The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1864-01-23

The SddfkiQD& Tf1eteeo named ID mo
bill are n. W. Isbell, Of Linn county;
Rush CLARK. Of Johnson county; and Jas:
McQuinn, Of Benton county. The bill
passed without amendment.
9beg Senate Treasury Note bill was
read, together with the substitutes offered
! by the majority and minority Of the House
committee. The Senate bill provides that
the present law shall continue in force
The substitutes Of the majority Of the
House committee provides for receiving
demand and legal tender notes for taxes
while that Of the minority. provides for
the reception, in addition to the above, of
State Bank notes and notes Of banks or
ganized under the National Banking law.
Both substitutes provide for retaining in
the county treasury all specie received for
county taxes.
| Mr. Magil advocated At some length
the propriety Of receiving these yariuus
issues. He thought it would prove det
rimsnsal to the producing class to refuse
to acceptthe issues of the State Bank. He
argued that the State Bank was firmly es-
tablished and needed no encomium from
him. 1t had stood the shock of the fiDan-
cial crisis, and its doors had never been
closed against a depositor or bill holder
Il had promptly furnished the State Ex-
ecusive with funds necessary to equip our
soldiers at a time when most monied men
and corporations had stood aghast and
hesitated
I Mr.. Stiles said two years ago there
was necessity for the law when enacted
providing for the reception for taxes OF
Treasury demand notes, and Of the issues
of the branches Of the State Bank of Iowa
so long MS they shall continue to redeem
their currency in specie. He claimed
that this necessity no longer existed
Legal tender notes we're flooding the
country, and the people would find no
difficulty in paying all their taxes with
these notes. The people do not need the
provision for receiving State Bank notes.
If the banks desire this legislation he
should not favor it. He was bound TO
4 advocate the interes, Of the people, and
moi OF any individual or Incorporation
If we provide for the reception, indefi-
nitely, Of the State Bank currency, We
shall not legislate wisely or prudenlly.-
The State Bank is really only a private
corporation. instituted by private parties
for private gain. II is good institu-
tiop, and if good institution, it ought
TO stand on its own bottom, and not de-
maud Legislative protection. He would
no, argue against. banks. and above all,
tie State Bank Of Iowa.
He had nothing against it; but it ought
no. to come here and ask for protection
People, in all transactions. are now re-
quriuc Greenbscks in payment OF dues,
ard the natural tendency Of State Bank
notes viii be into the State, County and
School Fund Treasures. lfthen tinsn
cisI crisis shall arise, the State Bank may
20 down, and eur School Fund. the dear
est treasure Of the State, will all be In
worthless currency.
Mr. Berepan AS one Of the mslority,
endorsed the remarks Of the last speaker,
and sdvocted the necessity OF decreasing
the currency oil private banks and replac-
ing it with Uni,ed States currency. This
he thought should be the policy Of the
Government,
Mr. Moir sail our People believed that
we have one Of the best State Bark sys-
tens in existence The people 81 the
whole Northwest believe II. The fact
ths, our currency is one fourth per ceni
premium in Chicago. should make US
pioud of our Bank. He believed there
was no possibility OF the State Bank
going down. He he lieved all fell
this, and that DO one feared there was
any danger tina. TIE School Fund or any
other fluid would suffer by receiving
thcse Issues. He did not wish 10 cast
any reflection On the Bank. Should we
refuse 10 receive the issues Of this Bank
now, after having taken them for the past
two years, it would seem to parties out Of
the State that We did not place implicit,
confidence in our Bank. This might in
lure its credit abroad The people would
not lose confidence in it for they feel a
State pride in il, and know it to be sound
in all respects.
Mr.. Stiles defended his previous posi-
ton, arguing tia, now was the time to
1 Sup tNe ISCSphlob ~ tatS SuAscoSy'
Mr.. Russell of Jones was not satisfied
with either substitute. He hoped that oil
the minority would be voted down, and
that of the majority so amended as 70
provide for the reception of National
Bank Notes.
Mr.. Paulk moved to amend the bill Of
the minority by limiting clause provl-
ding that the provisions of the law shall
cease within SO days after the meeting
OF the next General Assembly. Amend
ment accepted.
Mr.. Russell of Washington moved 10
re-commit to Bank Committee.
Mr.. johnson seconded the motion, q
he desired some amendment
Mr. Maxwell said as there we're proper
penalties attached to wrong disposition
of specie by Coun Treasarers be
thought there should be the same safe
guard thrown around the State Treas
ury.
Mr.. Richards argued that it was an alb
solute necessity that We receive some pa
per currency Our business is to select
the safest. We cannot we'll choose De-
..u -. ri frarJor Nofoe anA ~.