The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-04-29
House OF Representatives..
WASHINGTON, April IS, 1864.

WASHINGTON, April IS, 1861
TEE INTERNAL REVENUE BILL.
The House went into Committee Of the Whole on the
State Of the Union on the Internal Revenue bill.
Mr. KAssos, (rep) Of Iowa. offered substitute for the
161st section, which was adopted II provides az fol
lows- shall not be lawful to record any instrument,
affixed and the record when the proper stamp Is not
affixed shall DO utterly void and shall not be used ~
evidence
The section stricken out proposed penalty Of CITY
dollars for failure to afix the stamp.
Mr.. FARSswoRTH, (rep.) OF H., offered o proposition
that every person, banking institution and association
issuing notes. bills other obligations money unless
authorized by act OF Congress- shall pay Of
sued. He said his object compel the State banks
to withdraw their circulation, and 70 impose the
tax not only on the money issued during each month
shnpastors and rotten issues Of New England and New
York state banks Six months was 700 long 70 allow for
the withdrawal Of such notes, and be should like to
this done 10 one month
MI KERSAs, (oppl Of N Y. remarked that the gentle
%an from e q q sss 4 81 e.
The people Of the states through their Legislatures
have a right TO create such banks, and there
is no power here to suppress them. The
gentleman from Illinois (Mr Farnsworth) knew that the
people Of the West could have banks not. they
might ct. Their Legislatures are the pro-
per bodies to carry out the win OF the
people They had no right to come he here through
other States where the people are well satisfied with
them. the state Of New York has gooo banks--banks
the gentleman from Illinois (sr. Farnsworth) would do
much mischief, and certainly would not strengthen the
credit OF the country.
man mr. Farnsworth) should have appealed to the est
for We here he sd as the representatives Of
the United states Of America and the
the west alone We sent here 10 act for all the
people, and not for particular part was stated IN
Western paper that he ONT Mor,l was MOTH" !. OF
Vermont" Now he (Mr. Morril never was the Presi-
dent OF bank The bill, without the amendment OF the
~. ali Tho
banks "a legitimate way. This was not question OF
suppression or State banks. this amendment be adopted
would retard the progress OF the ball not only here but
in the other branch OF Congress.
Mr. GAysoN (opp OF Y, sorry that the amend
had been offered and that the gentleman from ILL.,
Farnswoth had spoken OF the bank institutions
Of the State New York "rotten." He tMr Ganson)
said, and enough TO say at one time, that there
were no banking institutions more safe sound and
more than the banks OF the State OF New
York; and there better system than the banking
system Of that great State The general has
had to copy from IL to give character 10 its own system
He INT GaDson) opposed the amendment, because Con-
gress power destroy State banks 1t had been
decided by the Supreme Court OF the United States that
they are lawful Institutions and Congress has power
whatever TO forbid their creation. This amendment,
carried, may defeat the bill.
Mr.. PRICE (rep) Of Iowa. expressed his establishment
that the amendment had been introduced. adopted II
would raise storm OF excitement throughout the country
that tho House would DO unable 10 meet The object OF
taxation that its burthens should fall equally upon
an men.
Mr. HOLMAN (opp.) Of Ind, moved to strike out the
S"hAo
gress." II favor national banks at the expense Of
State banks much indignation will be provoked at the
dred millions OF state bank circulation and supply It's
place with two hundred and City millions OF national
bank circulation The financial credit can be sustained
only by crushing out the redundant note circulation
The amendment OF Mr.. Holman was adopted
Mr.. ARNOLD, (repl q III, said the passage Of the
class that could better pay the TAX as they issue
three four times the amount Of their capital stock
MT a. 10 G rs
voved the wide scope Of the merits Of the two bank
toms Let IT come before the House In separate BILL
otherwise the passage OF the bill will DO delayed.
Mr. FlRSswoRrH declined TO comply with the request.
His amendment simply proposed 70 levy tax on the
banks Gentlemen were willing 70 TAX anything ess N
would like TO have grecnpacks circulating and redoema-
BILE vcrywhere.
Farnsworth had introduced his amendment suppress
State banks calculated 70 retard We passage OF
the BILL for which the people we're looking with intense
interest.
Mr. srAunpye (rep.) OF Ohio, favored the amendment.
Every man clearly that VIC cannot sustain national
one or the other must 20 TO the wall and was only
question OF e Unless there be some corrective OF the
over issues, ruin win ensue 20 the government.
Mr.. PIKE, (ep) Of Me-, also Expressed himself 10 TO-
vor OF IN exclusive grcenback currency.
Mr.. HoopxR (rsp) OF Mass. was In favor OF taxing all
bank circulation, as would tend 10 give IN exclusive
Mr. Fsrnsworths amendment 70 the section in relation
TO banks and banking was again read, % follows
issuing notes note. Or other Or nsSdeS
circulate money shall pay fourth OF ono cen
each month such which, having been Issued,
remain In circulation.
This was agreed TO BY yeas 50, nays 81.
On motion OF Mr.. Holman she section was further
amended 90 ~ 70 impose the tax upon the average
amount Of capital stock emitting the words "beyond The
amount invested 10 United States bonds.n
On motion Of Mr.. YEAxAN, (opp.) OF KY, was1 or.
dered TINT the TAX shall not DO imposed on any back
IN process OF liquidation.
Mr. HooPKR offered an amendment, making the taJ on
incomes ton per cent after year.
THIS After debate was rejected
The COMMITTEES then rose
PRrsipxrr RgolRDra SUFFERING rpo
PIE or FAST rHrNKtsEE
The srxiH0 laid before tho House the following CON-
nunication-
TO rns BosoRAns SENATE am Hover o. RrpsmcvrA