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ment of Mr. MAYNARD, and it was agreed to; circulation and paid out by them; and such tax shall

That is our situation. The national banking there being, upon a division-ayes sixty-three, be assessed and paid in such manner as shall be pre

system is at present a monopoly; its facilities scribed by the Commissioner of Internal Revenue. noes not counted.

are not diffused extensively enough. What is Mr. MAYNARD. I have another amend. Mr. SCHENCK. I move to amend by the remedy ? Either to authorize an increase ja luentos

inserting after the word “ association " the ment to offer,

of the banking capital and give us a part of it the dni Mr. HUBBARD, of West Virginia. I have word “State;'' so as to make the section read:

or to take off or postpone this enormous taxa. an amendment to offer.

That efcry national banking association, State tion of the State banks. The postponement The CHAIRMAN. The gentleman from bank, or State banking association, corporation,

of the tax till 1870 would not tend to bring into company, or person engaged in the business of bankTennessee (Mr. MayXARD) will be recognized, || ing. &c.

existence new banks. But very few of the being a member of the Committee of Ways The amendment was agreed to.

State banks are now left in existence. These
and Means.
Mr. MAYNARD: I do not offer these ing at the end of the section the following:
Mr. MORRELL. I move to amend by add.

have associated together, and brought a suit,

now pending in the Supreme Court of the amendments as coming from the Committee of

United States, to test the constitutionality of
Proviled, Tbat this section shall not apply to
Ways and Means, but as my individual amend.

this tax.
banks, persons, or institutions which are in liquida-

tion, and which have not issued any notes for circu- [Here the hammer fell.]
oint of conte
Mr. HUBBARD, of West Virginia. I will lation for a period of more than one year.

Nr. SCHENCK. The effect of this section, ntiene?

wait until the gentleman from Tennessee has My object in offering this amendment is to Mr. Chairman, is just as represented by the offered his amendment.

prevent the levying of this tax on institutions | gentleman from Maine. It is a provision which Mr. MAYNARD. I move to amend the ihat have for a considerable time ceased to do

imposes such a tax upon State bank notes issued rou the most

portion of this section providing for a tax on business, having gone into liquidation. by cities and other corporations and by States the capital of those banks, by striking out the

Mr. ŞCHENČK. I think there is no objec- to serve as inoney in the use of other banking alienske, words beyond the average amount invested tion to that.

institutions so as to prevent that issue and drive in United States bonds;'' so that that portion of The amendment was agreed to..

them out of circulation. Well, sir, it is not a ment : the section will read as follows:

Mr. PETERS. I move to amend by insert- new idea. The law was passed in 1865. It And a tax of one twenty-fourth of one per cent.

ing after the word "pay,'' in line four, the was then made prospective, and took effect on each monih, as aforesaid, upon the capital of any words “on and after January 1, 1870." The the 1st day of August, 1866, and it has been in bank, association, company, or corporation, and on

object of this amendment is to postpone the full operation, so far as the notes of said banks the capital employed by any person in the business I w of banking.

operation of this ten per cent, tax until the 1st were concerned, with a view to that policy, ever The question was then taken upon the

of January, 1870. Mr. Chairman, this section since the 1st day of August, 1866, now two amendment of Mr. Marxard, and it was not

introduced in a bill which is designed to raise years. Last year, in 1867, an amendment was agreed to; there being upon a division-ayes

revenue is on its face entirely probibitory. made which extended its provisions to the notes twenty, noes not counted.

The object of this tax of ten per cent. is to issued any town, city, or municipal corporaMr. HUBBARD, of West Virginia. In

strangle the State banks, if the few of them | tion. This was an amendment which passed order to perfect this section, I move to amend

now remaining in existence have any spark of without objection on the representation inade

life left. that portion which relates to the tax upon capi; I should be altogether stricken out, or that the corporations were issuing notes to serve as

I would prefer that this section that in New Orleans and elsewhere municipal tal by inserting after the word "' corporation' the words engaged in the business of bank

tax should be reduced to a very small per: money. ing;" so that that portion of the section will

centage; but I presume that this proposition As the bill now presents the case for the conread as follows:

for a postponement of the tax may possibly be sideration of the committee, it does not alter And a tax of one twenty-fourth of one per cent. more acceptable to the committee.

the law of 1865, which went into operation on each month, as aforesaid, upon the capital of any

I venture to say, Mr. Chairman, that the the 1st of August, 1866. nor the law of 1867, bank, association, company, or corporation engaged object of this assessment of ten per cent. in which extended its provisions to the notes put in the business of banking, and on the capital cmployed by any person in the business of banking,

previous internal revenue acts was to encourage out by municipal corporations, but only adds beyond the average amount invested in United

or perhaps to drive the capital of the country a single provision so as to embrace also notes States bonds.

into the national banking system. Has not issued to serve as money by States; forit so hapThe amendment was agreed to.

that object been sufficiently attained? The pens, we have ascertained in one or two of the Mr. BLAINE. I move to further amend

capital of the country has gone into this system southern States they have issued notes to serve this section by striking out the following:

until now there is no more opportunity for as money. Then there is nothing at all new or Provided, That the deposits in associations or com

investment in that direction. How has this strange in this proposition, and the gentleman panies knoken as provident institutions, savings

system lett some portions of the country in is proposing to postpone to 1870 the operation banks, sayings funds, or savings institutions, having

relation to banking facilities? I am looking of a law which was originally passed in 1865, no capital stock and doing no other business than receiving deposits to be loaned or invested for the

at this question inore particularly from the and went into effect in 1866, which did go sole benefit of the parties making such deposits,

stand-point of Maine; and I suppose that into effect the 1st of August, 1866, and has without profit or compensation to the association or

many other portions of the country are similarly been in operation and full force ever since. I company, shall be exempt from tax on so much of situated. It has several times been stated on hope the amendinent will not prevail. their deposits as they have invested in securities of the United States, and on all deposits less than $500

this floor that New England and New York Mr. PETERS. I withdraw the amendment. made in the namo of any one person; and the returns

have the larger part of the national banking Mr. PIKE. I renew it. Mr. Chairinan, required to be made by such provident institutions and savings-banks shall be made on the first Monday

capital. Allow me to say that when it is stated there is no reason why the House should not of January and July of each year, in such form and

that New England has in large proportion this give attention to this amendment, and I think manner as may be prescribed of Internal Revenue.

