Which was rejected-yeas 59, nays 78, as follows: NAYS-Messrs. James C. Allen, William J. Allen, Augustus C. Baldwin, Brooks, James S. Brown, Chanler, Cravens, Creswell, Henry Winter Davis, Dawson, Eden, Eldridge, Finck, Gunson, Hall, Harding, Harrington, Benjamin G. Harris, Herrick, Holman, Asahel W. Hubbard, Hutchins, William Johnson, Kalbfleisch, Kelley, Kernan, King, Knapp, Law, Lazear, Long, Marcy, McBride, Mc Dowell, McKinney, William H. Miller, James R. Morris, Morrison, Nelson, Noble, Odell, Pendleton, Pruyn, Radford, Samuel J. Randall, Robinson, James S. Rollins, Ross, Scott, John B. Steele, Strouse, Stuart, Thayer, Thomas, Wheeler, Chilton A. White, Joseph W. White, Williams, Winfield, Fernando Wood The bill was then passed. YEAS-Messrs. Alley, Allison, Ames, Anderson, Ashley, John D. Baldwin, Baxter, Beaman, Blow, Boutwell, Boyd, Broomall, Ambrose W. Clark, Cobb, Cole, Thomas T. Davis, Dixon, Donnelly, Driggs, Eckley, Eliot, Frank, Garfield, Gooch, Grinnell, Hale, Hooper, John H. Hubbard, Jenckes, Julian, Kasson, Kelley, Francis W. Kellogg, Loan, Long year, Marvin, McBride, McClurg, Morrill, Daniel Morris, Leonard Myers, Charles O'Neill, Patterson, Perham, Alexander H. Rice, Edward H. Rollins, Schenck, Scofield, Shannon, Spalding, Starr, Stevens, Thayer, Thomas, Upson, Wil--60. liam B. Washburn, Wilder, Windom, Woodbridge-59. NAYS-Messrs. James C. Allen, William J. Allen, Ancona, Baily, Augustus C. Baldwin, Blaine, Bliss, Brooks, James S. Brown, William G. Brown, Chanler, Clay, Cox, Cravens, Dawson, Denison, Eden, Eldridge, English, Finck, Ganson, Grider, Griswold, Hall, Harrington, Benjamin G. Harris, Herrick, Holman, Hotchkiss, Asahel W. Hubbard, Philip Johnson, William Johnson, Kalbfleisch, Orlando Kellogg, Kernan, Law, Long, Mallory, Marcy, McKinney, Middleton, William H. Miller, James R. Morris, Morrison, Amos Myers, Nelson, Odell, John O'Neill, Orth, Pendleton, Pike, Pomeroy, Price, Pruyn, Radford, Samuel J. Randall, William H. Raudall, John H. Rice, Robinson, Rogers, James S. Rollins, Scott, Smithers, John B. Steele, W. G. Steele, Strouse, Sweat, Tracy, Van Valkenburgh, Ward, Ellihu B. Washburne, Wheeler, Chilton A. White, Joseph W. White, Wilson, Winfield, Benjamin Wood, Yeaman-78. STATE TAXATION. IN SENATE. ON TAXATION. April 29-The Senate committee reported a substitute for Mr. FENTON's amendment adopted by the House, which proposed that In lieu of all other tazes every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one half of one per cent. each half year from and after the 1st day of January, 1864, upon the aver age amount of its notes in circulation, and a duty of one quarter of one per cent. each half year upon the average amount of its deposits, and a duty of one quarter of one per cent. each half year, as aforesaid, on the average amount On Mr. STEVENS's motion, the bill was then of its capital stock beyond the amount invested in United tabled--yeas 91, nays 44. States bonds. * $ Provided, That nothing in this act shall be construed to prevent the market value of the shares in any of the said associations, held by any per son or body-corporate, from being included in the valuation of the personal property of such person or corporation in the assessment of all taxes imposed by or under State anthority for State, county, or municipal purposes; but not at a greater rate than is assessed upon all other moneyed capital in the hands of individual citizens of such State. And all the remedies provided by State laws for the collection of such taxes shall be applicable thereto: Provided, also, That nothing in this act shall exempt the real estate of associa tions from either State, county, or municipal taxes to the same extent, according to its value, as other real estate is taxed. April 16-A new bill, previously introduced, was considered, containing (among others) this provision : "Every organization under this act shall pay to the Treasurer of the United States a duty of one per cent, each aalf year, from and after the 1st day of April, in the year 1864, upon the maximum amount of their circulating notes during the six months; and in default of such payment the Treasurer of the United States is hereby authorized to retain one per cent. of the amount of bonds required to be deposited as security for such circulation at each semi-annual payment of the interest thereon; and