The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-08-10
TO TAX NATIONAL BANK NOTES.

Tue History Of the Bill JuAt Ralsod-tta
object-Now In the Presidents Hands.
WbsnISoros, D. G., August 9.-The
only financial legislation accomplished
by this Congress, except the repeal Of
tho purchasing clause Of tue Sherman
act and tho passage Of tho seigniorage
bill, which received tho Presidential
yote, IL the bill to subject 10 state tax
alton national bank notes and United
States treasury notes. which passed tho
house Tuesday with senate amend
ments.
Attempts have been mado In nearly
every Congress since the war TO subject
these forms Of money to taxation.
Senator Mcdonald, OF Indiana, intro
duced bill In the Portieth Congress
for this purpose, and in 1880 when
Senator Edmunds was chairman OF tho
senate com mittoe on the judiciary, o
similar measure was reported by that
committee, and passed tho senate but
failed in the house.
Representative Cooper, Of Indiana,
who introduced the bill which is now in
the Presidents hands for approval, has
mado an unusually active campaign for
IL 1t was approved by the house com.
mittee on banking and currency by
majority OF one, Mr. Walker, Of Massa.
ehHsetts, voting with tho Democratic for,
Mr.. Springer and Mr.. johnson, Of Ohio,
with tho Republicans against 1t, the lat
ter because no believes in tho single tax
upon land.
Mr.. Cooper made q personal canvass
OF tho house aud estimated that tho bill
would receive 200 votea, There waa not
full house and II passed by l43 10 Il.
1t was referred to the judiciary commit
tee Of tho senate, because the finance
committee was engaged with the tariff
bill and passed tho senate without divi-
sion. The bill provides that circulating
notes OF national banking associations
and United States legal tender notes,
and other notes and certificates oil tho
United States payable on demand and
circulating or intended TO circulate aa
currency, shall not be exempt from tax.
alton under tho laws OF any stale or ter
ritory, provided that taxation Is exer-
cised at tho aamo rate and in the aamc
manner as upon other property or
money.
The three acts authorizing the iasu-
auce OF grcenbacks each put in circula.
ton $50, 00O, 900, but the total amount
was afterward reduced TO S346, 900. 600
figure that has remained permanent,
although much oil tho money has been
lost or destroyed. Each issuing act dc.
clared the greenbacks exempt from
taxation by state or municipal author.
ity, as well as all other obligations Of
the United States, and under this law
arc the Sherman notes for tho purchase
Of bullion, $3.50, 100000 Of which were
issued under tho act Of 1890. There
arc, in round numbers, $500, 0O00 900 OF
United States notes exempt from taxa
ton.
Efforts 10 tax money as other personal
property ia taxed arc mado by most oil
the states and territories. The average
ratio is estimated at 81 90 for state and
county and 81 for city taxes on 500.
II Is represented that most Of these
exempted forms Of currency havo been
withdrawn from circulation and arc
being boarded by banks and iudividu.
ala, as they have an advantage over
gold and silver, which arc subject to
taxation.
Against tho bill it was argued That it
was an infringement upon the soyer-
eighty OF the general government to
permit state and municipal authorities
10 tax its monetary issues, but on tho
othor hand it was pointed out that tho
states were not permitted TO discrimi.
nate against any forms Of money, and
that these gseenbscks should be placed
on the same basis as gold and silver