Obrazy na stronie
PDF
ePub

ment of Mr. MAYNARD, and it was agreed to; there being, upon a division-ayes sixty-three, noes not counted.

Mr. MAYNARD. I have another amendment to offer.

Mr. HUBBARD, of West Virginia. I have an amendment to offer.

The CHAIRMAN. The gentleman from Tennessee [Mr. MAYNARD) will be recognized, being a member of the Committee of Ways and Means.

Mr. MAYNARD. I do not offer these amendments as coming from the Committee of Ways and Means, but as my individual amend. ments.

Mr. HUBBARD, of West Virginia. I will wait until the gentleman from Tennessee has offered his amendment.

Mr. MAYNARD. I move to amend the portion of this section providing for a tax on the capital of those banks, by striking out the words beyond the average amount invested in United States bonds;" so that that portion of the section will read as follows:

And a tax of one twenty-fourth of one per cent. each month, as aforesaid, upon the capital of any bank, association, company, or corporation, and on the capital employed by any person in the business of banking.

The question was then taken upon the amendment of Mr. MAYNARD, and it was not agreed to; there being upon a division-ayes twenty, noes not counted.

Mr. HUBBARD, of West Virginia. In order to perfect this section, I move to amend that portion which relates to the tax upon capital by inserting after the word ' corporation” the words • engaged in the business of banking;" so that that portion of the section will read as follows:

And a tax of one twenty-fourth of one per cent. each month, as aforesaid, upon the capital of any bank, association, company, or corporation engaged in the business of banking, and on the capital employed by any person in the business of banking, beyond the average amount invested in United States bonds.

The amendment was agreed to.

Mr. BLAINE. I move to further amend this section by striking out the following:

Provided, That the deposits in associations or companies koown as provident institutions, savingsbanks, savings funds, or savings institutions, having no capital stock and doing no other business than receiving deposits to be loaned or invested for the sole benefit of the parties making such deposits, without profit or compensation to the association or company, shall be exempt from tax on so much of their deposits as they have invested in securities of the United States, and on all deposits less than $500 made in the pame of any one person; and the returns required to be made by such provident institutions and savings-banks shall be made on the first Monday of January and July of each year, in such form and manner as may be prescribed by the Commissioner of Internal Revenue.

I think these deposits in the savings-banks should be taxed the same as deposits in other banks.

The question was taken upon the amend. ment of Mr. BLAINE, and it was not agreed to; there being, upon a division-ayes thirty.three, does not counted.

Mr. HOLNAN. I move to further amend this section by inserting after the clanse providing for a tax on circulation the following:

And a tax of one per cent. each half year on the principal of all bonds issued by the United States, owned by any bank, including the bonds deposited by said banks with the Treasurer of the United States, to secure circulation or deposits.

The question was taken upon the amendment; and upon a division there were-ayes 19, noes 58 ; no quorum voting.

Tellers were ordered; and Mr. Holman, and Mr. HUBBARD of West Virginia, were appointed.

The committee again divided; and the tellers reported that there were-ayes 25, noes 75.

So the amendment was not agreed to. No further amendment was offered. The next section was read, as follows: Sec. 114. And be it further enacted, That every pational banking association, State bank, or State banking association, corporation, company, or person 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, tona, city, or other municipal corporation, used for

circulation and paid out by them; and such tax shall That is our situation. The national banking be assessed and paid in such manner as shall be prescribed by the Commissioner of Internal Revenue.

system is at present a monopoly; its facilities Mr. SCHENCK. I move to amend by the remedy? Either to authorize an increase

are not diffused extensively enough. What is inserting after the word “ association' the

of the bauking capital and give us a part of it word “State;'' so as to make the section read:

or to take off or postpone this enormous taxaThat efery national banking association, State tion of the State banks. The postponement bank, or State banking association, corporation, company, or person engaged in the business of bank

of the tax till 1870 would not tend to bring into ing, &c.

existence new banks. But very few of the The amendment was agreed to.

State banks are now left in existence. These Mr. MORRELL. I move to amend by add.

have associated together, and brought a suit, ing at the end of the section the following:

now pending in the Supreme Court of the Provided, That this section shall not apply to

United States, to test the constitutionality of banks, persons, or institutions which are in liquida

this tax. tion, and which have not issued any notes for circu- [Here the hammer fell.] lation for a period of more than one year.

