Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-22


book may well be hailed with pleasure.
A few quotations therefrom may serve
as examples Of its merit Upon the much
yexed question OF the tax upon state
banks the author has this 10 say:
The imposition OF the l per cent. tax
upon State banks was not designed as a
revenue measure. II was tentative, and
directed towards finding out the condi-
ton OF the State banks issues. with
view 10 ultimately destroying their circu-
lation by increasing the tax 10 pro-
h.bitive extent IL is worthy Of mention
as Indicative OF the uncertainty OF the
legislative mind as TO the right OF i'm
posing the 10 per cent tax, that the
provision Incorporating II IN the Internal
revenue hill OF 1915 was carried in the
House Of Representatives only by the
casting vote Of Speaker Collax, and In
the Senate BY the close majority OF two.
Its consiitutlonality has been repeatedly
denied by high authority; but the Su-
preme Court Of the United States has
taken the legislative view and affirmed
Its validity"
The 10 per cent. tax was laid on the
advice Of Secretary OF the Treasury fes-
sender, who had succeeded MI Chase IN
the financial administration OF the gov
eminent. He saw that In competition
the national banks would BE- lnfrequent
and OF comparatively small moment and
the bonds OF the government without the
local purchasers from this source; be-
cause, as a rule, the State banks could
issue circulating notes without the ne
cesslty OF investing any part OF thelr
capital in securities as basis thereof,
while the national banks must make
necessarily large outlay for government
bonds In order 10 b able 10 issue notes.
OF the national bank notes he has this 20
say: While constituting character OF
currency superior In many respects 10
any Of the paper money issued directly
by the Treasury. tless notes are anoma-
Ious in some q their pecul-arltles. Ine
plan on which they are Issued vas. per
hans. more uaturely considered before
adoption than was any O. those on which
the several species cf government issues
were based: ana Jet the uauona4-DanH
notes present the singular feature OF
being convertible into an inferior Alnd OF
naner raouey-vlz, the greenbacks; OF
beng legal tender only between the
hanks: OF being secured absolutely "
the pledge OF government bonds; q be-
ing dependent Tor their existence on lAe
arisrence OF a national lI-erest-1ear.ns
dent. OF being redeemable not al the
bank Of issue. but al tie Treasury OF
the Federal Government. and o. being
dasnItelv limited and fixed In amount
hv the amount Of government securities
owned By the bank which Issues them
Whenever the premium on the govern
nent bends exceeds the value q the
profit 70 be derived from the circulation
az the notes. II Is % the Interest Of the
bank 10 retire its circulation as far as
POSSIBLE and sell its bonds; hence the
more valuable the bonds become for
purposes OF private investment the
greater the tendency OF the banks 10
withdraw their note circulation
~ the necessity OF preserving reserve
4, ,he United States Treasury. he draws
6Is.,nction between the practice gov
srnIng the Treasury OF the United States
and that governing the Bank OF England
under such Circumstances. ana says tnat
10 case OF such exigencies. the reserve
IN the Federal Treasury. instead oispe-
gn1 usea In the manner described. Is
sos,sh, most vigorously TO be preserved
"a retained: and the greater the GENIAL
snsncsaI distress. the more desperate are
fhe efforts Of the Treasury officials TO
snstasn and build up the reserve By the
sale OF bonds
an, ~ eirhty-cve volumes upon "Questions
~ the Day" published by the Putnams.
four have been written by Frglnlsns-
VIZ Lewis II. Blair. Philip A Bruce.
I,yon G. Tyler. and Armistead c. Gordon
MEMOIRS OF CONSTANT. First Valet
he Chambre OF the Emperor. on the
private Life Of Napoleon. his Family.
ana HIS Court. Translated By Elizabeth
C;uberr Martin, with preface 70 the
Engfish edition by Imbert de Saint
Amand. -Four volumes New York:
Charles scr!bners Cons Price. s.
The present vogue CT Napoleonic htsra-
,ur. Is the excuse for this Engnsn eaton
os memoirs that FIRST appeared sixfy-five
years ago. The value Of the memoirs
consists .argely IN the tact that Constant
saw Napoleon under circumstances which
enabled him 10 stuty the p<rsonal!iy Of