, 1865-12-06

Of whole army OF asse=,ors, collectors, &C.. TO ie
manifest advantage or the public ireasary; nos
would fhr least OF the benefit. 70 tesuls iton this
aeoo hc found = ihs set tas +Rse ~
for public complaint and con.suuens1r Pfeslnd ;
dia5nest c,,d efaioyel po!sf i1om uniting with
hs s a sr x Sn iSn n sns pu'e
There Is no question which more vitaily concerns
the national banking system than NE power OF tbs
state 10 tax The Government securities which toFm
the invested eaplial OF the banks oEsanixed unler
tkat system. Not only haye thcaf tnvesrm .nts
been made upon The solemn pledge q !hs natto9I
iai'n, held cut TO co!poranons ma ma lna.s1d uais
OF under safe authority" but the option OF re-
IainIng from sneh Investment Nss DENIED
10 NE national banks, sand,ii,, as III W. by 6y
existence that one third Of their c.afisl should At
Ill times be he'd In the form of psilonal securities
by ,he Treasurer Of the u9!sea stvs; aau, IN "a.
be secured s. liko deposit Hence. while .ndi-
siduals might have refraned at the,r pleasure from
phcirg confidence In The good faith OF the GoTern-
liberty OF nclion and now, white the right Of iudl-
yIdna{s 10 immunity from taxation On Gorcsnmept
stocks fs generally conceded, ths NE prsyile.e f.
BY their taxation for State, municipal and 9o4l e1-
penses. The constitutional Reis; which the sn-
prc1nc Csu1t OF the United States has Hitherto ez
whom Of for what purpose held, u now sought to
be yres,ed from IL hands upon the theory
., State !u.!.dic'ion; f9sasus ,S y,o'stiSa
he II n pubic ls creditors '' under ths ciealest
eDnctmcnts Of lar, and the most binding obflga.
tions OF public taih, It Is conceded for the most
United States stocks in the hands Of individuals
cannot be a.eessed for State and muni dpal pur-
poses. But discrimination agslnst the stoexs
ground Thai a lax imposed upon the ahar.s ID
bank Is not a tax upon the securities represented
BY .hoec shares. 'That the position aasuned by
critieal examination, 10 be faiisc,ous can scarcely
admit Of doubt; TINT the Discrimination IN favcr
ol one claes Of ceditoss and against another both
g1ossfy unjust, nust be obvions 10 MI.
That exemption from Stale .aIatlon was IN
,endsd u 70 spPy to the stock Issued: no
be questioned, No exception was made in IA ;or OF
,fndiyiduals, no discrimination was attempted
aEainst banssI Il W shares Of bank whose epi-
10 whoso benefit does The exemption from taxation
guaranteed 10 ihoee stocks iuntu!' Docs tic psll-
opeFaye bceaase az aEsocis,ou e. oane fs to he
Obligations, Surely, sho exemption beionss to
10 thc respective ssockhoiaerz, whose serip simply
represents the proportionate shaEc which each has
coEtributcd to the puschasc Of the government
ua R6o s nsG,
plead, and rreeivc. the exemption, nom
sae a1aep ns, which St fho ,onr act a,oe, .,
purehaee the ike amount ior similar purpose, and
each receives a certificate Of the aulonnt be has
paid toward .hs gr1ss Investment ihsy Lose MI
IN hand. The injustice. II not the absrstl!ty, Of
such discrimination must be sufficiently obvious.
5S Moo e aonn ae ss cs as 4 +
borre IN mind TINT they arr already taxed by the
General Government 10 greater extent than any
other corporations ot cinsf OF business. The Law
m n1ffOfn cGftHlU
dutlGf. and authorities them TO exercise certain
privileges get for this they must pa, license. II
.heif deposits, one pr ccnt. on ,heir rirculation
one per cent. on theiF capital beyoud
tho amount Invested in Government securities,
this IL paid from tho ordinary earnings OF bank
trd reduces III profits 10 thu extent Of the taxes
paid, whereas all other corporations. H1anulac.
