Evening star., 1864-05-07
CONVERSATIONAL.
In THE SENATE yeeterday-

In TIE SENATE yesterday A
when Mr.. Sherman called for the reading Of 9
letter from Secretary Chase, dated the I'd inst,
addressed to Mr.. Fessenden, chairman OF the
been referred to In course Of debate on Thurs
day. The letter is as follows: tt
SIR Nothing but my deep sense Of the i'm
portance of sustaining, by every possible
means, the public credit, upon which the sole
dependence of the Government for means to
suppress the insurrechon must rest would
subject which has already received SO much
consideration. -t E'.-s
The bill in relation to the National Banking
system, now under debate, is in the nature OF
an amendment to the act of last session. Though
a complete bill in itself, it contains few provi-
sions not substantially embraced In that act,
among which that in relation to the measure
and distribution Of taxation, may be regarded,
perhaps, the most important.
Under ordinary circumstances there might be
20 insurerable obje ction to leaving the property
organized under the National Banking law
subject as are almost all descriptions OF prop
erty, to general taxation, State, national and
country, l respectfully submit that this partic-
ular description Of property should be placed
"a nj, the same @ category with imported goods before
Jected TO exclusive taxation.
At the present moment the duties on imports
firm the sole reliance of the Government for
n cans to pay the interest on the public debt. II
to these means the taxes to be paid by the
National Banks shall be added, q most import.
me8Sur4Q.
The mere fact that these taxes are made payable
to the General Government, and so rendered
available for the payment of the interest on the
public debt and for the reduction of its prin.
cipal, will strengthen the public credit, and
facilitate the negotiation of the necessary loans
at moderate rates OF interest ! have no doubt
worth more to the Government dt.ring tho
present struggle in practical results than three
times the actual value of the taxes Themselves.
l do not at all suggest that this description
nYnnorfv Qo hoo o1riI
any other description; on the contrary, think
it just that it should bear its full proportion OF
the the public public burdens: e l am only an.ious that
as largely as possible to the general welfare.
And it is the conviction deeply impressed on
my mind that IL will contribute more when
the general public credit, than when distribu.
ted between the nation and the States, and nu.
merous municipal corporations, that prompt
me to address these views to you.
Under any plan Of partition that may be
adopted, the amount Of taxation distrihut:ble
to the several States and municipalities will be
comparatively small and unimportant, and it
is quite possible that the total taxation of bank
ing property for all purposes will be less than
1t will be if taxed exclusively for national pur-
poses. The advantages Of partition to States
and municipalities win, therefore, be small,
and the banks may not lose by it. The nation
alone will be injured.
foregoing suggestions are intended to apply to
real estate held by titles under State La VS., and
should properly be subjected exclusively in
tax by Congress- The case is otherwise with
the personal property and credits Of the bank
ing associations. These receive their organiza.
purposes, and may therefore be with erese
propriety, and, as / have endea voreJ to show
At The present time, with great public ad.
ton. Ve2y respectfully, yours. n.oAs' :" - ''A
The sOth section of tho bill in relation to tne
rate rat OF Interest to Be charged by the banks BE-
Mr sherman moved an amsndment which
makes the clause read AZ follows:
sysfy y.ss ssscs ne
tory where the bank 10 located, and NO imore,i
except that where, BY tho laws Of any Stat.
e dinerent rate fs limited for banks Of isses
oTgani7ed d. under State laws, the rates 90 limit.
in any such States, under this act" a %
The amendment was adopted
Mr.. Chandler offered an amendment 10 th0
3lst section, striking ont the cities therein
named, In the West and ut the East, az avet1.
able places for the rstismption o.. the ctrculs..
retaining I % simply M vi New i Yors. P6ilsdsipSis nd
Boston as the points OF redctnpton, which,
after debate, was adopted. n .,,,,a...,, :. -.
that inste~d w Of rsdeeminK Kt1ei1 nS}ss EtpF
said eitiss sssn e iss nsna sIsiss iSs
Circulation shall ~ redeelnsd rat aIets Ofbdis@
count not exceeding, fone. quartsr aef Ienes4eE
Can't 1.izgl < Ola lgSAlfE lI9So0I sa ,1eigTo OF
MI. Henderson moved to- amend the 11d se0s
tfon, by striking ont the limit Of fhree hnnos1G
million Of dollars forloirealeting notes nnde8
the act and inserting lie words JmeiAmeu1
now authorised 10 b6 issued ~ psbe Con RsfeeS
lerto thebaHks ALREADY ,cfe afed unasr ~ Sne epssg
No further action lWSS ,is.sle Il
Mr.. GsnsoD. rom, ths D9man sSaomnkftI1.e onk ftI1.e.
nR2Ss R salla4 gR zee M - election ease e
sional district Of Missonri, the resolution DE-
the seat ssHaa soaVR smaq
Messrs. Upspn and Smtthars sp0ts in eppe-
fition ~ be 4esolption 81 the comMttfee,anA