Year: 1864

The House of Representatives, after spending
fortnight of precious time on bill TO
perfect and strengthen our new system
of National Banking, has finally laid 1t
on the table by vote so decided as to
leave little ground for hope that il can be re-
viyed. The points of serious disagreement
were two; first, with regard to the propnety oil
making the rate Of interest receivable by these
banks uniformly seven per cent throughout the
country; secondly, as to exempting them from
State and local taxation. As TO the former, we
would have allowed the Banks to charge the
rates of interest allowed by the laws Of the
States respectively wherein they may be To-
Gated: as to the latter, we would subject them
to taxation on everything but theil
National Securities. A Bank cannot
Justly be exempted from taxation on Its
real estate and other tangible property for mu'
nicipal and kindred uses--it is watched, lighted,
enjoys the advantage Of streets, pavements,
&C., and must pay for them, like others But
the Government, needing money, has obtained
loans by proffering exemption from taxation on
the securities thus created; and that contract
should be made good, anything in the Const
tuition and laws Of any State to the contrary
notwithstanding" But we should have voted
for the Bank bill as it stood and we think Mr..
Stevens in moving and the majority in voting
to lay it on the table, eyinced levity rather than
craftsmanship, and more petulance than patriot
ism. And wo are not without hopes that they
may think better of this, and yet revive and
pass the bill.


But suppose they do not, what then


Public opinion seems to be drifting toward ar
exclusively 'Greenback currency-that H.
toward the suppression Of all Bank notes to
circulate among the people, leaving the Banks
! free to exchange in their dealings with each
other such memoranda, checks ana evidences OF
debt or value as they may find convenient.
We are confident that two-thirds Of the People
to-day wish there were no paper issues in cir
culation or authorized but those OF the Govern
ment. The State Banks Of our City would to-
day vote to abolish all Bank notes and circulate
the issues Of the Government alone. So would
the strongest and Oldest Banks throughout the
country. Those which are mere suction-pumps
for borrowing money from the community,
instead Of lending it, would, Of course, protest,
and talk as if the world were coming to an end;
but the best thing to do to-day is to provide by
law for a gradual and thorough withdrawal Of
Bank notes from circulation, leaving Green
backs the only Paper Currency in the country.
Yet it is quite possible that the influence Of the
weaker and more voracious Banks is 50 potent
in Congress that it is neither wise nor safe TO
urge this at present.


What, then, is to be donel


We entreat Congress to perfect and pass its
Tax-bills at the earliest moment, but especially
its Tariff bill. IL was great mistake to put
this behind the Excise bill. Had the Duties on
Imported Luxuries been doubled in December
to take effect on the 1st Of January, we should
have added Five Millions to our revenue ere
this, while diminishing our Imports by at least
Twenty Millions. Those who buy Silks, LaCes,
Wines, Spices, &c, in these times can afford to
pay roundly for them, and the Treasury needs
the money; so pile up the Duties We are
losing Millions by delay in reporting and pass
ing bill to this end; and We pray that it may
have precedence Of the Internal Revenue BILL
Tax Injuries roundly, Messrs. Of the House and
Senate the People will bear al that you choose
20 ley on! And then let homemade Whisky,
Tobacco, &c, take their turnl


But, whether Congress shall promptly and
thoroughly do its duty or not, we are sure the
Secretary Of the Treasury will prove equal to
his arduous responsibilities. He has become
used, by this time, to the process known to the
ancient Israelites in Egyptian bondage as
making brick without straw; and we exhort
him TO put forth his best exertions in the crisis
now upon US. He needs mOney--needs it
pressingy-needs great deal Of it--and he
can get it if he will but use the requisite means.
Let him organize such machinery of popular
appeal as Jay Cooke a. Co. did for him last
Summer-let him appeal to the loyal people Of
every State, City, County, township and
neighborhood for subscriptions TO a new and
bounteous Loan; let him provide for taking
sl00s and sos as we'll as tens and hundreds Of
thousands; and the money will be forthcoming.


We hope it will be put up on the terms al
ready profercd; but if not, let him alter
them so far as necessary. We need a steady