all in vain. This has driven many
an anti-bank man . favor the charter
ing Of home banks to protect the citi-
zens from the influx Of foreign bills
We are satisfied that this is the only
reason why two bank charters passed
the late Indiana Legislature. 1t was
argued that if we must have bank
circulation, let us have one OF our own.
The only way that uniform and good
currency can ever be obtained is to give
the general government the power TO
regulate the matter. The following is
Col. Benton's plan, and we predict
that in less than ten years, it will re-
ceive the sanction of the people, and
become law. Its operations will be
uniform, and, we think, very advanta-
geous. The only amendment we
would propose would be to make it not
take effect without giving some time
for calling in the small bills that now
food the country:
A Bill TO impose Stamp Duty on
bank notes and paper currency ofsmall
denominations.
Be IL enacted By the Senate and House
Of Representatives Of the United States
| If america in Congress assembled.
That from and after the thirty first day
Of December, in the yeareighteenhun-
dred and ffty-fve, there shall be laid
and collected throughout the United
States, their Territories, and the Dis
trict of Columbia, a stamp duty on all
bank notes, and all other paper curren-
cy of small denomination, as follows:
On all such notes or currency oil
less denomination than FIVE dollars a
stamp duty Of forty cents on each
piece of paper on which said note OF
intended currency shall be written OF
printed.
On all such notes and currency oil
five dollars, and less than ten dollars,
a stamp duty Of twenty cents on each
piece of paper on which such notes
or currency shall be written or print
ed.
On all such notes and currency oil
ten dollars and under twenty, stamp
duty OF ten cents on each piece Of
paper on which such note or intended
currency shall be written or printed
SEC. 2. lind be IL further enacted
That the clerks of the district Court o.
the United States, each in his district
and the clerk Of the circuit court fol-
the District of Columbia. and the clerks
of the courts of highest civil jurisdic
ton established by Congress in tn,
Territories, shall, upon application
} stamp the paper which may be brough
to him for that purpose, and receiv,
for his fee tie one-half of the amour
|. Of the stamp duty imposed on eacl
piece of paper, and shall account 70
t the remaining half in such manner a
E the Secretary Of the Treasury shall
direct; and the said clerks shall con
form to the instruction Of the Secreta
ry of the Treasury in the mode o
keeping the account of such stamp
I and in the mode of accounting for an
9 paying over the proceeds of sal
stamps.
Sec. 8. And Be. IL further enacted
! That every person and the officers G
: every corporation who shall issue an
a paper so required to be stamped, with
0 out previously having been stamped
shall forfeit and pay,to any person VIII
will sue for the same, the sum of te
= dollars for each offence; and shall b
: liable TO pay double the amount spec
: fled in such piece of paper to an
I holder of unstamped currency. An
, all debts or obligations to pay none
or property, and all contracts, DC
founded upon loan of such unstamT
ed currency shall be null and voi(
a Sec. 4. And Be IL further enacted
$ That every person who shall pass an
unstamped currency required by thi
act to be stamped shall be deemed an
held to be the maker thereof, and sha
be liable to pay the same in the sam
d manner, as the original issurcr thereo
; with the addition Of one hundred pG
centum thereon; and such passer {
such unstamped currency shall also b
y liable to the penalty Of ten dollars f
" each piece Of unstamped currency 1
= passed, to be recovered by any hold'
thereof who will sue for the sam
Sec. 8. Ind be a further enacte'
That the sum Of three thousand do
" lars. out of any money in the treasul
of not otherwise appropriated, be and Il
y same is hereby, appropriated. toenab
u the Secretary Of the Treasury to carr
into effect this act.
y Sec. 6. and be Il further enacte,
n That any violation of this act shall
n a penal offence. cognizable in the di
- trict courts of the United States,
% any United States territorial cour
ID and in the circuit court Of the Di
o. trct Of Columbia; and that it shall
q the duty Of the grand jury in all sue
courts to make presentment of all su,
&c offences as shall in any way come
m their knowledge, and also the duty
il the district attorneys to prosecute Il
III same.
n Democracy Dead.
m II any one doubts the death Of d