The Burlington weekly hawk-eye. [volume] (Burlington [Iowa]) 1860-1876, 1865-02-25
BURLINGTON SATURDAY FEBRUARY 25 1865
Carrency-state Banks.

CnrFency-state Banks.
REMARKS OF MR.. WILSON, OF IOWA.
The Tax Bill being under consideration
in the House on Thursday last, Mr.. Viii
son offered the following amendment:
That section one hundred and ten be
| amended by inserting after the words "lst
Day OF July, 1864" the words, Pyov.Ged,
That on and after the lst day of July, 1865,
| in Lieu OF the rates Of duty on circulation
Prescrlbed by this section, there shall re
levied, collected, and paid, a duty Of one
nait Of oneper cent. each;month upon the
average amount OF circulation issued by
any bank, association, corporation, COM
pany, or person; and from ard after the
lst day Of Septemb Der, 1865, duty of one
per cent. each month upon the average
amount OF such circulation as aforesaid.
And whenever the outstanding circulation
OF any bank, association, corporation,
company, or person shall be reduced to an
amount not exceeding i've per cent. of the
chartered or declared capital said circuIa-
| ton shall be free from taxation. And
whenever any State bank or banking asso-
ciaflon has been converted into national
| banking association, and such national
banking association has assumed the lia.
blLties Of such State bank or banking Assoc
clrcnlehon, or in case national banking
association shall become the owner or pos
SCISSOR OF the assets or liable for the REDEEM D.
ton OF the circulation Of any State bank
that has surrendered it's charter or ceased
to exist, such national banking association
shall be held to make the required return
and payment on the circulation cns.snd-
ing, 40 long as such circulation shall ex.
oeed i've per cent. Of the capital before such
conversion OF such State bank or banking
association; and 10 national banking asso-
clstion after it shall have received from
the Comptroller of the Currency any Of its
notes for circulation, shall pay ont the
notes OF any State bank or banking asso-
citation; and no State tank or banking rs.
sociatlon shall issue for circulation any
notes OF its own or Of any other State bank
or banking association after the LIST day Of
April, 1866.
Mr.. Chairman, was not cne Of those who
IN the ThiTty.SeveIth Congress voted for
the eaGoption of the present national bank
lng,aw. / did not believe that it WAS for
the interest OF the country to adop. that
system OF barking. / cid. however, vote
for the amendatory act because ! thought
that was an improvement of the original
one. But II is now the established policy
OF the Government, and / think that II
should be made the OK xclusive policy Of the
country as far az banks of issue are con-
cerned. In order to arrive at that end ]
propose by this substitute to prohibit State
banks or banking associations issuing
notes for circulation after the lst day Of
April, 1855.
regard as next in importance to taxa.
ton the reduction of the volume Of the
currency, because it will make our taxes
OF greaser value, although the same in
amount, and reduce the price Of every
thing the Government. has to purchase
GsP 7 slr VYrstt hi h H1NN%s .r
the issue OF paper currency that the price
OF ever ything in the country is so inflated,
for presume that Like amount Of gold
and silver in circulation would produce
the same effect. We have an example Of
the effect produced in California where the
circulation is gold and silver. will read.
in illustration Of this idea, an extract
from work On foreign and domestic com.
merce:
''1t is contended by the commercial
journals Of San Francisco that the curren.
cy Of California, which is mostly coin, d
more abundant in proportion to popula-
ton and wealth than that Of the Atlantic
States. The Mercantile Gazette Of Feb1ua-
~ IL, 1854, represents the am monnt in cir
ouls.ion on the Pacific coast at $25, 000, COO;
that the population Of California with ass-
six hundred thousand; which gives $4l %
per copsta. The total value Of real ana
personal property on the Pacific coast is
estimated by the Gazette to be $40, ,OOO, COO,
Of which, $25, ,000, $50 is about seven per
cent. The currency Of the loyal States
east ct the mountains, observation-disclosures.
expansion 70 meet the exigercies Of the
nation, is below those ratios 70 populaslon
and property. The population Of the
loyal States and Of the insurSec-
tionary districts which are held bv the
Arny'tin June, l664) is twenty-four mil.
lien. II the currency was at the Cahsor.
MIA stan tandsrd-forty-one dollars per caxs1.
Its aggregate amount would be $964doO,.
600; and proportion of seven per vent.
upon the total valuation Of property would
give an equal aggregte."
This shows that. the amount of specie
circulated on the Pacific coast is greater
per capita than is the paper circulation u
the remainder Of the loyal States. TIE e5.'
feet on prices produced by an inflated spe-
Gle currency in the Pacific States is the
same as that SToduced by en- expansion Of
q paper circnl lion in the Atlantic Safes.
When we have too much money Of what
ever kind prices will advance. It il not
the kind Of circulation, but the quantity of
whatever kind that produces the effect
which it is our duty to remedy. haye in
my possession list of prices, showing the
cost Of almost every article which enters
into the consumption of every family in
Inc markets VI san CTauClScO, anu WC1C0
illustrates the effect Of an expansion Of the
specie currency better than could DO by
any argument which / could present 20
the committee. The statement III az fol-
lows:
4 will give you list of the prizes Of the
leading articles in our family markets at
the present time, to enable your readers TO
form an idea Of the cost of living 4 Van
Francisco: Porter house steak. % nnts;
sirloin steaks, l5oentE; pork, Is cents; Tour
per barrel 312; potatoes, 5 cents per p.and;
California butter, choice fresb, y per
pound, in rolls, Is, 60 and 80 cents per
pound for Nos. / and 2; Oregon butter,. 40
TO 45 cents per pound, as in qualify 18th
mus butter. 80 TO 50 cents for chciee Orange
county, New York, and 374 to 45 cents for
cooking butter. Lard, Is cents rsr ppand
ern. Cheese, 80 cents per pound for all
grades ordinary, and IS cents 1bf choice
dairies. Sage, 80 cents per poupa Eggs,
50 cents per dozen for good. Honey, 40.
cents per pound fer old, and 50 cents for,
new comb and strained. Cranberries 35'
cents for eastern and 30 cents per quart for
new crnn OREGON. Oysters, 50 sce1tts per.