The Portland daily press., 1864-04-20

wheIm it with their notes issued to an unpre-
cedented amount, without the responsibility
of providing for their payment.
We do not make this quotation so much to
endorse it, as to show the opinion of men who
stand high in public estimation, and whose
word will go far TO produce conviction in the
public mind. Now then, having indicated the
undisguised policy of the Government, what
steps are being taken TO make that policy
efectual? 1t is this: to impose such onerous
taxes upon the Banks that they will be com
PEELED to stop business or to fall back upon the
National Banking Inv.
New bills now pending before Congress, the
passage of which can scarcely be doubted,
impose tax upon the State Banks, in oddi-
ton TO all former impositions by the State
and National legislatures, of one fourth of
one per cent. a month, or three per cent. a
year, on the circulation Of the Banks, and one
per cent. on their capital stock. This would
be an increased tax upon the Banks of Maine,
Of $4,000 on their capital stock, and SIS 900
per month upon their circulation, or $4,000
per annuml The same paper from which we
have quoted advocates this measure, and says,
the justice of the tax cannot be disputed,
and its wholesome effect in curbing the vast
overflow of these notes bank bills which
"has created so much alarm, will soon be
seen"
We are told by an officer in one of the
oldest, best established and best managed
banks in this state, that no bank can possibly
live under such burdens as are here proposed;
that no prudent bank officer will think OF con-
tinuing business as state institutions. Theymust
wind up or fall back upon the national banks
ing law, and to accept this latter alternative
is not so easy as many people suppose. The
consent Of two-thirds of the stockholders
must first be obtained; an undertaking of
formidable character where the stock is wide
ly diffused. We are assured that a large ma
jorty of the Banks will, without parley or de-
bate, vote at once to wind up, to call in their
notes and stop business, if the bills now before
Congress to which we have referred, become
laws.
Then will come precisely the crisis ia bust
ness circles to which we have referred in
another part of this article. The banks de-
Gliding to withdraw their bills, must collect
their notes receivable in order to cancel
their own Indebtedness. The business men
now receiving accommodations from such
banks will not be able to get their paper re-
newed, but will be obliged 10 pay promptly
large amount of Indebtedness contracted upon
the presumption that they would have time
for business turns aud the realization of large
profits before such necessity would be placed
upon them. The result we need not describe
Shrewd business men can forsee it. Wise
business men will foresee the evil and as much
as possible avoid it. They will shorten sail
before the storm-cloud bursts upon them.
They will avoid the breakers while yet they
have plenty of sea room. But the unwise
the imprudent, the reckless,-those possessed
of the devil of wild speculation--will not see,
will not profit by foresight, but will be over
whelmed and knocked down, and their
wrecks will float upon the business tide, mon
uments of the folly of wild, insane and
needless spirit OF speculation.