the Commissioner banking capital it should be said that Massa- favorable attention to it. When we come back

chusetts has it, and especially that the city of to specie payments it seems to be the general I think these deposits in the savings-banks Boston has it. Why, sir, in the State of opinion that the bank law will cease to be a should be taxed the same as deposits in other Maine our quota of the national banking monopoly. As the bank law was founded on banks.

capital is less than $9,000,000, while the the free banking law of New York anybody The question was taken upon the amend- Commonwealth of Massachusetts has about could bank on the deposit of United States ment of Mr. BLAINE, and it was not agreed to;

eighty million, the little State of Rhode Island bonds, and when we come back to specie pay: there being, upon a division-ayes thirty-three,

about twenty million, and the State of Con- ments anybody can bank on the deposit of poes not counted.

necticut about twenty-five million. This has national bonds. In the meantime we are Mr. HOLMAN. I move to further amend | arisen from the fact that during the war a great hedged in by this iron restriction of $300,this section by inserting after the clause pro- deal of capital found its way to our large 000,000. The proposition of my colleague is, viding for a tax on circulation the following: business centers, the mercantile men in those that pending this time we shall allow State

And a tax of one per cept, each half year on the principal of all bonds issued by the United States,

places being quicker-scented. I can say for the banks, what may be left of them, to run free owned by any bank, including ihe bonds deposited

State of Maine, especially the eastern part of of this odious tax; a tax, by the way, wrested by said banks with the Treasurer of the United

it, that we are almost wholly without banking from the proper idea of taxation, this being States, to secure circulation or deposits.

facilities. Our State banks are hardly alive; for the purpose of prohibition and not for rev

they are dying of the debility and consumption enue. The question was taken upon the amend

So it is, in effect, a tax in the nature of ment; and upon a division there were-ayes

to which they have fallen victims under our a prohibition. Let up on this until we resume 19, noes 58; no quorum voting.

previous revenue laws, and after continued specie payments and the free banking system Tellers were ordered ; and Mr. Holman, and

struggling we have found no opportunity to get comes in, and you may destroy the State banks. Mr. Hubbard Of West Virginia, were appointed.

into the national banking system. Business I hope, in the mean time, this whole brood of The committee again divided; and the tellers

men in the city of Bangor are now obliged to national banks will be dissevered from the Genreported that there were-ayes 25, noes 75.

get their banking facilities, in a large degree, || eral Governinent, where they do not belong, and So the amendment was not agreed to.

from the city of Boston, two hundred mniles | specie take their place, so that we shall have No further amendment was offered.

distant. The result is that while money may in a few words the axiom that prevailed dur. The next section was read, as follows:

be worth from three to five per cent. in the ing our war, that gold shall be national and Sec. 114. And be it further enacted, That every

city of Boston, yet in the city of Bangor, many paper sectional. I want this Government to Hational banking association, State bank, or Stato

of us in that part of the State being compelled banking association, corporation, company, or per

sever its connection from paper in all shapes, to put ourselves into the hands of the brokers,

in greenbacks" or national bank fon engaged in the business of banking, shall pay a tax of ten per cent. on the amount of notes of any person, State bank, or State banking association,

rapacity, money is worth from nine to fifteen per currency of gold and silver. Then, if any of lown, city, or other municipal corporation, used for

the States wish to deal in paper currency, let cent., and that, too, upon first-class securities.

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them do it. Let the national currency then the Government has not the right to supply it, The CHAIRMAN. The question has been be nothing but gold and silver,

say we ought to leave the right within the taken; and, moreover, all debate has been Now, we have this currency of the General | States, and not strangle and destroy these banks closed on this section by the unanimous conGovernment which is now so contracted and l by excessive taxation. I do not propose to sent of the committee. restricted that localities that did not at the time revive the old State banks, but merely to let Mr. TRIMBLE, of Kentucky. I did not come in with the keen scent of the capitalists those now in existence remain long enough to so understand, or I should certainly have

: of the city are stripped of the circulation they let them renew the attempt to get into that sys: objected. had formerly. ly district has not the circu. tem which in Maine have tried very hard The CHAIRMAN. The Chair stated the lation it had formerly, and they are compelled to do. The Legislature has been renewing proposition very distinctly, and no objection to go outside to the moneyed centers for cir. from year to year the charters of our State banks

was made. culation. The amendment of my colleague now left in existence for the purpose of allow- Mr. WARD. I hope that by unanimous would accomplish this purpose, and, while it ing them to find an opportunity, through the consent the gentleman will be allowed to prowould be temporary in its nature, if the banking benevolence of Congress, to come under that ceed. system is to be continued it would be a conven- national system. But if that system never

Mr. SCHENCK. We have no power to do
ience to the localities and would injure nobody. comes, then I say the State ought to be allowed that.
I hope the amendment will be adopted. to grant the banks banking privileges which Mr. TRIMBLE, of Kentucky. Then I offer

Mr. ALLISON. I desire to say a word in Congress has as yet neglected to provide, the following as a substitute for the section:
reply to the gentleman from Maine. The effect Mr. PIKE. Mr. Chairman, I desire to say
of this amendment is to revive the old State

Provided, That no greater tax shall be collected

20. to the gentleman from Obio Jr. GARFIELD) of State banks upon their circulation than collected banks which more than two years ago we vir- that his argument, running back fifty years,

from national banks. tually destroyed by our legislation.

reminds me of the argument made when the On the amendment, there were-ayes 31, Mr. PETERS. I would ask the gentleman | greenback system was proposed going back to noes 45; no quoruin voting. how can that be? The suspension of the tax | the continental currency. We heard the argu- The CHAIRMAN, under the rule, ordered

I for a year and a little over would hardly be an ment then against the greenback currency, that tellers; and appointed Messrs. TRIMBLE, of inducement for new banks to go into operation. in continental times a breakfast cost $500 in Kentucky, and WI AYNARD,

Mr. ALLISON. The effect of the amend- continental money. Arguments which go back The committee divided; and the tellers re-
ment will be to send over the country a State fifty, seventy-five, and eighty years are musty,
bank circulation which is now prohibited. If

ported--ayes 31, noes 65.
stale, and unworthy the attention of the com- So the amendment was not agreed to.
we are to have any more circulation let us pro- mittee.
vide for it in the sbape of our own Govern. Mr. SCHENCK. The gentleman from Maine

