The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1866-03-11
TAXING NATIONAL BANK CURRENCY

The following is pending in the Iowa Leg
islature.
WHEREAS, The capital stock, in the form of
Government bonds in the National Banks is
exempt from taxation by Federal legislation !;
and, whereas, these banks Issue a currency
to the amount of ninety per cent. of their
capital stock, which currency is used by
them and loared as money; and, whereas,
such currency, when in the possession of
the people at large, or when loaned by any
one else other than these National Banks, is
treated as property for taxable purposes !;
and, whereas. these National Banks should
not claim exemption from taxation for both
their capital stock, which draws interest, and
their circulation also, which they loan at in
terest, or if such claim be set up by them, it
should not be allowed; therefore, with view
to apportion taxes ms equitable as it may be
done, without conflicting with Federal legis-
ation exempting Government bonds from
taxation.
SECTION !. Be ii enacted Jy the General
is emily The State Of Io,cd, That the cur
rency of the National Banks within this State
be, and it hereby is. subject to taxation, as
other property is by law whether such eircu-
lation be loaned and is used. or be. at the
time of the assessment of property. still re-
~ imiiaiiiiuS III the Poseeseioh VI such Nauohai
Banks.
SIC. 2. 1t shall be, and il hereby is. made
the duty of Assessors to return for assess
ment the amount in dollars of the currency
OF National Banks in their respective assess
ment districts, and If they cannot otherwise
ascertain the amount Of such currency, they
shall make inquiry on the subject at the
Treasury Department at Washington
SEC. g. National Banks established in
this State shall, on or before the time at
which they file in the office of the Auditor of
State a statement under oath, showing the
amount of their currency, whether in crcula
ton or possession and it is hereby made the
duty OF the Auditor to transmit a copy of
SAID statement to the Clerk of the Board Of
Supervisors of the respective counties in
which such National Banks may be located.
SEC. f. Such statement shall in the ab-
sence of other information, be guide 10
Assessors in listing the property Of National
Banks, and it is hereby made the duty of the
Clerk of the Board Of Supervisors to furnish
the Assessor, in whose assessment district a
National Bank may be located with copy
Of the statement herein required to be made
by each National Bank, in time for such
Assessor to list the property OF such Banks
for taxable purposes.
DEMOCRATIC LEADERSHIP ~ CONGRESS-
An amusing passage occurred IN tue House Of
Representatives last Friday, occa>ioned by
the allusion Of Mr.. Window, Of Minnesota, to
Mr.. Rogers. Of New Jersey. us "the reorgan-
ized leader Of the Democratic party in the
House. Several Democrats sprang 10 their
feet to deny the statement Mr. Window
sand he would leave them to settle this matter
among themselves. as he believed that in a
few years they would be ashamed - belong
ing to the partY at all, ~ sag nothing about
having a iealer. The following then oc-
Cured:
Mr.. Niblack Dem We feel on this side
that We do not want any leador. There are
not enough Of us to make any trouble on
that score Laughter therefore We would,
rather carry on guerrilla fight mean n8
discouresy to the gentleman from New Jer
sey; still we do not like to surrender our
selves TO his leadership. Some of us on
this side do feel very beenv, especially
those who have taste for talking good
deal. 10 hear 50 mach sail aooat the gen
tipman from New Jersey being leader Of
the party II does provoke our jealousy.
Laughter 1t is very unpleasant, TO US.
Mr.. Rogers (who was sitting on the Re-
publican side of the House - hat is the
o ject of the whole thing. hoars Of
laughter
Mr.. Windom-l am glad the gentleman
from Indiana Mr.. Niblack has made the
explanation. have onversed with two or
three on that side who DO not recognize the
leadership. | am satisfied from another
reason. The gentleman says they do not
need leader, as they carry on guerrilla
warfare. That is why all on that side voted
last Congress against the bill to punish
guerrillas..
This shot into the Democratic ranks fairly
brought down the House.
Mr. Thayer asked the gentleman from In
diana (Mr. Niblack) to expiain what he
meant by referring to help from other par
ties
Mr. NibIack-I mean detection in your
own ranks.
Mr. Gar6eld-Then you would vote for a
b Il encouraging desertion, but not to punish
guerrillas. Laughter.