The New York herald., 1864-04-05

g lows, yepcsss Julian. KaleaeIsos Kelozg OF Mich
kss sssrd. Law asca1. ssxlassy' .sS'
nasals.oa' Miller o. n r. hoothead. Morris o. Ohio
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seTso. Stevens ss,ea.: ia.ssr vsssaSufsS VASE
SarIs %s St IN w Sas1 a'' wsca was ae
Benjamin wcod. Woodbridge, Yeamsn
cRopoB T~oMrsoS, rHB ENGLISH ABoLIuoNIsr.
NJ. NORRIS, (opp OF Ohio offered preamble, setting
forth that whereas Aorge Thompson, OF England, IA
March, 1884 declared tba. the dissolution OF this Uaot
should be steadily kept 10 vies. therefore,
Resolved That the resolution here tofore passed granting
Tie use Of !hs @ ns 70 the saa ooora Thompson on 6'
Objection being gasde, Mr.. Morris movca suspension
OF the rules which wa decided in the negative ~ yot
Of "A against So 50 nc resolution no. considered
NATIONAL MlL.
The House then resolved Itself into Committee u tbs
Whole on the State Of the Union. Mr. Rollins (of NJ
10 the chair ani resumed ,he consideration OF the Ma
Mr.. EIiJAI WARD, (opp) OF N. r., orercd "A smesi
mont TO tho effect that when the state banks nave
pleted their organization under this act they shalt with
draw their STATE bank circulation lie expressed tho
hope that Congress would necessity
an already largely inflated currency We were preparing
debt against which we ought to adopt such course as
would prevent reputation. Tho national currency
had been estimated at from four hundred mIllio0s TO
seven hundred and seventy millions but ne placed
IL at eight hundred aud twenty five Millions Including
she various eviienc OF debt passing a. moncy BY
adding TO this the hundred aud sixty millions
or State bank crcastcn there was an aggregate o nne
hundred and ninety two millions under this act lie in
strted comparsoO between the present bank ctrcul
ton capital and loans for the purpose OF showing that
the ncease would no at least eleven hundred and ninety
millions 0! capital, and the bank circulation four
hundred and sixty millions and loans and discounts
al the present ratio OF two thousand millions
The amendment was rejected.
Mr. BLAINE, trep " Me offered Dew section 'tb1t
per centun nyed under the thfeth section of
this bill shall be deemed the lawful rae OF interest 10
st ties where established but each bank shall
be governed by the state law where 1t Is located" He
made lew explanatory remarks when the amendment
was adopted by vote OF 90 against 2l
Mr. VAN VALKBNRUR6H, (repb OF N. r, offered an
amendment, that nothing in this act shall prevent the
States from taxing the capital stock OF said banks the
same as for cooperative, state or municipal purposes
Mr. HOLMAN, (opp OF nd, advocated this right
for some hundred millions OF dollars should not be re-
lieved from the taxes imposed tho people OF the
United States. be hoped the minority would
sent 70 the passage this bill
Mr. SrRoUss, (opp) of Pa. argued against exemptng
such large amount from taxation aud allowing the
modern Shyl cks 10 90 free
Mr. Van Vakenbirgh's amendment was amended so
that State shall impose any higher rate than i'm
posed the OF moneyed capita OF the ind
ydual citizens OF such Ststes "
Mr.. DAVIS, (rcp) OF Nd offered further to amend by
exemptng money invested In United States bonds from
taxation.
The question 10 the proprety and justice OF State
and municipal taxation discussed at considerable
length.
Without concluding the subject the committee rose at
half past four O'Clock, and the House adjourned.