New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-06

well as deposits without interrst-it would seen:
equally tue duty Of the State Legislature 10 pro
ct and foster the institutions that have come into
existence uLdef its mauG9te. and that have 30 wei
sustained the interests o! the business community and
the commercial reputation Of the state. IL would In
some measure relieve tho State banks II the present
restriction upon the deposit Of securities IN this depart
ment were removed. BY the existing law, onetbird Of
III. amount II stock held for the redemption
OF circulation issued must BE- in New ork State stock
Now this stock bearing for the most part an interest OF
five and ti1 per cent has for long tue borne high
premium, and has thus netted TO tho purchaser very
small rate Of interest Its continued elimination las
made II difficult Of attainment; 80 that when any por
ton OF the loan has reached maturity snd the stock has
been Withdrawn from the department for payment the
has been cinceled There was .eItinguifhed
during the year 1894 81 10000 Of the canal
debt, ard si,7s9OoO will be paid during tho
year now at hand In view OF this continued cur
ailment OF the stock Of the Stne respectfully submit
that evil would result from allowing the deposit of
either NcwYOrk or United States stock the basis for
Bank circulation, at tho option II the parties making
the deposit Even such course should result in lessen
ing the premium now demanded on oar state stocks,
the character Of the loan mist always make il favor
ite investment with capitalists savings banks,
tors &c, who look more 10 the ultimate safety of the
investment than the amount Of interest realized Be
sides, there are many banks that would It'll prefer to
retain their New-York stocks security for tue re-
dempon OF their notes leaving little ground for appre
hension that any injurious results would flow from
granting to the banks and BANKERS Of the State tho
option 10 which have sdverted. At any rate, while
the public wOud still be protected by the capital and
profits OF welLmansged institutions ns well as by the
stocks deposited In the Bank Department the banks
would be placed more Of footing OF equality with
riva institutions WHO required deposit only the
securities Of the General Government for the ultimate
redemption Of their notes.
BTATE TAXATION.
The burdens imposed upon our citizens by the sruggo
throu h which the country passing are felt tbrong
all the of society Not only is l. perceived
in the enhanced price Of the Of subsistence but
the taxes direct and Indirect every speces of bust
ness and property bear heavily on the community.
The great desderatnm to be aimed OF IL equality In tie
impCsItion OF thesc burdens The most formidable and
thesbnnp dsnger to the public credit will be found 10
arise from inequality real fanced in the distribute u
Of the weight of taxation which tho country will for
many year, be called 10 bear The rich out OF his
Ilsnttude, may he able 20 bear these exsctions with
comparative ease, for he will still have remainder
upon which he securely rest But the Of limited
resources whose energies strained To- attain the
means VI Subsistence ioy hose dependent uIon Lis az