such duty and the taxes or duties imposed by Congress from time to time shall be in lieu of all other taxes on such associations: Provided, That nothing in this act shall be construed to prevent the market value of the shares in any of the said banking associations, held by any person or body-corporate created by State law, being included in the valuation of the aggregate personal property of such person or State corporation in assessing any tax imposed by any State or municipal authority on the aggregate personal estate of all persons subject to the authority of such State or municipality." Mr. FENTON moved to substitute this: And that nothing in this act shall be construed to prevent the taxation by States of the capital stock of banks organized under this act, the same as the property of other moneyed corporations for State or municipal purposes; but no State shall impose any tax upon such associations or their capital, circulation, dividends, or business, at a higher rate of taxation than shall be imposed by such State upon the same amount of moneyed capital in the hands of individual citizens of such State: Provided, That no State tax shall be imposed on any part of the capital stock of such association invested in the bonds of the United States, deposited as security for its circulation. Mr. POMEROY moved to strike out the first proviso, and insert: Provided, That nothing in this act shall be construed as exempting the capital stock of an association, beyond the amount invested in United States bonds and deposited with the Treasurer of the United States as part of its capital or as security for its circulating notes, from being subject to the same rate of State and municipal taxation as is imposed upon other personal property in the State, city, or town in which the association is located. Which was rejected-yeas 11, nays 28, as follows: YEAS-Messrs. Chandler, Conness, Harding, Howard, Lane of Indiana, Pomeroy, Ramsey, Sherman, Sprague, Sumner, Wilkinson-11. NAYS--Messrs. Buckalew, Carlile, Clark, Collamer, Cowan, Davis, Dixon, Fessenden, Foot, Foster, Grimes, Hale, Harlan, Henderson, Hendricks, Howe, Johnson, Lane of Kansas, McDougall, Morgan, Morrill, Nesmith, Powell, Riddle, Ten Eyck, Van Winkle, Willey, Wilson—28. Mr. HOWARD moved to amend the proviso so as to make it read: Provided, That nothing in this act shall be construed to prevent the market value of the shares in any of the sud associations, held by any person or body-corporate, from Which was agreed to-yeas 70, nays 60, as being included in the valuation of the personal property of follows: YEAS-Messrs. Alley, Allison, Ames, Arnold, Ashley, bily, John D. Baldwin, Baxter, Beaman, Blaine, Boutwell, Broomall, William G. Brown, Ambrose W. Clark, Freeman Clarke, Clay, Cobb, Cole, Dawes, Driggs, Dumont, Eckley, Farnsworth, Fenton, Frank, Gooch, Grinnell, Higby, Hooper, Hotchkiss, John H. Hubbard, Jenckes, Julian, Kasson, Francis W. Kellogg, Orlando Kellogg, Loan, Longyear, Marvin, McClurg, McIndoe, Samuel F. Miller, Moorhead, Morrill, Daniel Morris, Amos Myers, Charles O'Neill, Orth, Patterson, Perham, Pike, Pomeroy, Price, William H. Randall, Alexander H. Rice, John H. Rice, Edward H. Rollins, Shannon, Sloan, Smith, Tracy, Upson, Van Valkenburgh, Elihu B. Washburne, William B. Washburn, Webster, Wildor, Wilson, Windom, Woodbridge—70. such person or corporation in the assessment of all taxes imposed by or under State authority for State, county, or municipal purposes in the State where the bank is situated; &c. Which was rejected-yeas 11, nays 27, as follows: YEAS-Messrs. Chandler, Conness, Harlan, Hendricks, Howard, Morrill, Pomeroy, Ramsey, Sherman, Sunner, Wilkinson-11. NAYS-Messrs. Anthony, Buckalew, Clark, Collamer, Cowan, Davis, Dixon, Doolittle, Fessenden, Foot, Foster, Grimes, Hale, Henderson, Howe, Johnson, Lane of Indiana Lane of Kansas, Morgan, Nesmith, Powell, Riddle, Sprague, Ten Eyck, Van Winkle, Willey, Wilson-27. May 6-Mr. SUMNER'S substitute:* And in lieu of all other taxes on the capital, circulation, deposits. shares, and other property, every association shall pay to the Treasurer of the United States, in the months of January and July, a duty of one per cent. each half year from and after the 1st day of January, 1864, upon the average amount of its notes in circulation, and the duty of one half of one