The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-05-31
THIRTY-ElGHTH CONGRESS.
RIRSr SESSION.


Senate.
WASHINGTON. May 80. 1864
.t rrLys TO CALIFORNIA LAND cLSMs 4n
Tho bill to expedite titles to land claims In Calfor
aa oaed up and after discussion during the whole
Of the morning hour the subject was laid over.
rrR INTERNAL REVENUE
The Tax bill then came up. SCI sa
Mr. CONFESS (rep9 Cal. moved, in lieu OF the tax OF
ave per cent on gold and silver produced from quartz
X.inss beds OF rivers, &C. the Following, which was
adopted
On bullion in lump: inget bar or otherwise duty Of
~ e
usa
~ s.ies exohansss and sypssa
.ss: .ns:: :is%psS
sossssa Snlswfa and every person cOrporslsn Who
sell Or - e one or
oGsnss !: aus not s5Sssa,ns ,ss, ..
lee. sSss months. No ieSea. worker o. sI.!cs. f.
d have nrss besa stamped rs9asd s
81: fs ssT.a shall No Ds os
;s re % ..
is natural s,ase, uuensd unss.sycd snG ansaped
a 5 ssss Z so
Mr. SHERMAN. (rep.) Of Ohio, offered an amendment 10
Che clauso the Tax bill relative TO banking as subsi'
5u<s Ter the Fioance Committee . amendment II pro.
bdss t tax Of twsnty fourth Of ono per cent per
nouth on the average amoant OF deposits cine twenty
Or capital stick and one.th OF per rer month
on circulation 81 banking INSTITUTIONS, 60 other than
ssn aSs ogaszsd unsss NE me S nal
Justify tho secretary in attempting TO strike down the
4to banks As far Is Indiana concerned her people
and the people OF the West wouh prefer the notes Of
her banks 10 the issues Of Secretary Chase and yet
ME circulation thoso banks had been reduced from Ave
tpions eight hundred thousand TO two millions four
hundred Thousand dollars.
Mr. sssRxAN argued 10 favor OF leysatlng State bank
circulation Of existence during he existence OF the
prescnt state Of tho government He held allow
s st,tc banks 70 initiate their currency was direc!
WAS aas for ali
posns, aud wac founded upon public faith
ecuste look a recess iii seven O'Clock. ,'i.
eaMs5u 4 EylEINo SESSION. .s1a.srx Il
Mr. CLARK, (rcpl II N. H., moved vsrio amendments
IN order TO retain the Official heads 10 the
bonds, which were adopted.
: Mr. CLARK also offered On amendment a. follows;-0u
zo0acco manufactured In the leaf With al the stems IN
twenty. vs coats. On stripped tobacco, cavendlsh
chat has been swecened, including line cut, thirsyhve
rho cons alton OF this amendment was postponed
several Senator'S desiring 70 speak upon IL
Mr.. SsRaMANs amendment In. reference TO banks was
khcn considered He modified the tax circulation 10
Mr. HvypRicts opposed the amendment OF Mr. sher
hau. Hc cnsidcred II improper 10 revenue bill e
Erke al any peculiar interest o. the States as this b
Most had been SO good that there was but liz
'es difference in exchange Ho opposed 10 driving
from the channels ri trade currency In which tho peo
bio Of the West had confidence and substitute currency
N which they had less confidence This was arbitrary
ssisatioG. Tho valno OF bonds, though above
par, depended upon ability to pay the interest OF
Hhcm When thcre war no demand Tor bonds, and hare
tncs came what was the value Of the currency
Mr.. PowKl topp.) Of KY, said what he had prcdictst
~ hrsi in regard to this system Of paper currency had
been fulfilled and Of the financial tnkerng OF Score
rarv Chase would relieve the effects Of his odou
System Of papor currency. II was rotten 10 the very
Bore and would result N injury 10 sny government ths
Adopted H. Secretary Chase in MIS- financial measu re:
Deemed determined on adopting exploded notions and ds
bardisg al the sound and recognized principles o eur
ksnoy. He denounced the system % the very WIS
hpccies OF wildcat banking. a
= AZ ten O'Clock r. N. the senate adjourned.