, 1870-04-05

wculd be obliged to be contcnt with IL. o,l
raptioncd BANKING ptoGtA, and ovea ic.4
Third, the national banks ~fre nnE. ha.:t7
t.xcd a. tLis tiuao tran the Blinking sya..:a ~;
Leto1e was in The history OF the tnl:e'l st;:~..
HnviEg lo=t tic profits Cd vaFldnA FFiti..-.
they once en}nyed, by reason OF de'i-*s,!>t
the Supreme Court. they are 1iaaLe t'"ve.s
species Of Stale, municipal and 1ocaE ta1lti l..
They are nov reyirg to the Federal t:oy.-n.
mont two and three-tcnths per c5nt MT .,r:.
entire cArita1, which left only three arl SEW.
terths rer cent on the fve-tWenty bead, or ~,
and eeven-tepths on the ten-forty boM T.,
Secretary Of the Treasury now proposet to de-
yield Of their bonds, which would Leave Araa
but two and two-tenths per cent on their ss.a-
fxtntics, and one and t~o-tcnthB profit t,n tle
tcc-fcrty bonds. The State and mut,.';75
to1atien OF the National Banks Of tho " It
exceeded two per cent, and m seTeral Of IL
three rer cent, This taxation wiped NJ. ii
the remainder Of their profit On their fhnni-. I.
Section Of the Funding bill is adopted i:
would 10 to their special interest TO close ;lsi:
atairs and quit the bus:ness-
Senator Sherman said. il ns recent L.s.s7
tho newspapers, that the prirats laL.-
1aid all the taiea paid by nationa1 banks. ~.
cept that on circulation. That might hr II,
theoretically. brs, as matter OF fast, ii VA
vide ct the truth. The private banks .a,.!,
returned all their capital. There was M y4;5-
Lie record OF it, and they had the mea.si e.
keering their fluids i'll uniAxeti Eove11sI,rat
bonds 1t the time AsseasorT made their calls.
snu thus escape taxation. II WAS fair tn eta;,
that the rsivafe banks did not pay one-h4l!-
perhaps one thiId--as much taxes al tte II.
tioual banks. In conclusion, Mr. Me1iu urs,l
that it VISA the true policy for Congress a..
the Secretary OF the Treasury 70 pursue IT,
strike out all the mandatory Portiuns vi SAG
tions : md s, and to provide for free b,ukin,
and do away with the objections to the pre-t:.
system that it was d monopoly, monno'v
for which the banks, however, were III: r.
sponsihle TO reduce the taxes on circulation
one-half OF more; to extend tie PROPOSED u,
bonds provided Tor in section 2 to fifty year.
make P 'Da the 'f9o ionr Al pes sS cent s' bon !. /
straight afty Or si1ts yrsr
bond, sithout the option; give IL
preecnt banks the right to exchange their tiy,-
twenties Tor ten-iortiea, with q half per cant
tar on their circulation. hut do not undertake
10 ceerce them into doing it The next ss.1
to take would be to repeal from seventy-hve +,
one hundred millions OF taxes Ho sail, in
conclusion, that no one wanted the national
debt paid OF in gsl1oping hurry BY grinding
and excessive taxation, except q few govern
ment officers, snd that it was folly to s,;,cezc
and bleed the people for the purpose This
Was not > time for my tinancial experiments to
try the ferbearancc Ct the people What they
wanted Was few more good wheat sud cotton
csors. and lighter ta1ation- EverFhxiy vas
ont Of humor on falling. market like the
present, and would strike back through tho
bal1ot-box At tho administration, it it inflicted
pecunia1y 1cea On them through this absurd
funding echeme- The trus way was to hslp
the people By tightening their taxation. and to
help the banks by making tue sypteua free. iu-
stead Of saying to the banks .'Stan1 and de-
liver or lose your fIanchises-"