, 1864-05-08
Remarks OF General FarnsxEorth md
Hon. l. NJ Arnold.

Remarks OF General Farnsworth ant
Hon. I. N. Arnold.
(Frcn The Congregational Globe, MAY q, fae41
:, Tue qaest!on being on tho Tax Law, Grnera
cent per month he aeacssea On the cIrrnjstfnn n
Tho state Banks he said tho Principal object O
ny hs5msnomens ,n! Is TO eonPos the stao b1nka I,
pu! whieh offer as an amendment Is 8ubstsnt.aljy
Atnoukh pare made some alterations In IA bend
.e9,r ~ He,97q ne Hoate: have modified by ia
one lotlt4 OF ono per cant, not only upon th
money which thsy havo 1esued during the mo IL
sas eae ppoa R1 = sosr s suson T. Which hsvo
AK him queation, s'>'' !" A'4o -
saa @f csaoi 1;ss Nj haze only a.e nn,es
Ea,ef pas, ~ apRsa1 to eysy member upon ibis oo
.undtt t.. WSs. 81 70 aa me IL Incorporating th,s
sh3s nnoe f INTO nc bill There ia member upol
prehend, who dcea not know yery well thai III. son
stnnente sI are suffering from the shinplnstcr con
which aro flooding the country with ehinnis.t .ters
,ya1, M: DAWES. VIII the gentleman tel ps why III,
Nj. FAnsswonrn, Twill, tell thu re,,,.n.,u,;.
me Wett Because every rotten banE Witch ~ ::
tsblithed in New England OF New YorE A. sn~
voe3e.s eeie sse II Tie sends its sha
The produce Of The western States. VI
~. opK1I- We hive no such Institution In N.v
,10FK.
Nj. FAnsswoE1u. In Illinois We hsve b.d ~,
r.odically, ence from twoso fyc yeara reneP,1 III
tnlsth ol al bank circulation Of that state. moi
only 81 the circulation OF the banks Of thai S.ats
o. n ,ae circulation of the banks Of other States
Who Is 60 ecr1pulous IN regard TO ihis matter oi
maintaining The credit Of the Government and in.
aISnn& me tale unted States bonds for The Is.
Join me u curtailing the circulation OF the sate
1anks Of the country. Tho provision that I have
d1oTn gt1.idsa S thss an o7nEs which not au
gentlemen that that Is too soon. II think Il ss not.
an5 am on, ef these ss55 55Dks + long {es
eireuiasion-too long altogether for tie
ntopie, too long for the county. I wish myself
thsy Seea 6e,G be To- SttaaaW their cua
OF the Government, II We must have banks, IS we
must undoubtedly have during the war, let us have
soune bank; Jet M O. hare bank CURRENCY that will
home-a currency that will DO recognized IN New
Yosk, Philadelphia, Boston. New Orleans, Chicago,
O. an{ other part q The United states In tho Is.
sowe.fa the multiplicity Of 6ank issues Which -
vcncy Of The bank ~ 10 WheFr tSe b.n "a
9qtrfd 70 redeem win Eold aad sTeT Is iost sies.
Nj. KEENAN,, Of New York, spoke IN onpo,ft5on
Nj: 1aso1p, Il m.., said-1 have heard with
that the adoption by the Committee OF tbs amend.
nent Or my eoleaguc wo7ld endanger the p1 ssase
Of this revenue pil. Ia 1t possible that upon a
salvation Of tho country and the prese5fa,ion Of
The public credit, gentlemen tenresentin1 tha
6Sanpg i1tsferts On th!s door w and
will vote againat The bi ST. The pssssps or ri,
amendment will largely Increase lie revenues oI Of
ths country Is there my claas that can bettss a.
70 pag taH 6a1 tan thoee
leaning t1ia enormous circulation, and are aeryinc
high dividends from their paper circulationi
NJ. hE1SAN. u ak montha you will cut of the
ton. ~ = 'App''SA'ss 'te DIRK c'fea1a-
Mr. FAHsswoR1u. II my eo1ieacue viii rive
sa;yn sy 10 ne n 1os moment viii say that at tie sag
this Is tax bill modify my amentinen1 bv st.iF.
Ing out the last proviso. - o.
maaaad M A9f1.n S,s lam gsd thst colleague
psoviso That will leave I. purely revenue meas
ntc providing tax on the bank notes Of The conn
~ ~ an9 az tneh t.asi that it will commend itself
10 tne Judgment OF this committee, Surely there
no cass Of the community that car 50 wei afIocd
70 be taxed % those representing these bankfue
ln!eTesle: There afe no men II the country r,
present tine as the banking institutions Of the
country. Not only does 1t commend itaelf to the
justice Of the committee ha means Of raising rev.
durdant circulation under which tSe ' countfy or +
now suffering. and which raises he price Of iii az
necessar'es Of life, It Will In this respect to Eoe
IT. fnlos TSs Rs RsaRes are now taxed treo .,
cent, and II you destroy the banks all over thc
eoSTntfy, where thsn, , san you Get tue revenue
h NJ; @ aaseIp: I think that ibis tax can very wcll
y per cent on their capital. and can well afford 10
pay this tax for tho exclusive privileges which they
enjoy: the effect Of tho tax shall be to 1cpress
evil in the country, 60 thot we shnlI mt hnTo 81
much Of it. II viii be an ncdental ADVANTAGE vs ea ta
tas eo1nry o. xe.y great Importance lido not ap
to III IN enf1s g
,S2mpea hessy taxes even upon the Deeessaries Of
!, M. F9A7oN: Ny puIpose now ia to ask the gen
tleman from Illinois {Mr. Farnswofth) not only to
Eit5draw the proViso to his amendment, but the
M; FAaSgwoRrH. Mr. Chairman. an not dis
poeed to withdraw my amendment, for offered it
~ n tnd Ts1t to &C. vote q the Aonseup
simply proposes to levy 3 tar on banks whv IA
n9t this the proper place to incorporate that t,xf
uMhy should ws have two tar bills before the
e1ee, Al h1nds oflabor, all kinds OF uanufastures
everything hut banks. Nthts is a tax neasurs
nuke II complete; DO not think that ny amend.
Lst have Tote Of tic House npon az a. npon pa nl
ssy Other question oftax that has arisen nnd may
sitse IN ne consideration this bill. The con.
measure: The Weet has been cursed by tbo Issues
~ state hanke. In appealing to members trom the
Wcst had no design Of making any iny1dious dis
between West and East or Of arrayine he
est aesinet the East, but spoke about the West
because We were peculiarly cursed BY these
out to he Wset with bank currency for thc % par
pofe Of buying produce. Tho tarmels get their
, bat II good and What is bad iii they ind that
;ome Of the banks arc gone.- We know that banks
70 !au, 11d re Know that when they fan the men
Fhn sold produce and got the notes OF these baoks
or are the sufferers. These men who establish
hemtelyes at very corner Of the street. md who ST
10 not suffer By the failure Of hanEs. Those WHO
'nher are The manufacturers and the. farmers. If
NC are TO have bank CURRENCY let It be a sound
1atfonal currency. would, II could Blot ont ai
be bank issues. and depend upon srcenbacEs. |
you'd have all the paper currency OF the copatry
stred bJ the Secretafy Of ths Treasury which will
e the same In all States and all parts or ali Statas
ND will be redcemAble everywhere where there il
II oface for redemption.