Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-04-28

The pending question was on the Ri-
nance Committees amendment, imposing
. tax OF one-hslf per cent. on the circula-
ton, quarter on the deposits, and quar-
ter on the capital, beyond that which is in
U. S. Bonds, providing that States, muni-
cipalities, and counties may tax the shares
Of hank, held by individuals or oorpo-
rstions, the same as other private means.
Mr.. Pomeroy moved to strike out the
proviso in the Senate committees amend
ment that nothing in this act shall be con-
strued TO prevent the market value Of
Citations, held by any person or
body, cooperate from being included
in the valuation on the personal property
Of such person OF corporation, in the ss
sessment Of all tax imposed by or under
State authority for State or other pur-
poses, but not st greater rates than is as
sessed upon other monisd capital in the
hands Of individual citizens in such
States, and the remedies provided by
State laws for the collection Of such taxes
as shall be applicable thereto, and in
sert in lieu thereof. prnvided -4hat
nothing in this act shall be
constructed as exempting the capital stock
Of an association beyond the amount in
vested in United States bonds, and depos-
its deposited with the Treasury Of the
United States ss part Of its capital or as
security for its circulating notes, from
being subject to the same rate Of State
municipal taxation as is imposed upon
other personal property in the State, City
or towns in which the association is locst-
ed. Pomeroy explained that the effect Of
the amendment would be to allow States
TO tax all capital except that put into
United States bonds as the capital Of these
banks. He said that this was in keeping
with the existing law. The House sup
ported the amendment.
Mr.. Chandler also supported Pomeroy's
amendment, arguing that the committees
proposition would kill the bill he had
authority for saying that We we're not sell.
ing more than half enough Of the 10-40
6 per cent loan to meet the daily expenses
Of the Government What could be 3
greater inducement for investment on
them than to say they shall not be taxed
They were eiernslly interpreting consti-
tutional objection to measures which were
necessary to sustain the Government. He,
for one, was rot afflicted with the freTs-
lent disease Of constitution on the brain.
SIR. Johnson ssid, however, he might
wish to preserve the Government Of the
United States, he wished also, to pre-
serve those Of the States. The latter had
the power of taxation, and in the formation
Of the Constitution, there was no conees-
sions Of that power, save ss indicated by
the Senator from Vermont He did not
know what Mr.. Chandler meant by his be-
ing free from the disease Of the Oonstitu-
tiOn on the brain, if he was entirely free
from it, he had relieved himself from his
obligations, assumed here. But il he only
meant that he would give liberal con-
struetiOn to the Constitution, they prob.
ably agreed in opinion that he was not at-i
an end, and its results we're in the worst
Of time. No one could tell what was to be
the extent Of the public debt. He opposed |
the amendment Of Mr.. Pomeroy, because |
be believed it was impolitic at this time.
Sumner cited decisions or Chief Justice |
Marshall, in the case of Mccullough, in |
Missouri, declaring Q State tax on the |
United States banks, void.
Mr.. Fessenden replied that that case had
no application to the present bill. Fur
ther consideration Of the subject was made /
the special order for to morrow.
On the motion Of Mr.. WilkensOn, the |
President was requested to communicate |
any information in his possession in re-
ference to the Territory of Nevada.
On motion Of Mr.. Howard, the Pacific
Railroad bill WAS made the official order
for next Monday.
The Senate then went into executive |
session; and shortly after adjourned.