Mr. SCHENCK. The effect of this section, My object in offering this amendment is to Mr. Chairman, is just as represented by the prevent the levying of this tax on institutions | gentleman from Maine. It is a provision which ihat have for a considerable time ceased to do

imposes such a tax upon State bank notes issued business, having gone into liquidation. by cities and other corporations and by States

Mr. SCHENCK. I think there is no objec. to serve as money in the use of other banking tion to that.

institutions so as to prevent that issue and drive The amendment was agreed to..

them out of circulation. Well, sir, it is not a Mr. PETERS. I move to amend by insert- new idea. The law was passed in 1865. It ing after the word "pay,'' in line four, the was then made prospective, and took effect on words “on and after January 1, 1870." The the 1st day of August, 1866, and it has been in object of this amendment is to postpone the full operation, so far as the notes of said banks operation of this ten per cent. tax until the 1st were concerned, with a view to that policy, ever of January, 1870. Mr. Chairman, this section | since the 1st day of August, 1866, now two introduced in a bill which is designed to raise years. Last year, in 1867, an amendment was revenue is on its face entirely probibitory. | made which extended its provisions to the notes The object of this tax of ten per cent. is to issued by any town, city, or municipal corpora. strangle the State banks, if the few of them tion. This was an amendment which passed now remaining in existence have any spark of without objection on the representation made life left. I would prefer that this section that in New Orleans and elsewhere municipal should be altogether stricken out, or that the corporations were issuing notes to serve as tax should be reduced to a very small per- money: centage; but I presume that this proposition As the bill now presents the case for the confor'a postponement of the tax may possibly be sideration of the committee, it does not alter more acceptable to the committee.

the law of 1865, which went into operation on I venture to say, Mr. Chairman, that the the 1st of August, 1866, nor the law of 1867, object of this assessment of ten per cent. in which extended its provisions to the notes put previous internal revenue acts was to encourage out by municipal corporations, but only adds or perhaps to drive the capital of the country a single provision so as to embrace also notes into the national banking system. Has not || issued to serve as money by States; for it so hapthat object been sufficiently attained? The pens, we have ascertained in one or two of the capital of the country has gone into this system southern States they have issued notes to serve until now there is no more opportunity for as money. Then there is nothing at all new or investment in that direction. How has this strange in this proposition, and the gentleman system left some portions of the country in is proposing to postpone to 1870 the operation relation to banking facilities? I am looking of a law which was originally passed in 1865, at this question inore particularly from the and went into effect in 1866, which did go stand-point of Maine; and I suppose that into effect the 1st of August, 1866, and has · many other portions of the country are similarly been in operation and full force ever since. I situated. It has several times been stated on hope the amendinent will not prevail. this floor that New England and New York Mr. PETERS. I withdraw the amendment. have the larger part of the national banking Mr. PIKE. I renew it. Mr. Chairman, capital. Allow me to say that when it is stated there is no reason why the House should not that New England has in large proportion this give attention to this amendment, and I think 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 Boston has it. Why, sir, in the State of | opinion that the bank law will cease to be a Maine our quota of the national banking monopoly. As the bank law was founded on capital is less than $9,000,000, while the the free banking law of New York anybody Commonwealth of Massachusetts has about could bank on ihe deposit of United States eighty million, the little State of Rhode Island bonds, and when we come back to specie pay. about twenty million, and the State of Con- ments anybody can bank on the deposit of necticut about twenty-five million. This has national bonds. In the meantime we are arisen from the fact that during the war a great | hedged in by this iron restriction of $300,deal of capital found its way to our large000,000. The proposition of my colleague is, business centers, the mercantile men in those that pending this time we shall allow State places being quicker-scented. I can say for the banks, what may be left of them, to run free State of Maine, especially the eastern part of of this odious tax; a tax, by the way, wrested it, that we are almost wholly without banking | from the proper idea of taxation, this being facilities. Our State banks are hardly alive; for the purpose of prohibition and not for revthey are dying of the debility and consnmption