Mr. HUBBARD, of West Virginia. I ment notes if we have not got enough now. complains of the condition of things in that

to amend by inserting the following as a new

section: But I rose chiefly to say that if we want to State. Now, that can partly be accounted for make any progress in this bill we must not be by the report from the Comptroller of the Cur

Sec. --, And be il further enacted, That there shall

be levied, collected and paid a tax of one per cent, constantly making formal amendments and rency. If you look to Maine you will find that per annum upon the amount of United States securthen speaking on the general subject. And she has sixty-one of these national banks with

ities represented by interest-bearing bonds payable I give notice that hereafter I shall object to

at some futuro day, whether held by any person, an aggregate capital of $9,000,000, and that

bank, association, company, or corporation. And a these amendments unless there is substance in they have remaining on hand $1,500,000 of true and accurate return of the amount of said securthem. undivided profits and surplus. They have

ities shall be made and rendered annually by each Mr. WASHBURNE, of Illinois. I have $1,500,000 of their money deposited in national

person, bank, association, company, or corporation

to the assessor of the district in wbich such bank, tried that myself.

banks in Boston. It is not to be wondered at association, company,or corporation may be located, Mr. ALLISON. I yield the remainder of that even if they have but $9,000,000 --whereas

or in whicb such person inay reside, with a declarathe time to the gentleman from Ohio. they had a much larger capital in the time of

tion annexed thereto, verificd by the path or affirm

ation of such person, or of the president or casbier Mr. GARFIELD. I desire to state a fact the State banks—they should in some degree of such bank, association, company or corporation, which I think will be of interest to the com- be contributing to this condition of embarrass

in such form and inner as inay be prescribed by mittee in connection with this proposition, ment and pinching necessity for money when

the Comissioner of Internal Revenue. And for any

refusal or neglect to make or to reuder such return which is manifestly a step toward reviving the they keep their money locked up in that way. and pay the tax, any such bank, association, comState banks. The best illustration of the bad They have it deposited down in Boston for

pany, corporation, or person so in default shall be condition of the currency out of which we have convenience, it may be said, to draw against


subject to and pay a penalty of $100 beside the addi

tional penalty and forteitures in other cases provided come by the establishment of the national but probably, as our western banks do too by law; and in default of such return the amount of banks, is seen in this curious fact: iņ 1821 often, for convenience in speculations, to be

the aforesaid securities subject to tax shall be esti

mated by the assessor or assistant assessor on the there were $22,000,000 in the Treasury of the carried on there for the benefit of those con- best information he can obtain. And the tax herein United States not drawn against. In January i nected with the bank and the bank itself, provided for shall be ussessed, collected, and paid of that year interest on the public debt to the instead of keeping it at home to accommodate

upon the amount of the aforesaid securities held on amount of $500,000 fell due. The Govern- | their neighbors.

the 1st day of April and be due and payable on the

1st day of May of each year; and to any sum annument was compelled at that time to receive into Mr. LYNCH. I want to say to the gentle- ally due and unpaid after the 1st day of May, as the Treasury the notes of the various State man from Ohio what he ought to know as

aforesaid, and for ten days after notice and demand banks which were current in the localities of chairman of the Committee of Ways and

thereof by the collector, there shall be levied in ad

dition thereto, the sum of fire per cent on the amount the banks. And yet, out of the wretched stuff Means, that the banks are required to keep a of the tax unpaid, and interest at the rate of one per that made up the $22,000,000 in the Treasury, reserve in lawful money, and that the same law

cent. per month upon said tax from the time the the Secretary could not cull $500,000 that which requires them to do that allows them to

same became due, as a penalty, except from the

estates of deceased, insane, or insolvent persons. would be received for the Government inter- keep a certain amount of this reserve in these est. The result was that the Secretary of the business centers in which they are obliged to

• The CHAIRUAN. Debate has been closed. Treasury actually negotiated a loan of $500,000 redeem their circulation. Boston is one of

Mr. HUBBARD, of West Virginia. This is in order to enable the Government to meet them, and therefore the amount which the gen

offered as a new section, and I would like to its obligations, although he had in the vaults tleman finds of deposits of the banks of Maine

explain it. what professed to be $22,000,000. That is an in the banks of Boston is for the purpose of

The CHAIRMAN. The action of the com. exhibition of the kind of currency these State the redemption of their circulation as required

mittee closing debate cuts off all debate until banks gave us, and if revived, would give us by the currency act.

the next section of the bill has been read. again. I will state further, that there was a time The amendment was disagreed to.

Amendments offered now are considered as under the old State bank system when there Mr. SELYE.

amendments to the pending section upon which

I desire to submit some debate has been closed. were one hundred and eighty broken banks in

remarks upon this subject; but inasmuch as this country ; when one fourth of all the curthe time for debate is limited, I will simply

Mr. HUBBARD, of West Virginia. This is rency afloat in the United States was either ask leave to print them.

entirely new matter.

Mr. 'SCHENCK. Every amendment, I beworthless or at so great a discount as to be

There was no objection; and the leave was almost worthless. I hope we shall have the granted. (See Appendix.

lieve, may be supposed to contain new matter.

Mr. HÓLMAN I offer the following as a wisdom to keep far away from the wretched sys- Mr. SCHENCK. I ask unanimous consent substitue for the amendment of the gentleman tem from which the war bappily delivered us. that all debate may be closed on this section. from West Virginia:

Mr. PRICE. A single question. Had we There was no objection; and it was so ordered. not better kill these national banks now, and

Mr. PETERS. I move to amend the section

Sec. –. And be it further enacted, That there shal!

be assessed and collected on all bonds, the interest go back to the happy financial state to which in line four by striking out the words "ten per

on which is payable at the Treasury of the United my friend alludes ? cent. on the'' and inserting" one per cent. per

States, a tax of one and one half of one per cent. per [Here the hammer fell.]

annum on the principal of such bonds; one half of annum on the average ;'' so that it shall read: şuch tax on all of such bonds, the interest on which The question was on the amendment of Mr.

