New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-05-07
The Bill I'm Relation 10 she National
Ranking system-Letter from seere-
tary Chase.
WARRINGTON. Friday. Ma,

| WARRINGTON. Friday. May g. 1864.
The following letter was read by Senator
Sherman during the consideration Of the National Cur
rency bill:
| TREASURY DEPARTMENT May 3. 1894.
sra: Nothing but my deep Of the importance Of
sustaining by every possible means the public credit
upon which The sole dependence Of the Government to
suppress tho instruction must rest would induce me
to address you this letter upon subject which has al
ready received ~ much consideration
The bill in relation 10 the National banking system
now under debate II In the nature Of amendment 10
the act Of the last session. Though complete bill in
itself IT contains few provisions not substantially en-
braced In that act among which that IN relation 10 inc
measure and distribution Of ta1n;on may be regarded
perhaps as the most important Under ordinary cir
cumsiances. there might be no nsupFrabe objection IN
leaving the property organized under the National
Banking law subject almost all descriptions Of
property to general taxation State National, and mu.
ncipa But in the present condition Of the country
respectfully submit that this particular description Of
property should be placed In the same category with
Imported goods before their entry into general
sumption. and be subjected 70 exclusive National
taxation.
At the present moment the duties on imports form
The sole reliance OF the Government FOR means to pay
the interest the public debt IL 70 these meant the
TO be paid by the national banks shall be added
most important addition viii be made 10 these
MEASURES Tho mere foot that these taxes are made
payable to the national Government and 20 rendered
available for the payment Of interest on the public debt
and for the reduction Of its principal will strengthen
the public credit and facilitate the negotiation 81 the
necessary loans al moderate rates OF interest have
no doubt that such disposition OF these taxes would be
worth more to the Government during the present
struggle in practical results than three times the actual
value Of the taxes themselves
do not at all suggest that this description OF prop.
erty should not be taxed heavily 0s any other dcgcp
ton On the contrary think IL just that should bear
It's fun proportion Of the pablo burdens. am only
anxious that the taxation upon II snail be made 20
tribute as largely possible TO the general welfare and
Il is the conviction deeply impressed my mind that
il will contribute when aggregated In one mass,
and male tell upon the general public credit than
when distributed between the nation and the States
and municipal corporations that prompts me
10 address these views 10 you.
Under any plan Of Partition that may be adopted the
amount OF taxation dstributablc the several States
and municipalities viii be comparatively small and
important and il is quite possible that the total taxa.
ton OF banking property for III purposes VIII DO less
than 1t will if taxed exclusively for national purposes
The advantages OF partition 10 States and municipal
ties will therefore be small and the banks may not lose
BY It, The nation alone will be injured. IL viii not be
understood of course that the foregoing suggestions
intended TO apply 10 real estate held By any banking
Institutions that description OF property must neces
sary no he'd by titles under State laws and should
properly be subjected exclusively TO State taxaon e.
cept In the event of direct tai by Congress.
The IL otherwise with the personal property and
credits Of the Banking Associations These receive
thor organization from National law and for great ma
tona purpose and may therefore be with great pro-
prety and-as have endeavored 70 show at the pres
ent tine-wih great public advantage DO subjected 70
exclusive national taxation
Respectfully yours S. p. CHASE
The Hon. WV. PITT TEssHSDYS. Chairman OF the
Committee on Finance. Senate Chamber.