So it is, in effect, a tax in the nature of to which they have fallen victims under our a prohibition. Let up on this until we resume previous revenue laws; and after continued specie payments and the free banking system struggling we have found no opportunity to get comes in, and you may destroy the State banks. · into the national banking system. Business I hope, in the mean time, this whole brood of men in the city of Bangor are now obliged to national banks will be dissevered from the Genget their banking facilities, in a large degree, || eral Government, where they do not belong, and from the city of Boston, two hundred miles | specie take their place, so that we shall have distant. The result is that while money may in a few words the axiom that prevailed dur; be worth from three to five per cent. in the ing our war, that gold shall be national and city of Boston, yet in the city of Bangor, many paper sectional. I want this Government to of us in that part of the State being compelled sever its connection from paper in all shapes, to put ourselves into the hands of the brokers, | whether in "greenbacks!' or national bank and be consumed and swallowed up by their | bills, and place itself upon the constitutional rapacity, money is worth from nine to fifteen per currency of gold and silver. Then, if any of cent., and that, too, upon first-class securities. the States wish to deal in paper currency, let

enue.

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.

I say we ought to leave the right within the taken; and, moreover, all debate has been Now, we bave 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 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. My district has not the circu. tem which in Maine they 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

Provided, That no greater tax shall be collected of this amendment is to revive the old State to the gentleman from Ohio (Mr. 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 quorum voting. how can that be? The suspension of the tax the continental currency. We heard the argu- The CHAIRMAN, under the rule, ordered 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 WAYNARD.

Mr. ALLISON. The effect of the amend- continental money. Arguments which go back The committee divided; and the tellers rement will be to send over the country a State fifty, seventy-five, and eighty years are musty, ported-ayes 31, noes 65. bank circulation which is now prohibited. If 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.

Mr. HUBBARD, of West Virginia. I move vide for it in the shape of our own Govern. Mr. SCHENCK. The gentleman from Maine

to amend by inserting the following as a new ment notes if we have not got enough now. complains of the condition of things in that

section: But I rose chiefly to say that if we want to State. Now, that can partly be accounted for

Sec. –. And be it further enacted, that there shall make any progress in this bill we must not be by the report from the Comptroller of the Cur

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

at some future day, whether held by any person, I give notice that hereafter I shall object to an aggregate capital of $9,000,000, and that

bank, association, company, or corporation. And & these amendinents 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

person, bank, association, oompany, or corporation $1,500,000 of their money deposited in national

to the assessor of the disirici in which 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 declara

tion annexed thereto, verificd by the oath or affirmthe time to the gentleman from Ohio. they had a much larger capital in the time of

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 manner as may be prescribed by

the Cominissioner of Internal Revenue. And for any mittee in connection with this proposition, ment and pinching necessity for money when refusal or neglect to make or to render 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

subject to and pay a penalty of $100 beside the addicondition of the currency out of which we have convenience, it may be said, to draw against,

tional penalty and forfeitures 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: in 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 il nected with the bank and the bank itself, provided for shall be assessed, 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

the 1st day of April and be due and payable on the amount of $500,000 fell due. The Govern- | their neighbors.

1st day of May of cach 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

same became due, as a penalty, except from the the Secretary could not cuil $500,000 that which requires them to do that allows them to estates of deceased, insane, or insolvent persons. would be received for the Government inter- | keep a certain amount of this reserve in these

• The CHAIRMAN. Debate has been closed. est. The result was that the Secretary of the business centers in which they are obliged to 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

explain it. its obligations, although he had in the vaults | tleman finds of deposits of the banks of Maine 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 comexhibition of the kind of currency these State | the redemption of their circulation as required the next section of the bill has been read.

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

Amendmeuts offered now are considered as again. I will state further, that there was a time The amendment was disagreed to. under the old State bank system when there

amendments to the pending section upon which

Mr. SELYE. 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 cur: the time for debate is limited, I will simply entirely new matter.