That every national banking association, State is, or shall be, payable semi-annually, shall be withPETERS.

bank, or State banking association, corporation, Mr. PETERS. I move to amend the amend. company, or person engaged in the business of bank- semi-annually accruinginterest or coupons atthe tima

the same shall be paid, and the tax aforesaid on such ment by striking out seventeen and inserting | ing, shall pay a tax of one per cent. per annum on

of said bonds the intereston

which is payable annually eighteen. For business purposes the country bank, or State banking association, town, city, or shall be withheld as aforesaid from the interest or must have a certain amount of banking capital. other municipal corporation, used for circulation, &c. coupons at the time of the payment thereof: the tax

hereby assessed shall be withheld from the interest

The amendment was not agreed to. If the Government of the United States will

or coupons becoming due on and after the 1st day of allow that amount of banking capital, well Mr. TRIMBLE, of Kentucky. I rise for November, 1868. enough. In my opinion we have not got it. If the purpose of advocating that amendinent.

On agreeing to Mr. Holman's amendment

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to the amendment, there were-ayes 10, noes memorandum thereofas herein required, or who shall || ing disrespectful to the Committee of Ways and talp has a 58 ; no quorum voting. deliver or receive such bill or memorandum without Means;

but if we were in the House I should The CHAIRMAN, under the rule, ordered

having the properstamps afli xed thereto, shall forfeit
and pay to the United States a penalty of $500 for

move to recommit the bill, with positive instructellers ; and appointed Messrs. HOLMAN and each and every offense where the tax so evaded or tions to prepare a bill not to exceed twenty BLAINE.

attempted to be evaded, does not exceed $100 and a ertainly

The committee divided ; and the tellers re-

penalty of $1,000 when such tax shall exceed $100,
which may be recovered with costs in any court of the

Mr. MULLINS. Mr. Chairman, I rise to a ported—ayes 25, noes 72.

United States of competent jurisdiction, at any timne point of order. (Laughter.] What is the ques-
So the amendment to the amendment was within one year after the liability to such penalty tion under debate ?
not agreed to.

shall have been incurred; and the penalty recovered
shall be awarded and distributed by the court be-

The CHAIRMAN. Lines one to eight inclu-
Mr. HUBBARD, of West Virginia. If the tween the United States and the informer, if there , sive, on page 171.
committee will consent, I will withdraw the

be any, as provided by law, who, in the judgment of Mr. MULLINS. General debate is not in

the court, shall have first given information of the proposition I have presented, so that I may violation of the law for which recovery is had : Pro

order, I believe.
offer it at some time hereafter when it can be vided, That where it shall appear that the omission The CHAIRMAN. Does the gentleman raise
explained, that the House may vote on it

to affix the proper stamp was not with intent to evado
the provisions of this section, said penalty shall not

a point of order?
be incurred. And the provisions of law in relation

Mr. MULLINS. Yes, sir. Mr. BENJAMIN. I object to the withdrawal to stamp duties in schedule B of this act shall apply The CHAIRMAN. The Chair sustains the of the amendment.

to thestamp taxes herein imposed upon sales and con; || point of order--that general debate applicable

tracts of sales made by brokers, banks, or bunkers, and Mr. HUBBARD, of West Virginia. The others as aforesaid. And there shall be paid monthly

to the whole bill is not in order on this particobjection will only make it necessary for me

on all sales by commercial brokers of any goods,wares, ular paragraph. to change slightly the verbiage of the amend

or merchandise, a tax of one twentiethofone percent. Pré-apes

upon the amount of such sales; and, on or before the

Mr. ROBINSON. The gentleman from Ten. ment when I offer it hereafter. 10th day, of each month, every commercial broker

nessee (Mr. MULLINS] is so much in favor of Mr. BENJAMIN. L withdraw my objection. shall mako a return to the assistant assessor of the large measures that he had better reserve his rule ore Mr. HOLMAN. I object. I want a vote

district of the grogs amount of such sales as aforesaid Tervet

"pint" of order till it becomes a quart. for the preceding month, in form and manner as may on the proposition. be prescribed by the Commissioner of Internal Rev.

[Laughter.] Mr. HUBBARD, of West Virginia. As the enue: Provided, That in estimating sales of goods, Mr. MULLINS. I am good for a gallon for committee appears determined to force a vote

wares, and merchandise for tbe purposes of this sec- Ireland.

tion, any sales made by or through another broker on this proposition, I ask unanimous consent upon which a tax bas been paid shall not be estimated

Mr. ROBINSON. My friend is also from to make an explanation occupying three min

and included as sold by the broker for whom the sale Ireland. He has dropped the “Mc and
was made.

added an "ig."
The CHAIRMAN. The committee, under
No amendment was offered.

I will confine myself now to striking out this the rule, has not power, even by unanimous

The CHAIRMAN. The next section, unless paragraph. I have already stated a part of my consent, to extend the time to which debate l objection be made, will be considered by para- reasons. I shall inove to strike out each of has been limited by the House ; but the Chair graphs.

the remaining sections as they come up, so, has not undertaken to enforce the rule where

Mr. ROBINSON. When.would it be in if possible, we may get rid of this bill" altothe unanimous consent of the committtee has order, Mr. Chairman, to move to strike out the | gether and substitute for it a bill or resolution been expressly given, and he will not do so in

whole schedule contained in the next section? | simply providing that the tax on distilled spirits

The CHAIRMAN. If the section is consid- shall be fifty cents a gallon and the abominable Mr. SCHENCK. I must object. If we give ered by paragraphs, the motion to strike out practice shall be abolished of making rectifiers unanimous consent for a speech on that side

must be made after each paragraph has been prove when they have whisky on hand that it is of one minute, three minutes, or five minutes, read.

innocent whisky. In order that we may get rid we must, of course, give unanimous consent The Clerk read as follows:

of this bill I shall move to strike out these secfor a reply, and so we shall be involved in a Tax on the use and possession of certain articles.

tions and paragraphs one after the other, so that debate after debate has been stopped on the

in the end the bill shall be sent back to the ComSEC. 116. And be it further enacted, That there shall section. be levied, annually, on every carriage, gold watch,

mittee of Ways and Means with instructions Mr. HOLMAN. I move to amend the amend

and billiard-table, and on all gold or silver plate, the to condense the whole thing to the fewest

tax or sums of money set down in figures against the ment by adding thereto the following:

same, respectively or otherwise specified and set forth necessary provisions and in the fewest words, And from all coupons hereafter presented at the in schedule A, hereto annexed, to be paid by the per- I make the prophecy that this bill in anything Treasury after this provision sball take effect the tax

son owning, possessing, or keeping the same, on the like its present shape will never pass either hercin prescribed shall be with beld by the proper 1st day in March in oach year.

