Evening star., 1864-05-08
CONVERSATIONAL.
In THE SENATE ye.terday-


The National Bank bill came up In cr6er,
when Mr.. Sherman called for the reading Of q
letter from Secretary Chase, dated the I'd inst,
addressed to Mr.. Fessenden, chairman Of tho
Senate Finance Committee, and which had
been referred to in course OF debate ON Thurs.
day, The letter is as follows:
SIR Nothing but my deep sense Of the i'm
portancs Of sustaining, BY every possible
means, the public credit, upon which the sole
dependence Of The Government. for means 70
suppress the ms direction must rest, would
induce me to address you this letter upon q
subject which has already received 50 much
consideration.
The bill in relation 10 the National Banking
system, now under debate, ie in the nature OF
an amendment to the Act OF last session. Though
q complete bill in itself, it contains few prcv4-
sions not substantially embraced In thai set,
among which that in relation 20 the measure
and distribution Of taxation, may be regarded,
perhaps, the most important. @'0
Under ordinary circumstances there might Be
no insuperable obe 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, respectfully submit that this part3..
uiar description OF property should Be placed
in the same category with imported goods Before
Jected to exclusive taxation. -
At the present moment the duties on Ina Dor n
f6rm the sole reliance. OF the Government Tor
to these means the taxes te De paid bv t6a
rational Banks shalt be added. q most import
ant addition will be made to those measures.
The mere fe ct that these taxes are made payable
to the General Government, and so rendered
available for the payment OF the interest on the
public debt snd for the reduction OF its pfiH I.
sspal. win strengthen the public credit ana
at moderate rates o. interest. I have no donhs
that such q disposition Of these taxes would be
worth more to the Government during the
present struggle in practical results than three
times the actual value Of the taxes themselves.
DO Eot at al suggest that this description
Of property should rot be taxed as heavily as
any other description; on the contrary, think
it jnst that 1t should bear Its fn proportion OF
the public burdens I am only anxious that
the taxation upon it shall be made to contribute
And it is the cons lotion deeply impressed on
my mind that IL will contribute more when
aggregated in one mass, and made to tell upon
the gen raj public Credit than when ldastri6u-
ted between the nation ana the States, and nu-
merous municipal corporations, thai prompt
me to address these views to you.
Under any plan OF partition that NAY b
adopted, the smount OF taxation distributsblo-
to the several States and municipalities Viil be
comparatively sman and unimportant and ie
is quite possible tn at the total t. xation Of hank.
ing property for all purposes VIII be less than
it will be If taxed exclnsi yely for national pur.
poses. The advantages OF partition to States
and the banks may not lose BY IL. The neu6n
alone will be injured. = =
1t will be understood, Of course, that :he
estate hss Sy es unaer %
should properly BE subjected exclusively In
state taxation, except In the event Of . direct
ey
ing ace associatioLs1sT These receive their organism.
tions from national law and forgreas national,
purposes, and may therefore be with great
propriety, and, as have endeavored - shoW
esassss .o exeIu.s1s % n.onsl saa- "a
tion. Very respectfully, yours. 7!laa $3.50
Thesoth section Of the bill, IN relation to % me
rate OF interest 20 b charged BY, shs banks, be.
ing under consideration. .....,g ,..F s.,,-.
makes the clause read as foliows:oo4 a0.a-v
rats sySfty ins s~s 81 ssss q n
r sassps asst s %sss IN: sea q ans ssss
q different rate 10 limited for banksio of Issue
organized under Stats laws, the rates 80 limit
n .ush S
The amendment was adapteds zool : d;ll .IsT =
az, Mr CaanSlss Sasssd e spsnass' ,ssr,l S @
named, IN the VEST and G =. .ns ns ass 49, ssisssil-
able places for the redemption of ths eiysplA-
ting notes ofs theaassoctstton uhder this act.
simply Nsw osrr of s
after debate, was sooptSo
The Rd section was then amsndeAs1.es 70
fSar inetess % OF t6sir Scsss pSS IL
ssaa son IS slsSn; sisser 81 ss Cities named S Tlsa s
cirCul6t1oa tQ914 % f00091H00 AZ y t0S8 49,
count not exceeding yone-9nartsS sf en> 1sR
MT. Henderson moved % amend tks3Sa zee.
mloS y St sos S1 es a ss:s s
the act, aud inrsftfhg the wof6 attee a0eona
now au,herized to be issnsi sy ~ Qe1ptsoa.
her 70 thethnf already crsssss sness nA ~
ru nm, uoua.., cattle, yfer,-1E, gsF n sE3 s
M Gsnson. nom the Committee @ xjs<.
.tions. called 1p the contested election sasG -
sionsi disEfict o. Missour1, ne resolgl5ea d.
ciafias neitheF of TIE contestants sntttasA -
he :.st ,,n.or .,a /, s,,,,,.,. .p. 4 s Su,o.
leition to the resolutlon q Ne eomn1seeA 80
Mr.; Dawes suppHrtsd tAs CeaAA tahsn u -
comRittoe.