, 1864-05-13

The following was posted In his hoase, q few
dnys since, BY Poughkeepaio business man !:
HxADquAx7xas, Horsa Or.
GENERAL ORDER No. Julia: Until the
price falls no more butter will be uaed in our
1aEl1ly. JAMES"
IIo had hardly reached his counting house
Wien special messenger handed him this !:
"Jemes: Until butter ID reinstated, no
more tobacco will be used In this house.
JULIA, Chief Of StaG."
1t IL eAid that butter won.
The National Currency Rnl-Lcttcr
D., from Secretary Chase.
The following letter WAS read by Senator
Eherman during the consideration Of the
National Currency Bill:
TnEAsUhI DkPARrsENr, May 9, 1854
SIR: Nothing but my deep sense Of the
Importance of sustaining, by every possible
mecns, the public credit, upon which the sole
dependence Of the Government to suppress
the tnsurrectlon must rest, would induce me
to address you this letter upon subject
which has already received so much consid-
Grafton.
The bill in relation to the National Banking
System, now under debate, Is In tho nature
Of an amendment to the net of last session.
Though complete bill in itself, 1t contains
tew provisions not substantially embraced In
thst act, among which that in relation to tho
measure and distribution Of taxRtion may be
regarded, perhaps, % tho most important,
End under ordinary circumstances there
might be no Insuperable objection to LEAVING
the property Organized under the National
Z Barking Law, subject, as are almost all de-
scriptlons of property, to general taxa
tion-state, national and municipal.
But in the present condition Of the country,
feepectfnliy submit that this particular de-
scrption Of property ehou1d be placed In the
aamc category With imported goods befo re
their entry into general consumption, and be
eubjected to exclusive national taxation. At
the present moment the duties on imports
form the sole reliance Of the Government
for mems to pay the interest on the public
debt If to these means the taxes to ho paid
By the national banks shall be added, most
important addition will be made to these
measures. TIE mere fact that these taxes
are made payable to the National Govern
ment, and SO rendered available for tho pay
mebt Of interest on the public debt and for
the reduction Of Its principal, will strength
On the public credit and facilitate the neso
tiation Of tho necessary loans at moderats
rates Of interest. have no doubt that such
disposition Of these taxes would be worth
more to the Government during the present
struggle In practical results than three times
the actual valua Of the taxes themselves. I
do not at all suggest that this description OF
any other description On the contrary, I
think 1t Just that It should bear It's full pro-
portion Of the public burdens. am only
anxious that the taxation upon 1t shall be
made to contribute 50 largely as possible to
the general welfare, and it Il the conviction
deeply impressed on my mind that 1t will
contribute more when aggregated In one
mass and madc to tell upon the general pub
lie credit, than when distributed between
the nation, and the States, and numerous
municipal corporations, that prompts me- to
address these views to Jou.
Under any plan Of partition that may be
adopted, the amount Of taxation Distribute
bic TO the several States and municipalities
will be comparatively small and unimport
ant. and 1t is quite possible that the sotal
ta1ation Of banking property for al purpo
lively for national purposes. The adTantaggeI
| Of partition to States and municipalities,
| viii, therefore, be small, and the banks maj
| not lose by 1t. The nation alone will be In
jured. It will not be understood, Of course
| that the foregoing suggestions ore intended
| to apply to real estate held by any banking
institutions-that description of proportJ
must necessarily be held by titles under Stat
laws, and should properly be subjected cx
| clusively to State ta1atfon, except In tht
| event Of direct tax by Congress. Tho cas-,
Is otherwise With the personal property ant
credits OF the banking associations. Thes'
receive their organization from national Law
and for great national purposes, &nd may
therefore, be with great proprIety, and, as
hare cndeavored to show at the present time
With great public advantage, be subjected t.
exclusive national taxation.
| Respectfully yours, s.P CuAsx.
Hon. Vim. Pitt F Fessenden, Chairman of th
Committee On Finance, Senate Chamber.