Year: 1861




called banks Of the country.


Of course the experiment vas abaudon-
ed, as it always must be by any State that
attempts the reform without tho cordial
cooperation Of all the other States. We
came back to new system, the ;end Of
which we are now seeing in the distress
and ruin that have been brought to every
second household in Illinois And
ve are to-day sliding into the practices
which prevailed when home banks were
forbidden, and small notes Of foreign cor
poradons, though tabooed hy law, we're the
only apology for money left for the peoples
use We confess our dissatisfaction with
the arrangement; and at the end Of this
last disaster by which full six millions have
been fllched from the State, we arc ready
for any just measure that will restrain the
issues Of all small notes IN Massachusetts
and Connecticut as in Illinois, operate as
wholesome check upon other bank
Issues, restore gold and silver to the chm
nels by which they have been driven By q
dirty flood of paper money, and at the same
time afford the government a revenue,
which, in this criRis in its history, it cannot
fail to need


We are in favor Of q stringent law Of
Congress, which shall 60 into immediate
operation, levying direct tax upon the
issues Of every bank in the Republic
tax Of five per cent. per annum upon all
notes between one dollar and twenty dol
lars; Of three per cent. upon all between
twenty and fifty dollars, and of one per
cent upon all over fifty. This tax to be
levied and collected by State officials, and


under such regulations and penalties as
will expose to severe punishment those
who seek by any means to avoid its pay
ment That Congress has power under
the Constitution to levy such tax Is as
clear that ve have any Government at all !;
and that it is the imperative duty Of that
body to do so and to make the men, who
are drawing interest upon mAas they ooe,
bear 8 part Of the burdens Of the
present time, seems to us to be beyond
dispute, It is proposed to amend the free
list to tax still more heavily, tea, coffee,
SUGAR, salt and other articles oflu1ury and
necessity as well among the poor as among
the riah. Doubtless those mainly interest
ed would submit to the imposition withous
q murmur; but they will not regard the
exemption Of the men Tho are living
upon their earnings and ours, with any
complacepcy whatever. They will de-
mnnd that the burdens Of the war be equal
ly and imparhally distributed.


We have neither the space nor the IN
clination, to-dhy, to discuss st length the
effect Of the tax levy that We propose,
Suffice it to know that no bank under such
IN imposition could do profitable bust
ness by the issue Of small notes; that the
tax upon those Of larger denomination
would operate as constant check upon
their too free use; that greater part Of the
rags Of the nominal value Of one dollar,
two, three, five or ten dollars, being thus
drawn out, coin would reappcnr, and want
and ruin like that with which Illinois and
Wisconsin are threatened in consequence
Of the withdrawal Of the precious metals,
would thereafter be impossible. ,


Among the many projects which will be
urged upon the Secretary Of the Treasury
for raising sufficient revenue, and fo1
making The burdens Of the WAT IS light as
possible upon the people, We beg him tt
consider this one which We urge. HI
knows the real meaning and true value q
paper money, the mischief which its ust
has wrought, and the losses and want tha:
it may yet entail; and he will not vi
hope, lose this opportunity to put a curl
upon these who gather unearned wealth
by its manufacture. Let us have tax o1
bank notesI