The Feliciana Democrat., 1858-01-16
TAN ON BANK NOTES.


store and preserve the hard money currency of the
Constitution and cited MS one of the parts of the
plan of reform his proposition to suppress oil paper
currency under twenty dollars by stamp duty. lie
further expressed the opinion That such stamp duty
would have helped TO save the country from the
present financial calames, nasmuch as "many off
the base order of banks would have been unable to
nuke cureacy' for want of money to pay for stamps
on their notes :; and he mentioned the fact That both
General Jackson and Mr.. Van Burcn recommended
this measure and that bills were repeatedly brought
into both Houses of Congress to this purpose, but
were always defeated by the detection of the paper
money wing of the Democratic party.
10 one who .locs not duly consider the ovcrpower.
Ing influence Of banking corporations III avcriing
from themselves the responsibilities borne by the rest
of the community, it may well he Il matter OF sur
prise that banks and bankers and all corporations for
the issue of paper money have not been always com
prllcd by orr Government TO contribute to its sup
port. The moncycd interest Of the country is u
large one which possesses great and profitable prv
lcgcs. and assumes many advantages never granted
it by law. Yet il is left exempt from the duty of
aiding in the support Of Government which rests
upon the laboring classes. who have small incomes
W. WV 'bHlptli'u ~ IAs h'N'0 hPoi Wy w. T'''N
ncccssaries Of life such rs articles Of food and cloth
ing.
Rctrcnchmont and economy have lately been urged
upon the Government, by some, as means OF sup
plying the public wants, while others have advocated
a revision Of the tarin for the accomplishment Of the
same end. We will add our quota to the suggestions
on this subject, by proposing that the banks that
have done the most TO dcpctc the Treasury by ca'is
ing the present money troubles and thus hindcrng
trade and preventing the payment Of duties on goods
stored but not YET entered for consumption shall
hereafter be compelled to do their part towards re-
plenshng it.
In Great Britain the circulation Of banks has been
taxed since 1890. From that time till 1915, the tax
was levied through the instrumcntality Of stamp
duty. stamp being required for each note with the
privilege Of compounding for a gross sum; since
then fixed sum has been levied on the annual crcu-
lation of each bank which has to be reported 70 A.
SCISSORS, like any other property. An additional tax
is levied OH the Bank of England for notes under
five pounds the smallest and most injurious notes
having placed upon them the burden they are least
able to bear. and being thus driven from circulation
In the United States stamp act imposing a taX
upon banks and bankers was passed III 1873 and
counts. and bills Of exchange. tax upon nrgoiu
blc commercial paper, such as individual hill- and
pronssory notes used IN ordinary business transac
tons. i usually regarded as peculiarly burdnnsomc.
and only TO be imposed Oh account Of temporary nc
cessty, and we have no wish to sec such burden
necdlcssly imposed upon the people; bat tits cmi-
ncnily proper that profitable money making in-itu-
tions should pay portion Of their created. bascesr
wealth, to aid in upholding the system of law that
gives them their existence.
II would be difficult to show any hardship or in
justice in such tax. II was approved by some Of
the leading moncycd men Of the United States in
days past, as ii is now by the bankers Of Great Bri
tain, and no new reason can now be urged against it,
The celebrated stephen Grard, Of Philadelphia, in
petition presented to Congress in 1914 asking the cN-
tension TO him, rs private banker. Of the privilege
of compounding for his bank tax, as Incorporated
banks were allowed by the stamp act to do. declared
himself willing most chcerfully toconrihuc, in COM
mon with his lrllow-cii,zcns throughout the United
States full proportion of the taxes imposed for the
support OF the Government, according TO the profits
Of his occupation, and the value Of his estate and
tits but just that all, in whatever occupation they
may be engaged who enjoy, like Girard, the protcc
ton Of law, should like him, chcorfnliy do their part
in paying the expenses Of the administration Of that
law
The proposed tax would accomplish double Oh
ject it would supply revenue, which is now so much
needed by the Government. and it would improve the
currency by the suppression of small notes that opc
rate injuriously upon the interests Of the people.
Let our legislators think of it.--Giobe.
Gsfs" The Mobile Mercury a styong gSoutiem Rights
journal, holds the following language in regard to
the National Democracy. There is good deal Of
pith and truth in IT, The South must depend upon
herself in the vndication Of her rights honor and
equality
TuE SoITu ABASDONED-Nany honest and intoli l..