House of Congress, and therefore the time we oficer of the Treasury.

Mr. SCHENCK. I move to amend by insert. The amendment to the amendment was not

now spend upon it is really valuable time ing after “gold watch” the words "musical agreed to instrument."

[Here the hammer fell.] On agreeing to the amendment of Mr. HUB- The amendment was agreed to.

Mr.SCHENCK. Mr. Chairman, the gentleBARD, of West Virginia, there were-ayes 22, Mr. ROBINSON. I move to strike out the man from New York has expressed some noes 41; no quorum voting. paragraph which has just been read. I would

strong opinions about this bili. The CHAIRMAN, under the rule, ordered

If we felt have preferred to move, if it had been in order, more than we do what he has said it would tellers ; and appointed Mr. HUBBARD, of West to strike out the whole series; and, indeed, if hurt the committee considerably, but as it is Virginia, and Mr. MOQRE. it were in order, I would move to strike out

we are not discouraged. We have had nothing The committee divided; and the tellers re- the whole bill.

thus far but opposition from the gentleman. ported—ayes 42, noes 54.

Mr. SCHENCK. You are a friend of the He has given notice of a most novel mode of So the amendment was not agreed to. bill! (Laughter.)

economizing the time of House. He gives No further amendment being offered, the Mr. ROBINSON. I am not, sir. I wish to notice, instead of contenting himself with Dext section was read, as follows:

say, with all due respect to the Committee of voting against the passage of the bill when it Brokers.

Ways and Means, that any committee report- gets into the House, he will move to strike out Sec. 115. And be it further enacted, That there shall ing to Congress such a bill as this, extending | paragraph after paragraph and section after be paid on all sales made by brokers, banks, or as it does over three hundred and sixty pages, section. bankers, whether made for the benefit of others or on

It is like kicking the bill to death by their own account, the following taxes, that is to

when it might be fully set forth in twenty pages, grasshoppers, (laughter.] It is in my judgsay, upon alt sales and contracts for the sale of should be sent for twenty years to the Dry ment a rather strange way of saving time. stock, bonds, gold and silver bullion and coin, promissory notes or other securities, a tax at the

Tortugas, or the Wet Tortugas, if there is such Now, I wonder at the gentleman's moving rate of two cents for every $100 of the amount of

a place. I rise for the purpose of moving to this amendment considering that he has turned such sales or contracts; and on all sales and contracts strike out this paragraph for the sake of getting to be a Democrat. He wants to relieve from for sale negotiated and made by any person, firm, or a test vote which may decide whether we shall tax gold watches, gold plate, carriagesCompany, not paying a special tax as a broker, bank,

Mr. ROBINSON. I rise to a point of order. or banker, of any gold or silver bullion, coin, prom

go any further with this bill. issory notes, stock, bond, or other securities, not his Mr. MAYNARD. If the gentleman wants The gentleman is not respectful, especially or their own property, there shall be paid a tax at to curtail the bill, he had better move to strike when he himself is known to have turned. He the rate of five cents for every $100 of the amount of sucls sales or contracts; and on every sale and conout a longer paragraph. This contains only || bas gone over to the other side.

The CHAIRMAN. The Chair overrules the tract for sale, as aforesaid, there shall be made, signed,

eight lines. (Langhter.] and delivered by the seller to the bayer a bill or memo- Mr. ROBINSON. Short meter is just as point of order. randum of such galoor contract, on which there shall

Mr. SCHENCK. be affixed a lawful stamp or stamps in valud equal to agreeable to me as long meter on this matter.

The gentleman and I were the amount of tax on such sale, to be determined by Mr. Chairman, I propose as each paragraph | Whigs together, and he has gone off to the the rates of tax before mentioned; and in computiyg

Democrats. is read to move to strike it out. We have been the amount of the stamp tax in any casc herein

Mr. ROBINSON. It is the gentleman who provided for, any fractional part of $ico of value or engeged I know not how many days or weeks

has turned over to the Radicals. I remain in amount on which tax is computed shall be accounted on this bill, and we have only got one third or at $100. And every bill or memorandum of salo, or

favor of the old Whig doctrines of the Constione half way through it. At the rate we are contract of sole, before mentioned, sball show the

tution. date thercof, the name of the seller, the amount of progressing I do not believe it possible that

Mr, SCHENCK. I will relieve him of any the sale or tootract, and the matter or thing to wbich we shall be able to get through this bíll during it refere. And any person or persons liable to pay

bad feeling on the subject, and show what kind July. It will then go to the Senate, where it the tax as herein provided, or any one who acts in

of a Democrat he has become. He wishes to the matter as agent or broker for such person or will take all of August and September, and will Persons, who shall laake any such sale or contract, be returned to this House somewhere about relieve from tax gold watches, plate, car:

riages Ir who shall, in pursuance of any sale or contract,

November or December, when we are reasdeliver or receive any stocks, bonds, bullion, coin,

I wish to say noth- Mr. STEVENS, of New Hampshire. I call promissory notes, or other securities, without a billor sembling after the recess.

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the gentleman to order. This debate does not springs of any description, which may be kept for States bonds, and we ought to tax these luxtouch the merits of the question,

use, for hire, or for passengers, and which sball not uries, The CHAIRMAN. The Chair sustains the

be used exclusively in husbandry or for the trans-
portation of merchandise, valued at exceeding $300,

The amendment was disagreed to. point of order,

and not above $500 each, including harness used Mr. ROBINSON. I move to strike out the Mr. SCHENCK. I am talking on the very

therewith, six dollars.
Carriages of like description, valued above $500,

last word of the paragraph, and I shall promatter. The gentleman from New York stands each, ten dollars.

ceed, within my five minutes, to give my reahere to day asking us to take off the tax on On gold watches, composed wholly or in part of sons for wishing to strike it out, gold and silver plate, gold watches, billiard- gold or gilt, kept for use, valued at $100 or less, each, one dollar.

musical concern, and those that “ have no tables, and so on.