per cent. each half year upon the average amount of its deposits, and a duty of one half of one per cent. each half year, as aforesaid, on the average amount of its capital stock beyond the amount invested in United States bonds: * * Provided, Tuat nothing in this act shall exempt the real estate of associations from either State, county, or municipal taxes to the same extent, according to its value, as other real estate is taxed: Frovided also, That all taxes imposed by this or any future act on banking associations organized under national legislation shall be * Mr. SUMNER read this letter from Secretary Chase: TREASURY DEPARTMENT, May 5, 1864. SIR: Nothing but my deep sense of the importance of sustaining by every possible means the public credit, upon which the sole dependence of the Government to suppress the insurrection must rest, would induce me to address you this letter upon a subject which has already received so much consideration. The bill in relation to the national banking system now under debate is in the nature of an amendment to the act of the last session. Though a complete bill in itself, it contains few provisions not substantially embraced in that act, among which that in relation to the measure and distribution of taxation may be regarded perhaps as the most important. Under ordinary circumstances there might be no Insuperable objection to leaving the property organized under the national banking law, subject as are almost all descriptions of property to general taxation, State, national, and municipal. But in the present condition of the country, I respectfully submit that this particular description of property should be placed in the same category with imported goods before their entry into general consumption, and be subjected to exclusive national taxation. At the present moment the duties on imports form the sole reliance of the Government for means to pay the interest on the public debt. If to these means the taxes to be paid by the national banks shall be added a most important addition will be made to these measures. The mere fact that these taxes are made payable to the national Government and so rendered available for the payment of interest on the public debt, and for the reduction of its principal, will strengthen the public credit and facilitate the negotiation of the necessary loans at moderate rates of interest. I have no doubt that such a disposition of these taxes would be worth more to the Government during the present struggle in practical results than three times the actual value of the taxes themselves. I do not at all suggest that this description of property should not be taxed as heavily as any other description. On the contrary, I think it just that it should bear its full proportion of the public burdens. I am only anxious that the taxation upon it shall be made to contribute as largely as possible to the general welfare, and it is the conviction deeply impressed on my mind that it will contribute more when aggregated in one mass, and made to tell upon the general public credit, than when distributed between the nation and the States and numerous municipal corporations, that prompts me to address these views to you. Under any plan of partition that may be adopted the amount of taxation distributable to the several States and municipalities will be comparatively small and unimportant, and it is quite possible that the total taxation of banking property for all purposes, will be less than it will if taxed exclusively for national purposes. The advantages of partition to States and municipalities will therefore be small, and the banks may not lose by it. The nation alone will be injured. It will not be understood, of course, that the foregoing suggestions are intended to apply to real estate held by any banking institutions; that description of property must necessarily be held by titles under State laws, and should properly be subjected exclusively to State taxation, except in the event of a direct tax by Con gress. The case is otherwise with the personal property and credits of the banking associations. These receive their organization from national law and for great national purposes, and may therefore be with great propriety, and-as I have endeavored to show at the present time-with great public advantage be subjected to exclusive national