New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-04-29
HOUSE OF REPRESENTATIVES.
THE INTERNAL REVENUE BILL

The House went into Committee OF the w hole
on the State Of the Union on t1e Internal revenue pl
MI K4ssoN ON, Iowa offered substitute lOf VI 8
IJist section. which was adopted II PROVIDES as ioi
II shah not be lawful 10 record any instrument docu
meut or paper unless the proper stamp shaA De s1eu
and the record when the proper stamp Is not afh10C
shall be utterly void and shall not be used a. evidence
The section stricken out proposed penalty Of sJO ior
failure 20 afix the stamp - ... MI.
every person banking institution and association ssu
ing notes bills other obligations as money, unless
authorized by act Of Congress- shall pay oneiourth OF
one per cent each month on the notes and obligations
40 issued He said his object was 70 compel the state
banks to withdraw their circulation and 10 impose the
tax not only the money issued during each month";
but also the notes still out The West do not want
the shnpasters and rOttOn issues Of New'Enghnd ana
New York State banks. Six months was too long 70
allow for the withdrawal OF such notes, and nc should
like 10 see this done in one month.
Mr. HERMAN Dem., y. Y remarked that the gen
fleman from Illinois Farnsworth) bad al the outset
declared his intention 10 be 10 suppress The state Banks
The peope Of the States through their Legislatures
have a right 10 create such Banks and there II no
here 70 SqPss That me Dgpe of the Vest
could have Banks not as they see IT. Their Legss'
treg are the proper bodies TO carry ont the VIII OF the
people They had no right to cone here thTousH i1e
Representatives and suppress the Banks o. other Stas
where the people well satisfied with them. Inc
State u New. York has good bsnks-banks when are
perfccty sound and safe The proposition OF the gen.
ieman from Illinois Farnsworth), would do much mis-
chief and certainly would not siresgthen the credi' OIL
the country.
Mt MoERILL On, VT regretted that the gentleman
(Farnsworth) should have appealed 10 the West for
votes We are here. he said the representatives oil
the United States Of America, and not the rep
resentatiycs OF the West alone We sent here 10
for all tho people and not for any particular part
1t stated in Western paper that he (MorrilD was
Morrill, Of Vermont" and the President Of Wild Cat
Bank at Chelsea, Vermont Now he (MorriD never
was the President Of bank The bill without the
amendment Of the gentleman Farnsworth) proposed
10 tax all the banks In legitimate way. This not
question Of suppression Of State banks If this amend
ment be adopted IL would retard the progress OF the
bill not only here but in the other branch OF Congress
Mr.. GANsON Dem. n. Y was SOrry that the amend.
ment had been offered and that the gentleman from
Illinois Farnsworth) had spoken Of the bank insttu.
lions Of the State Of New.York as rotten" He
(Ganson) said. and 1t was enough 10 say al one time
that there were no banking institutions more safe more
sound. and more satisfactory than the banks Of the
State OF New, YORK, and there better system
than the banking system Of that great State. The
General Government has had 10 copy from it 10 give
character 10 its system He (ensOn) opposed the
amendment because Congress has power TO DESTROY
State banks. 1t had been decided by the Supreme
Court Of the United States that they are lawful stn.
tons and Congress has no power whatever 10 forbid
their creation This amendment. If carried may dc
feat the bill.
Mr. PRICE Gun, Iowa. expressed his establishment
flat the amendment had been introduced. II adopted
IL would raise such storm OF excitement throughout
the country that the House would be unable 10 meet IL
The object OF taxation that Its burdens should fall
eqnslly upon all men.
Mr.. HOLMAN Dem, Ind.) moved TO strike out the
words "unless such banks are authorized by act Of
Congress" II we favor National Banks az the ex
pense of State Banks much indignation will be pro
voked at the discrimination We will drive out OF cir
cuaton two hundred millions of State Bank circuls
ton, and supply its place with two hundred and fifty
millions o. National Bank circulation. The financial
credit be sustained only by crushing out the redund
ent note circulation
The amendment Of Mr. Holman was adopted.
MI ARNOLD (Un, ILL said the passage Of the amend