The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-02

ization q the money power OF the h,n lana
and issuing two for one, would spring up
ali over the land, and keep their people
supplied at q low rate OF interest with a
currency satisfactory to them; whilst the
cotton OF the planter and the wheat of the
farmer would furnish all of their exchanges
upon distant cities" The minority report
Harris. and voorhees,. Senator Carlisle add
ing the following statement:
ing minority report in the opinion that the
act OF Congress imposing a tax upon the
circulation of State bank notes should De
it would be advisable to establish and main
tain such a banking system at this time.
: s { my h 4R,i an un d acaonstitutionai right
TO determine for itself. and ] favor the re-
peal peal Chit Of the md Probbt a e2syrci taH IN mhe oPeSe the the
States may see proper TO 90 so.
Senator McPherson. it is UNDERSTOOD: con-
June so. 1892, Senator Butler made an elap-
crate speech on the following resolution in
troduced by him on Jan. IL, viz:
Resolved, That the committee on hnance
be. and is hereby, instructed to report a bill
repeating all taxes on the circulation OF
state banks of issue
No vote was taken or reached on the res
%olution. and no further action was taken IN
respect TO the bill named.
A motion was made in the House or Rep
4 reSenratlveS on June 6, 1882. by MI tich-
ardson. OF Tennessee. TO suspend the rules
cAko q lAC W 49,
| means from the further consideration or a
bill introduced by him ca; r. SOP to re
peal section 3412 OF the Revised Statutes,
which imposes a tax OF 10 per cent. on the
circulating notes OF State banking associa-
lions. and pass said blu. The motion was
/ supported by Messrs. Harter OF Ohio, Oates
of Alabama. Richardson of Tennessee. and
Tracy OF New York, and opposed by Messrs.
Bacon OF New York, Bryan of Nebraska,
j. d. Taylor of Ohio. and Walke Of Massa-
chusetts.
The motion was lost by yeas 81. nays
4 10 LrAo 1n-ziIA-ot tAnu cnnri1f1Ny ~ TING
to produce that result:
First--The Chicago convention was but
await the action of the convention on that
issue.
Second-The argument of discourtesy to
the ways and means committee was quite
| potential: and
Third-Many votes, under the lead of
a Msd i the Tra Notion @nf for I the reaso mer frankly fSEF
avowed by the gentleman named, that the
bill. if enacted into law, would destroy the
demand for the free coinage OF silver"
No Republican voted in the affirmative,
while some sixty Democrats voted in the
IN his Considerations on the Currency
and Banking Systems of the United States"
prepared for the American Quarterly Re
view of December. 1880, by Albert Gailatin,
the constitutional powers Of Congress on
this subject are fully discussed Az no
made in any discussion III Congress on this
subject to Mr.. Galatians views. EXPRESSED
at the time the proposition was first made
Il IA 1piAS III 1OJU ~ 4 OGL vi cAlOlCAlOC
the issues of State banks. ii brief extract
from the Review article viii not be out OF
place. On this point Mr.. Gallatin says:
Congress has the power 10 lay stamp
duties on notes. on bank notes, and on any
description of bank notes. That power has
already been exercised; and the duties may
be laid to such an amount anG in such a
manner as may be necessary TO effect the
object intended. This object is net merely
to provide generally for the general well
fare, but TO carry into effect, IN conformity
with the last paragraph If the eighth sec,
ton of the first article, these SeVeraI and
express provisions of the Constitution
which vest in Congress: exclusively the
United States, and more pa ticularIy those
which imply the necessity OF a uniform
cI-rercy.
. Congress may, If it deems it
proper, lay a stamp uuty on Small notes
which will put an end 10 their circulation.
1t may lay such a duty on all btrk notes
is would convert ali the banks into hanl ,
IF ~. count and deposit Ciily, annihsiare Inc
pay er currency, and render a bank of the
United States Unnecessary in refeIen :, 10
tnai Cf:tct. But If this last measure should
re de emed pernicious or prove impractica bile
Congress must resort to other and mHder
means u regulate The currency of the
country (See Writings of Albert Gala
tin" by Henry Adams. Vol. 3. PIP. 319.
32n1
The original act of March 8, 1866, and
amendatory acts, imposing the tax of 10
per cent. on the circulating notes Of State
banks. accomplished the purpose OF. its
trainers. The entire amount Of tax collect
the fact that IL is a prohibitory tax, as has
been asserted and as was intended. The
largest amount collected in any one year
was SOS, 1873, in 1880, and the smallest was
81, in 1870, while in the years 1866, 1871, 1886
and 1891 nothing was collected on account
i IF this tax