The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1894-03-09

This gentlemen was more fortuual
and succeeded in avoiding the tax.
:. need not multiply these cases. becsui
this practice il so common that II hs
not escaped the observation of an
. whose attention has been directed {
the subject.
II Perhaps the most common and mi
!. form use Of this advantage 10 taken b.
4 the banks. Their opportunities 70
\ doing 90 are superior TO all Others
'flthey handle all Of the currency and !
is very easy 10 Gull out and Icy ssid'
. that class Of money which will enabl,
them TO avoid taxation. Let mo alec
lcall your attention to the fact that thu
banks are using these notes more and
more TO make up the sum Of theil
lawful reserves. In the last annual
report Of the Comptroller Of the Cur.
rency on psges 1s4, 165, you will find
q statement showing . classification
of the reserve held by all the banks OF
the States and Territories and also OF
the reserve cities. This statement
shows that these banks are carrying
in their vaults - part OF the reserve
required OF them by law about $780,
|OoO. 600 in legal tender.
At the date OF the last call, which
vas September 30. 1892 the sum held
by ell Of the banks Was $i04, ,267, ,945
II will also be seen, in glancing down
the column by years, how this kind Of
money has grown in favor ~ reserve
fund. For instance in 1886, the frat
year given here, the cum was &C., 2,8l2,-
322. from which amount il has grsdu-
ally increased TO over one hundred
millions. Hero then you see is $780,
600 600 exempt from local taxation in !
the hsnds Of the banks alone, but 4
have no doubt whatever that this
am ount, by one and another device is
greatly increased about the time al
which property must be listed for
taxation. have been told that this
money is shifted from State to State,
for the dates at which property 10 list-
ed for taxation differ in the States. In
Ohio the date is the second Monday
in April in Indiana the first day 10
April in Illinois the frst day Of MAY.
Here you can zee how il is possible
Tor this money to be used in three
States. You may suppose II will not
De done; you may think 1t even 10.
credible that il !, done, bot I show
Tou that il IL possible, and l assure
,ou that l have heard Of its being ,
lone. 1t ought not to be possible.
But. gentlemen. il 10 even worse
han this; you will see by the Ian.
.uage of the bill that nstional- bank
totes are also included. Aud right
Iere ought TO say that this bill 10 not !,
'riginal with me. 1t Was introduced /.
'reciseIY in this form by Senator !.
;eorge, OF Mississippi, both in the
'ifty-6rst and Fitty-second Con. 3
resses. However, ex-senator Nc
Donald, Of Indiana, believe. was the
ret to introduce the bill /; this was in Z
be Forty sixth Congress. But wss .
ding to say that the supreme courte
{ Mississippi has decided that nation. c
l-bank notes are also exempt from q
This decision is based upon b
hc language OF the statutes defining
Obligations Of the United States, n
Ihich reads as follows: J.
>sC s*lS- lue words TOtilgAflOu other serrrf.I
of the United States shall be held 10 mean al
,nfs, certificates Of Indebtedness national baah In
lrrency. coupons. United States notes. Treasury. .
'tes. fractional notes, etc.
The language Of this decision on :
lis point will be found on page 454 !.
the SD Mississippi Reports, and is
} follows:
O. The national bank notes issued bv the nation.
banking associations. under the authority Of Con- q
ess are also obligations Of the National Govern
INT. the only difference between them and the Ie.
tender notes being that the Government is pri-I
sriy liable for the latter. and secondariIv liable
the former. upon the failure default OF the h
fionAl bank issuing the notes. Acts Of Psbruaryl
lss5. March ,. iss5 June >. lss4. and Juue 20, 8
do not think this case 10 folio we'd 3,
! any Of the courts else where, but itl A
rves TO show how uncertain and M. 10,
fined the Law 10 upon this impor ortsntlio
bject. Then, too, as has been suR. a
sted, here now come the new Treas. |cs
y notes issued under the Sherman T.
v, and the gold and silver certi6. o.
les; these oil raise the question and ID
er the temptation. Now, gentle.
%. ought We not in justice to all the ~
ople either make ell OF this mopev -
bject to taxation or relieve Il sll. ~
As TO THE POWER. II
have been asked whether We have y
, power to render this property tax. .
10. l have already said that the Su. =,
emc Court, 7.h Wallace, clearly Ia. =. a.
:sted that We had the power in fact -
hink the court strongly intimatss =.
u we ought to do 90. quote from - :
II decision on page 80: -
ut II vas insisted that they lspeakine OF The.
enbacks were issued a. money; that their con. u
ling quality vas that OF money. and that there IN,
= they we're subject TO taxation in the same man.
and 10 the same extent. coin issued undev VI
authority. And there Is certainty much FORE NJ
be argument u IL clear that these notes vsrsl-
'ndcd TO circulate as money. and With the nation
bank notes. 10 constitute the credit currency of
country. Nor V easy to that the tar tion Ill
hess notes. used ~ money. and held BY ipdivfd.
owners. can control or embarrass the power oil
Government In issuing them for eirculstisn n .
'e than like taxation embarrasses its power IN ~
ling and issuing gold and silver money for cir v0
lfion. -;
nd ve think Il clearly within the di,eres,o, al
gress 20 determine whether. In view a ali fhs 0t
amssDces attending the issue Of the notes Their
ILLNESS ss means of carrying on the 6,overn =
4, would be enhanced by exemption from taxs. sl6
: me
IN discussing this question, In his lpo
rk on taxation, Judge Cooley on bri
ye 81, ssys: The
u the sovereignty IN whose interest the ell
~xt a f,slfw s~x a.