charges TO sum more than adequate to cover the
arpVnt Of ta1es paid thus preserving their profits
in,act, and casting thefr burdens upo1 The public
in ~ eaRIsay na, q fsVsez e
a. .sss! !; ,.essa es1sn ssoeRs eS1Ss &c
reached; Il public policy demands cu-.,.oa't:t
haEds Of these tastitut!ons, sss, thsrs = sh,.s
can be reached without breach Of national honor:
Nearly threetourhs OF the public debt IL either not
funded, or matares At hs option Of the govern
smount within tnc next eight years. It !s within
the power o. the government at such time, without
violence to !fs engasementa, to II. inc experiment
borrowing At less rute OF interest than Is now
paid. tins ertinEu-hing ite present obligations to
It's creditors. But every dictate Of exIedlepcy and
demand that Congress and the highest tribunal
Of lhc nation shal GpMn upon all attempts 10 over
r1de The. constitutional functions Indispensable 10
the preservation OF the crc1is and atahihry Of The
EoyeInmcut =
Lut as neither public poliey nor constitutional
right can at ptcseh allow the taxation OF national
equitable tnat s4ese 11nstlulons should pay, say
amoEns invested n public stocks r. Lieu Of al
half Of one per cent on tneir circulation ns an II.
dctnniy 10 the govern menl for the expense incurred
in furnishing the banks with circulating so.es. and
meeting the expenditures incidental 10 the admin
1strati0n osthts bnreau. Perhaps preferable me-
thod IN relation to the expenses Tins incurred for
circulation aad supervision would be k'uuu IL
pcnditures required BY such direct assessment on
The banks as should be equitable.
There are some amendments 10 the national CIR
lcGcy act suggested by The experience OF IT. ptattk
cal wotkinss, which, II adopted, would prove Of
ese2i utility, he most Important ct which has a.
ss%y alluded anss to redeem
1osl, Boston or Philn deIph.a, =. The only css1an
method Of securing for nanona1 bank nous unf-
ioIm pas saqe u eye sesncn on Q, @ re &C County, naa
A penalty should BE- imposed upon baaks for tssu-
Ee to'es N,,h the engraved md printed sisnatnEes
counelei,iug l. loard In tho written sgnataFrs Of
those through whom The bills asp uttered. Tne t.ct
enmheni On lie eeanietiti'sr 10 atisnpi a. inita-
y eash notc: n may make : sc, tlm,is
very nssi attempt mike eueh variation a 10 dis
c!ose the spurious character of the note, Eut a
printed tig1atu.e being once correctly The
rress with r,tchan!cul aecuracy. Just ns eaftls
might The mercbaet send his notes TO tho cn.rayer
TO hu,c hts stgn:il1rr and those Of HIS enlorseri
executed through thts p,cc,Es. UnlcA. al! possible
guntds which Ingenuity ean dctiae be thrown
nronnd the cnucncy, It Will soon be dflenlt to
and banks will be likely 10 redeem the lormcr a.
thote Of aheir own p.pHlulcatlon-
Dy the fr,t ecclion ol the rational currency
nct., the bureau under hich lts operations were
10 be carried into effect, Is ruaao IN adjunct
Of the Treasury Department, md OF eourse
At ,brqs manv ss
teDt guilty 10 tho ttcasury desirable aud proper ;
bnt now that the system has become operative, and
there aie as m many ss reasons VIII Which rener
ssledient that the opesanons. Ct the currency
bureau should be transferred to thu great anat1cfa1
New York MOI Only would the convenience Of
those coEecsnct, In tue husinezs 1f banking be pro-
mo'ed BY thc change otiocasion, but great savinz
two hundred thousand dol!a-s per an
Eum in express eha1ges- alone would
ls s7ssa hs eanFa u ~hs hs
which ou1d thus he obvfaied, arc large in The eE
,rMe When .hs circulation nov N Gss BY tha
BY exchange Of old for new the 1nconsen1epce loss
Ut interest and expense. will be increased to 4
1'te cotc1rt,rat alreofy o1rns -thc 1,nf,lincs In