On gold watches, composed wholly or in part of music in their souls are fit for treason, stratMr. ROBINSON. I wish to take the tax gold or gilt, kept for use, valued at above $100, each, agem,'' and some other things. If the Chair off gold and silver plate out of compliment to

two dollars.
On pianofortes, organs, melodeons, harps, or other

will allow me to say one word introductory to the leaders on the other side.

parlor musical instruments, kept for use, (not includ- my remarks, I will say that when I was on the Mr. SCHENCK. He wishes to strike out ing those placed in churches or schools.) valued at floor a few minutes ago I had commenced and

not less than $100 and not above $200, each, twodollars. that part of the bill which taxes articles ordi

said three wordsnarily esteemed to be articles of luxury. He Mr. SCHENCK. I move to strike out in Mr. MULLINS. I rise to a point of order. wishes to save the rich and to increase the bur- the last line but one “$100 and not above;" The gentleman must direct his remarks to the dens upon the poorer classes. If I have done

so that it will read " valued at not less than | subject under consideration. I insist on order. wrong in saying that he has turned a Demo$200, each two dollars."

The CHAIRMAN. The Chair sustains the crat, I have at least shown what kind of a Dem- Mr. LOUGHRIDGE. Why do you decrease | point of order. The gentleman must speak to ocrat he is. I hope the amendment will not the tax on pianos from that imposed by the his amendment. prevail. If we are to have any taxation it old law ?

Mr. ROBINSON. Then I shall proceed in should be imposed upon these very articles that Mr. SCHENCK. The old law let them off order ; and the point on which I was talking are proposed to be stricken out.

altogether. They have never been restored. was about these musical instruments. I did [Here the hammer fell.]

By reference to page 36 of the revenue law not intend out of this musical barmony to proMr. ROBINSON. Can I

the gentleman will find that in schedule A duce discord, and although when I rose to The CHAIRMAN. Debate is exbausted on pianos were not taxed at all.

withdraw my amendment and had only said the amendinent.

The amendment was agreed to.

three words I was interrupted, and, as I conMr. ROBINSON. I do not ask a favor, I Mr. LOUGHRIDGE. I move to amend by

sider, contrary to the usual courtesy of this demand a right. adding “when the value is over $400, six dol

House, yet I will not revenge myself on the The CHAIRMAN. It is the right of the lars.

Committee of the Whole, and I therefore shall Chair to enforce the rules.

Mr. ROBINSON. I move to strike out the not persevere, as I have a right to do, in speakMr. ROBINSON, The Chair will underentire paragraph.

ing and insisting on a vote on each paragraph stand that I have a right

The CHAIRMAN. That will be in order

and section. The CHAIRMAN. The question is on the after the paragraph is perfected.

No further amendment was offered. amendment.

The question was iaken on Mr. Lough: The following clauses were then read:
Mr. ROBINSON. I rise to propose a par.
RIDGE's amendment; and it was disagreed tom

Billiard-tables kept for use, each, ten dollars. liamentary question, which the Chair will rule

Provided. That billiard tables kept for hire, and ayes eleven, noes not counted. is in order if he hears me.

upon which a special tax has been imposed.shall not

Mr. ROBINSON. I now move to strike out be required to pay the tax on billiard-tables kept for The CHAIRMAN. The gentleman will state

use as aforesaid. his parliamentary question. the whole paragraph; and on that motion I

On plate, of gold, kept for use, per ounce troy, fifty Mr. KOBINSON, Seeing my friend from want to say one word. I wished, a few min. Ohio and I were formerly good Clay W bigs utes ago, to finish one sentence by adding to

On plate, of silver, kept for use, per ounce troy, firo what I had already said, “I withdraw my together

Providedl, That silver spoons or plate of silver used motion,'' and asking the parliamentary ques- by one family to an amount pot exceeding forty The CHAIRMAN, (bringing down the ham

tion if I had not the right to do so; having ing to religioussocicties, and souvenirs und keepsakes mer.) The question is on the amendment

been denied that courtesy I propose to go on Mr. ROBINSON. I rise to a question of

actually given and received as such and not kept for with what I originally proposed, and move to use; also, all premiums awarded as a token of merit order.

strike out every paragraph. I had three words by any agricultural society, corporation, or associaThe CHAIRMAN. Those in favor of the to say, and being denied an opportunity of

tion of persons, for any purpose whatever, shall be

exempt from tax. amendment will say ay ; those of a contrary

saying then, very unjustly, in my opinion, I Mr. MAYNARD. I would suggest that the opinion no. The ayes have it, and the amend

shall move to strike out each paragraph. ment is lost.

Mr. WARD. I call the gentleman to order | amended by substituting the word "avoirdu

clauses just read relating to plate, &c., be Mr. ROBINSON. I rise to a point of order.

for using language of that kind to the Chair. I have risen three times to withdraw the prop

Mr. ROBINSON. Let the language be

pois' for the word "troy" where it occurs. osition, and the Chair absolutely refused to taken down to which the gentleman objects.

My reason for that amendment is that the means allow me. That was my point of order, that [Cries of " Oh, no!"}}

of weighing in general use throngbout the I had a right to withdraw it. Never, sir, in

Mr. WARD. I withdraw the point of order.

country has reference to avoirdupois weight this House has any member been bawled down

The question was taken on Mr. Robinson's

instead of troy weight. The avoirdupois ounce before when he rose to withdraw his motion. motion; and there were-ayes 3, noes 75 ; po

is a little less than the troy ounce, and my The Chairman here brought down the ham

amendinent may have the effect of decreasing quorum voting. Mr. ROBINSON. I insist on a yote; and I

a little the income to be derived from this source. Mr. ROBINSON. I ask whether I have not

But I think the convenience to result from the shall do it on every question, because I think change I propose will justify the amendment. a right to withdraw the motion which I made?

I have been unjustly treated.
The CHAIRMAN. The Chair will make a
Tellers were ordered; and Messrs. Robin-

Mr. ALLISON. I would ask my friend from statement. Tbe gentleman rose, and the Chair son and HOPKINS were appointed.