taxation. applied exclusively to the payment of the interest and principal of the national debt of the United States. Which was rejected-yeas 11, nays 24, as follows: YEAS-Messrs. Chandler, Conness, Howard, Lane of Indiana, Pomeroy, Ramsey, Sherman, Sprague, Sumner, Wilkinson, Wilson-11. NAYS-Messrs. Anthony, Buckalew, Carlile, Clark, Collamer, Cowan, Davis, Dixon, Doolittle, Fessenden, Foot, Foster, Grimes, Hale, Henderson, Howe, Johnson, Morgan, Powell, Richardson, Riddle, Ten Eyak, Trumbull, Van Winkle-24. ON SMALL NOTES. · May 10-Mr. BUCKALEW moved to strike out of the twenty-second section the words allowing one, two, and three dollar bills; which was rejected-yeas 8, nays 27, as follows: YEAS-Messrs. Buckalew, Cowan, Doolittle, Henderson, Powell, Richardson, Riddle, Saulsbury-8. NAYS-Messrs. Anthony, Clark, Collamer, Conness, Dixon, Foot, Foster, Grimes, Hale, Harlan, Howe, Johnson, Lane of Indiana, Lane of Kansas, Morgan, Morrill, Ramsey, Sherman, Sprague, Sumner, Ten Eyck, Trumbull, Van Winkle, Wade, Wilkinson, Willey, Wilson-27. ON REPEALING THE BANKING SYSTEM. Mr. POWELL moved to substitute for the whole bill, a section repealing the banking act of February 25, 1863; which was rejected-yeas 6, (Messrs. Buckalew, Henderson, Powell, Richardson, Riddle. Saulsbury,) nays 31. The bill then passed. The House non-concurred in the Senate's amendments, when a Committee of Conference was appointed, who reported, June 1. The tax question was settled by adding these words to the thirty-second section: And nothing in this act shall be construed to prevent all the shares in any of the said associations, held by any per son or body corporate, from being included in the valuation of personal property of such person or corporation, in the assessment of taxes imposed by or under State authority, at the place where such bank is located, and not elsewhere; but not at a greater rate than is assessed on other moneyed capital in the hands of individual citizens of said States: Provided further, That the tax so imposed under the law of any State upon the shares of any of the associations authorized by this act shall not exceed the rate imposed on shares in any of the bank organizations under the authority of the State where such association is located. The bill provides for a tax of one per cent. on the circulation of national banks, one half of one per cent. on their deposits, and one per cent. on their capital above the amount invested in United States bonds. vision in either house. The report was concurred in, without a di. The Public Debt. THE PUBLIC CREDIT UNDER BUCHANAN. December 28, 1860-Bids for $5,000,000 in six per cent. Treasury notes, authorized by act of December 17, 1860, were opened by Philip F. Thomas, Secretary of the Treasury, when it was found that only $2,500,000 were bid for, and this at a rate of discount from seven to thirty-six per cent. Eight thousand five hundred were bid for at seven per cent.; $151,600 at from seven to ten per cent; $1,087,000 at. twelve per cent.; $140,000 at from twelve to twenty per cent.; $325,000 at from twenty to thirty-six per cent. January 19, 1861-The balance of this loan was taken, the bids being for nearly triple the amount and ranging from eight and a half to fifteen per cent. discount. One bid of $10,000 was made at twenty per cent. dis count. States. Over $14,000 000 were offered; the lowest accepted bid was $90 15 for $100; the February 23, 1861-John A. Dix, Secretary of highest bid over ninety-six dollars. The whole the Treasury, opened the bids for $8,000,000 of loan was taken at an average of about 901 six per cent. twenty years' stock of the United | Over $4,000,000 were bid for at $90 15. Debt of the United States, from June 3, 1860, to May 14, 1864. Average rate of interest paid on the entire debt is 4 354.1000 per cent. per annum. 1861, (March 2,) 6 per cent... Texan indemnity, 5 per cent....... Treasury notes issued prior to 1857, (int. stopped,). Treasury notes issued under act of Dec. 23, 1857.... Old funded and unfunded debt (1800 and 1812,) 3 and 6 per cent......................................................... $104,561 64 13,000 00 1,000 00 3,351,019 75 147.767,114 00 150,000,000 00 89,879,475 00 74,253,967 55 417,193,016 56 $517,372,902 93 .