, 1873-02-20
MONEY AND COMMERCE..
MONETARY.

ehlpmonte OF logs, cnttle, anu products hro
f.vorsS14 ,,s,,s,,aot +or ~, Woat Tho tro1o ~
49,. ~ pospIss tol ~ ~ "o1s sauo y.
sne eNs 's se9iYang' aha INC spE"e oNs'neas
Bonuses to 20 ssrge ana prontaoo. lno n woTes
Of corr; which is bolon lilo average cost OF pro-
duotion, Fur this no ronlsly onn be soon now.
Tho only ronody ngninet such q situation Is that
farmers must turn their atte,stion more to ct, other
Eastor1t cons1nora must be prov}taed.::
Thoro IS ati1l liboral moYomo,,t Of: currency
to tho country, though not 60 largo ao during
the first two days Of tho week; ~ ., 49,.
81 ,00O disoount, though many Of tlle nBunl
buyers reiuHel to buy et betsor. than S1.a5 per
$1,000 OF.
The rocout decision Of tho Supreme Court of
Illinois maintaining tho collection Of taxoa on all
tho ehpres Of n National Bank at tho place where
The bhnk ie located is noW one Of tho principal 9
inEnese to ay reasonable taxes ont they Gialfn
That tho main roason Of their feso1sang to htlSa"
ton at oil is that tho aggregate t11su = on "a
tional Bank capital are muoh 1areGs than on @ 1ns
alono per cent on eafeosss1on, aaa, ~ N TJs
cent on doposits, and half OF Por eens o. cHp11
tai not lnvestoa ~ nohos1 r. ano"nv n1, - az"
least ~ per Gens EGt n'nm .,,i'o ~ ~ 7ona1
taxes are more tan that much Inc nanka
claim that it il IN tho endoaVor 10
taxation they ralee tne lues.aotl ~ ~ A Res -
taxing tho hhares na Sn 10 tfSs stat"a ~" ~
principle Il wilton zaw It is At least principle
should azed xet so d b u.s. Sssset asG 9 Coz oi
ano yeI Of hs sac this woud So
the result though 1t Is not tne 1als u M tn1 sam
nor tho CONSTITUTION q ms 5tate' aho aa' tn"s
OF tho States OF Conhoctleut' hlo Mas'
ton Of tho shares. Of Chicago National
Banks nro owned, require tho citizens Of thoeo
states to list Ill thor property, no matter eoae1s
il is located for taxation and taxes arc eoeG1na
uoia or anywhere cse, but on mortgages on real
satato in illinois or any otlor State. The ta1 on
mortgages oomos out Of tho property 1nortgaged,
hacaaa tho lender takes t1g tag into Co. s
money tho not result Of Which Il that tho New
England stntos tax property in Illinois to aun-
tain their State doyernmenta. IN addition to
holds good: as to bnnk bharrs Us vol rs to
real estato mortgages. md tho injus-
tice ia dono by. tho greedy law-mnkero
Of Now England, who net on the principle that,
as long I'd d ma1l's doraci1e iB in their States,
bis property, wherever located, must pay taxes
10 chem, Notwithstanding tho fact that the
Governments Of those States afford his property
none Of the protection which is tho only excuso
for collecting taIe8 at all. It viii DO soon,
then, that in cascB where property ls taxod
twice by ronarato States, tho wrong is dono by
Etates collecting tAxeB On property which is not
within their. bouudarfcn, and which they
do not protect; and It soems apparent that,
1t abaraholdera Of National Danks raise
The questioa Of the right to tax, it
should be with the Stasea that tax
property not within their boundarics.
t3ongress undoubtedly had tho constitutional
right to provide National currency. To pro-
yido this currency, tho National Currency act
authorized tho Organization of National Danln
ns means Of getting the currency into circMla-
zion. and in order to protect this National cur
xeucy from ini1nical legislation BY the statos,
IN aot Of Congress- was passed Fob. 10, 1868 for
the sole purpose Of specifying that "the State
and direct tho manner and place Of taxing all
the shares Of tho National Banks located within
}fhe Maid State" and apcclflcaliy provides that
shares Of non-rcsitents OF tho State "shau be
iIaued in Me city or to,o,. to|lcre said bank ia
l2ocnted and not etse1chcre."
Inf the banks we're to esoape double taxation on
fheir aharea By separate states, thoy would hayo
"a much better case If their Nonresident ehare~
holdere we're to rofuso payment Of the tax to
any State but tho ono in which the bank ia
located. Their case would then be sustained by
tha Federal Constitution and tha National law
nnder il. ag woll as tho law Of tho State which
the hank ID ]ocated; whereas, by refusing pay
rant of tnyes here they are in opposition to all
three, and arc ondparoring to sustain the unjust
Sawa 81 othor Btates wnieh give their property
no nrotectIon.
CIV pnor1rs AND CIRCULATION.
: Thu of,orts of tlo National Ba1ks to escape
knxatjon haYe boen too persistent for their own
good, An evidence Of this is tho adverse report
5nd ramments Of tho Finance Committoe Of tho
Senate 1printed in our iaeuo Of this norning) or
their petition to Congress Tor tho removal Of nj
taxes. The comments OF Mr, Morfai,, OF yor.
mont for tno ION oa dafnS sS ;t VI r;o iot