Tennessee [Mr. MAYNARD) if the troy weight very civilly stated to him the condition in which

The committee divided; and the tellers re.

is not generally marked or stamped 'on gold he was placed-that it was his duty to enforce

and silver plate? ported-ayes 7, noes 91. the rule. The gentleman then stated that he

So the motion was diagreed to.

Mr. MAYNARD, I know that technically rose to ask a parliamentary question. The

the weight of gold and silver articles from most Chair asked hin to state it. The gentleman Mr. LOUGHRIDGE. I move to add to the establishments, not all of them, but from the then turned to the gentleman from Ohio [Mr. paragraph the words, " where the value of the large establishments, is marked on the articles

, SCHENCK] and proceeded with the debate piano is over $500, five dollars." Mr. Chair- but not in ounces. It is sometimes stamped which had already been closed, because a point man, I do not know on what principle this is so indifferently or imperfectly that it is difficult of order bad been made upon it.

arranged. If we desire to make this law odious to ascertain what it is. I presume but few perMr. ROBINSON. The point of order I to the people, we are going in the right direc- sons would make a return of their silver plate, made was thistion to do it. W

&c., without weighing it themselves, and their (Cries of "order."'] beck watch worth less than fifty dollars, one

domestic means of weighing always have referThe CHAIRMAN. Thereupon the Chair

dollar, while we only tax the man who has a ence to avoirdupois and not troy weight. rapped the gentleman down and proceeded piano worth $1,000, two dollars. Now, if Mr. ALLISON.

My own impression is that to state the question of order, as he will always that is justice, I do not know what justice is.

the change proposed would create more confudo on like occasions.

Our policy ought to be to tax the rich and Mr. ROBINSON. I rise to say thenthose who are able to bear taxation, and to

sion than would counterbalance the benefit that

might result from it. [Cries of " order.'']

have something like equality, and if this bill is The CHAIRMAN. The Clerk will proceed. not of that character, it shall not receive my

Mr. SCHENCK. I think troy weight is the The CLERK. Schedule C"vote. I should like the chairman of the Com gentleman from Tennessee [Mr. MayNARD

proper weight for the precious metals. The Mr. ROBINSON. I rise to a point of order.

mittee of Ways and Means to give me some The CHAIRMAN. The Clerk will proceed. reason why a piano worth $1,000 should be Ways and Means, of the difficulty of Calculating

speaks now, as he did in the Committee of The Clerk read as follows:

taxed only one dollar, while a man who owns Carriage, pbætop, carryah, rockaway,or otherlike a pinchbeck watch worth fifty dollars is taxed

the troy weight by persons ordinarily: carriage, and any coach, hackney coach, omnibus, or for it one dollar. I trust my amendment will

Mr. "MAYNARD, Very well; it is not four-wheeled carriage, the body of which rests upon be adopted. We have refused to tax United

worth a contest; I withdraw the amendment.

Mr. SCHENCK. I ask unanimous consent


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that this section, and the schedule accompa- Mr. HOPKINS. I move to amend this | eign insurance companies is upon their gross nying it, being schedule A, be taken from this section by inserting after the words" gross | receipts. They make no dividends in this place and inserted in the bill just before section receipts," where they first occur, the words country, and are not subject, therefore, to the one hundred and two, relating to stamps. By

so that this tax shall not be ley- burdens to which home insurance companies a mistake in putting the sheets of this bill ied on the premium notes received by these are subjected. together for the printer, this schedule A was

companies. That portion of the section, if so Mr. GRISWOLD. I withdraw the amendprinted after schedule B, relating to stamps amended, will read:

ment. No objection was made, and the change was That there shall be levied, collected, and paid, a

Mr. PETERS. I move to insert the followmade accordingly,

tax of one and a half per cent. on the gross receipts | ing as a new section: Mr. HOLMĂN. I move to insert, as an in money of premiums or assessments for insurance atrodo

And be it further enacted, That there shall be levied, from loss or damage by fire or the perils of the sca, additional section, to immediately precede whether inland or marine, or against injury or acci

collected, and paid a tax of two per cent. on the | 12 section one hundred and seventeen, the fol- dent to persons while traveling by land or water,

gross receipts of safe deposit companies, or compalowing: made by any insurance company, or by any associa

nies known by any other name, or of individuals, tion or individual engaged in the business of insur

who charge and receive compensation for the safeSEC. -, And be it further enacted, That thereshall

keeping of money, plate, goods, books, papers, or point of a be assessed and collected on all bonds, the interest

other personal property of any description.
on which is payable at the Treasury of the United

The amendment was agreed to.
States, a tax of one per cent. per annum on the prin-

Mr. SCHENCK. I am in favor of that
Mr. JUDD. I move to amend the first por-
cipal thereof, one half of which tax on such of said

amendment, and shall vote for it; but I canbonds, the interyst on which is payable semi-annu

tion of this section by striking out the words ally, shall be withheld by the proper officer of the

not speak for the other members of the Com. one and a half” and inserting in lieu thereof Treasury from the semi-annually accruing interest

the words " or coupons, at the time of the payment of the same,

mittee of Ways and Means. one half of one."

Mr. ALLISON. How much is the tax proand the tax aforesaid on all of such bonds, the inter

The amendment was not agreed to. est on which is payable annually, shall in like man

posed ? Der be withheld from the interest or coupons accrued

Mr. JUDD. I move to amend this section, Mr. PETERS. Two per cent. on such bonds at the time of the payment thereof.

by striking out the words “gross receipts" and Mr. ALLISON. I think that is too high a The tax hereby provided for shall be withheld from inserting in lieu thereof the words " net prof | tax. Of course it will come out of persons the interest or coupons becoming duo on and after the 1st day of November, 1868.

its." I desire to say that the effect of this who make these deposits of valuables for safeMr. UPSON. I rise to a point of order.

section as it now stands is to levy a tax upon keeping. I would have no objection to the and as c The CHAIRMAN. The gentleman will

the losses of insurance companies and not amendment if the gentleman will make it one state his point of order.

upon their profits alone. The tax upon the Drgele Mr. UPSON. My point of order is that the

gross receipts, as provided by this section as it Mr. PETERS. There is one fact I wish to hereditate Committee of the Whole has passed the part

now stands, is not a tax solely upon the profits | recall to the attention of gentlemen. The de los of the bill relating to the subject of this amend.