$1,098,795,181 37 $302,600 75 9,415, 20.00 8,908,341 -0 20,000,000.00 7,0:2000-00 18,415,0,0.00 776,750 00 114.1158 3,461,000 00 411,302,628 39 139,970,500 00 50.0.8.500 00 Twenty years' bonds, 6 per cent. (two issues,). Oregon war debt, 6 per cent..... 1.0.1.300 00 156,784.241 €5 168.880.250 00 102,584,085 3 $1,098,793,181 37 1,478,225,714.00 1,726,248,411 65 1,730,870.9.6 CO RATE OF INTEREST. Statement of the Public Debt of the United States, June 30, 1864. *TREASURY DEPARTMENT, May 18, 1864. SIR: Your letter of the 13th instant, making inquiries in regard to the kind of currency with which the five-twenty years six per cent. and the three years seven-thirty per cent. notes are to be redeemed, has been received. It has been the constant usage of the Department to redeem all coupon and registered bonas forming part of the funded or permanent debt of the United States in coin, and this usage has not been deviated fi、m during my administration of its affairs. All the treasury notes and other obligations forming part of the temporary loan are payable and will be redeemed in lawful money: that is to say, in United States notes until after the resumption of specie pay.aents, when they also will doubtless be redeemed in coin, or equivalent notes. The five-twenty sixes being payable twenty years from date, though redeemable after five years, are considered as belonging to the funded or permanent debt, and so also are the twenty years sixes into which the three years seventhirty notes are convertible. These bonds, therefore, according to the usage of the Government, are payable in coin. The three years seven-thirty treasury notes are part of the temporary loan, and will be paid a United States notes, unless holders prefer conversion to payment. Very respectfully, + This item is thus composed: United States Notes, July 17, August 5, 1861, and February 12, 1862...... S. P. CHASE, Secretary of the Treasury $781,073 00 The increase of debt between periods has been ing information relative to the funded debt, as follows: June 30, 1863...... to call certificates, to non-interest and interestbearing Treasury notes, and other financial matters. From this it appears that, January $1.098.793.181 1864, the funded debt was as follows: 1.222.113.559 Amount $1,340,000 2, 1864......123 2.041.000 The Rebel Debt. 1,473,2 5,714 Act Feb. 28, 1861, 8 cent., $15,000,000 00 Act April 30, 1863 (cotton in- December 31, 1862, the receipts of the Treasury from the commencement of the "Perma-Call certificates. nent Government," (February 18, 1862,) were as follows: 8,252,000 00 Non-interest bearing Treasury notes out- Act May 16, 1861-payable two years after date Act Aug. 19, 1861-General 8,320,875 00 $297,871,650.00 89,206,770 00 2,291,812 00, Act Oct. 13, 1861--All denom 3,839,263 00 26,583 00 Act March 23-All denomi 59,742,796 00 41,398.286 00 720,898,095 00 102,465,450 00 215,554,885 00 Interest-bearing Treasury notes outstand- 16,664,513 00 Amount of Treasury notes 1,375,476 00 2,539,799 00 $157.855,704 00 Total debt up to December 31, 1862.... Up to December 31, 1862, the issues of the under $5, outstanding Jan. He also publishes this statement of the issue of non-interest-bearing Treasury notes since the organization of the "Confederate" Government: $601,522,893 12 Fifty cents..... $911.258 50 4,882,000.00 6.086,320.00 EXPENDITURES DURING THAT TIME. Ones.. Tens.. 38,437,661 00 Twenties... 56,636 00 Total... 79,090,315 00 157,982750 00 217.425.120 00 188,088,260-00 Public debt.... Notes canceled and redeemed Total expenditures....... Balance in treasury...... $519,368,559 00 $82,154,334 00 But from this amount is to be deducted the amount of all Treasury notes that have been funded, but which have not yet received a true estimation, $65,000,000; total remaining, $17,154,334. $073,277,363 50 Rebel Financial Legislation. The following is the furding act: [From the Richmond Sentinel, Feb. 17, 1864.] SEC. 1. The Congress of the Confederate States of America do naci, That the holders of all Treasury notes above the denomination of five dollars not bearing interest, shall be allowed until the first day of April, 1864, east of the Mississippi River, and until the first day of July, 1864, west of the Mississippi River, to fund the same, and until the peri ods and at the places stated, the holders of all such Treas ury notes shall be allowed to fund the same in registered CONDITION OF THE TREASURY, JANUARY 1, 1864. |