made by these companies, but also upon the Comptroller of the Currency bas inhibited all ment, and therefore this amendment is not experience of insurance companies for the last

losses sustained by these companies. The national banks from receiving special deposits. germane to the part of the bill we are now

That has led to a large business on the part of considering. Besides that, we have once voted

two years, I think, shows the propriety of the these safe.deposit institutions, and I under

amendment I have offered. It seems to me
down this
very amendment, I believe.

stand that they are reaping great profits The CHAIRMAN. This amendment is

that it is for the public interest and for the from it. offered as an independent section, and is in

general public welfare that insurance com- Mr. O'NEILL. One word. These instituorder unless the language be the same as that

panies should be encouraged. The action of tions have deposits alone of gold and silver of the amendment of the gentleman just voted

the people shows that, and our legislation plate, jewelry, and valuable papers. They do down.

ought not to restrict it. But, as I have already not have money on deposit with a view to using Mr. HOLMAN. It is not the same; it is

said, the operation of this section as reported, that money and making profits. These safedifferent in several respects.

is to compel these companies to pay taxes on deposit companies are in their infancy, and Mr. SCHENCK. I have a suggestion to their losses as well as on their profits.

their charges are now quite heavy. They are make to the gentleman from Indiana, [Mr.

Mr. HALSEY. The net profits of these useful, and I think ought to be encouraged. Horman.) This whole subject of the taxation

companies are already taxed in another por: Mr. PETERS. I understand that it is a of bonds has been referred, in various ways

tion of this bill, which provides for a tax on most profitable business, and this is a class of

dividends and surplus. and forms, to the Committee of Ways and

persons which ought to be compelled to pay Mr. JUDD. I will let the vote be taken Means; and it is proposed by the committee

taxes. They are for the rich. to consider that subject. If the committee upon my amendment.

Mr. O'NEILL. The gentleman is mistaken. shall decide to propose an amendment upon

The question was taken upon the amend- On the contrary they are used by the poorer

ment of Mr. JUDD; and it was not agreed to. classes who cannot afford to have safes and this subject it will be moved hereafter; and if the committee do not offer any such amendMr. GRISWOLD. I move to amend this iron chests.

Mr. PETERS. I do not see the force of ment the gentleman shall have ample oppor

section by striking out the words “and a tax tunity to offer his amendment. I therefore

of three per cent. on the like gross receipts of the gentleman's distinction. suggest that he withdraw his amendment at

the agency of any foreign insurance company Mr. PILE. I desire to say that this class this time.

having an office or doing business within the of companies makes most exorbitant charges, Mr. HOLMAN. I will agree to the sugges

United States, to be paid by the agent of said and that they realize better profits than any

company.' tion of the gentleman, and withdraw my

It seems to me the policy of this other class. I think they ought to be taxed amendment at this time.

country should be to encourage the very thing | two per cent. No further amendment was offered. which this discrimination discourages. It is Mr. PETERS. Are the Committee of Ways

and Means in favor of a less tax than two per The next section was read, as follows:

for the interest of all to bring down the rates

of insurance in this country as low as possible. cent? Passports.

Mr. SCHENCK. Railroad companies are For one, I cannot see any possible reason for Sec. 117. And be it further enacted, That for every Pasaport issued from the office of the Secretary of

discriminating in so important a matter against charged two and a half, insurance companies state there shall be paid the sum of five dollars, the introduction of foreign capital for the ben- four and a half, and if we are going to tax which amount may be paid to any collector of in- efit of the people of this country.

these safe-deposit companies I do not think ternal revenue, and his receipt thereforshall be for

Mr. PAINE. It seems to me that the ar. that one and a half or two per cent. is too warded with the application for such passport to

much. the ofice of the Secretary of State, or any agent gument of the gentleman from New York appointed by him, to be transinitted to the Commis- (Mr. GRISWOLD] would be good against pro- The amendment was agreed to. Bloer of Internal Revenue, to be charged to the

Mr. STEWART. I move, in the sixth line account of such collector; and a like amount shall

tecting any other American interest from forbe paid for every passport issued by any minister or eign competition. I think there is adequate of the one hundred and eighteenth section, consul of the United States, who shall report the

capital in the United States to meet all the de- after the word “marine" to insert " or on life same to the Secretary of State, and account therefor to the Treasury. And all payments for passports

mands of insurance companies in the country, or lives." Mr. Chairman, the object of that Eball be accounted for as internal tax.

This provision, for the protection of Ameri. amendment is to make life insurance comNo amendment was offered. can insurance companies against foreign insur- panies pay the same amount of tax as fire,

marine, and accident insurance companies. The next section was read, as follows: ance companies, is neither unwise nor unjust,

Mr. HOOPER, of Massachusetts. I will when you consider the interests of the entire Insurance Companies.

state that was omitted after consideration by American people, unless you say that the proSec. 118. And beit further enacted, That there shall be leviod, collected, and paid, a tax of one and a tection of any American interest against for- the Committee of Ways and Means, on the ball per cent. on the gross receipts of premiums

ground that it was desirable to encourage in eign competition is unjust to the entire Ameriof assessments for insurance from loss or damage by

every way the business of life insurance, for it fre or by the perils of the sea, whether inland or can people, because it brings down the price

enables a man with limited means to make Inarine, or against injury or accident to persons whilo

of such articles. traveling by fand or water, made by an insurance Mr. ALLISON. The Committee of Ways provision for his family. company, or by any association or individual en

Mr. STEWART. I am aware of the arguEared in the business of insurance; and a tax of and Means inserted this provisiou, not so much

ment that is made in favor of this exception, three per cent. on the like gross receipts of the to discriminate against foreign insurance com

but the same argument can be used for fire, ai come for any foreign e insurance coming boxing | panies, as from the fact that all our American

marine, and accident insurance companies. Í to be paid by the agent of said company, and in the insurance companies are compelled not only return to be rendered the amount insured, renewed, to pay a tax on their gross receipts, but they do not see any reason for discrimination.

There is no life insurance company that does or continued, the gross amount of premiuins reCivel, or assessments collected, and the taxes by law are compelled to pay other taxes in various

not pay large dividends and have large sur: accruing thereon, shall be specifically stated.

forms, while the only tax received from for

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