Mr. HUBBARD, of West Virginia. This is rency afloat in the United States was either

ask leave to print them. worthless or at so great a discount as to be

Mr. SCHENCK. Every amendment, I 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. wisdom to keep far away from the wretched sys

Mr. HÓLMAN I offer the following as a Mr. SCHENCK. I ask unanimous consent tem from which the war happily delivered us.

substitue for the amendment of the gentleman that all debate may be closed on this section. Mr. PRICE. A single question. Had we

from West Virginia:

There was no objection; and it was so ordered. not better kill these national banks now, and

SEC. -. And be it further enacted, That there shall

Mr. PETERS. I move to amend the section 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 ?

States, a tax of one and one half of one per cent. per cent. on the" and inserting “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: such tax on all of such bonds, the interest on which The question was on the amendment of Mr. Peters,

That every national banking association, State

is, or shall be, payable semi-annually,shall be withbank, or State banking association, corporation,

held by the proper officer of the Treasury from the Mr. PETERS. I move to amend the amend. company, or person engaged in the business of bank

semi-annually accruinginterest or coupons at the time ment by striking out seventeen and inserting ing, shall pay a tax of one per cent. per annum on

the same shall be paid, and the tax aforesaid on such the average amount of notes of any person, State

of said bonds theinterest on 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 If the Government of the United States will The amendment was not agreed to.

hereby assessed shall be withheld from the interest

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 ll the purpose of advocating that amendinent. On agreeing to Mr. Holman's amendment

а

[ocr errors]

8.

to the amendment, there were-ayes 10, noes memorandum thereofas herein required, or who shall ing disrespectful to the Committee of Ways and 53 ; 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 proper stamps affixed 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
penalty of $1.000 when such tax shall exceed $100,

pages
The committee divided ; and the tellers re-
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 time point of order. (Laughter.] What is the quesSo the amendment to the amendment was within one ycar 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 incluMr. 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 evade
the provisions of this section, said penalty shall not

a point of order?
understandingly.
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 inontbly

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

on all sales by commercial brokers of any goods,wares, ular paragraph.

or mercliandise, a tax of one twentiethofone percent. to change slightly the verbiage of the amend

Mr. ROBINSON. The gentleman from Tenupon the amount of such sales; and, on or before the 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. I withdraw my objection.

shall make a return to the assistant assessor of the large measures that he had better reserve his Mr. HOLMAN. I object. I want a vote

district of the gross amount of such sales as aforesaid
for the preceding month, in form and manner as may

" pint" of order till it becomes a quart. 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

wares, and merchandise for the purposes of this seccommittee appears determined to force a vote

Ireland. tion, any sales made by or through another broker on this proposition, I ask unanimous consent upon which a tax has 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. utes.

added an 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 objection be made, will be considered by para- reasons. I shall move 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 this case.

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 Com

Sec. 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 pecessary 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 shall 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 withheld by the proper 1st day in March in each year.

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

Mr. SCHENCK. I move to amend by insert-
The amendment to the amendment was not ing after “gold watch" the words “musical || thrown away,

now spend upon it is really valuable time agreed to. instrument."

[Here the hammer fell.] On agreeing to the amendment of Mr. HUB- Tbe 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.

strong opinions about this bill. If we felt The CHAIRMAN, under the rule, ordered | paragraph which has just been read. I would

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. MOORE.

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 bext section was read, as follows:

say, with all due respect to the Committee of voting against the passage of the bill when it Broker8.

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, bankers, whether made for the benefit of others or on

section. 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 all 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 company, not paying a special tax as a broker, bank,

a test vote which may decide whether we shall tax gold watches, gold plate, carriagesor banker, of any gold or silver bullion, coin, prom- go any further with this bill.

Mr. ROBINSON. I rise to a point of order. 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 the rate of five cents for every $100 of the amount of

to curtail the bill, he had better move to strike when he himself is known to have turned. He snch sales or contracts; and on every sale and con- out a longer paragraph. This contains only | bas gone over to the other side. tract forsale, as aforesaid, there shall be made, signed, eight lines. (Laughter.)

The CHAIRMAN. The Chair overrules the and delivered by the seller to the bayer a billor memorandurn of such saloor contract, on which there shall

Mr. ROBINSON. Short meter is just as point of order. be affixed a lawful stamp or stamps in value cqnal to agreeable to me as long meter on this matter. Mr. SCHENCK. The gentleman and I were the amount of tax on such sale, to be determined by the rates of tax before mentioned; and in computing

Mr. Chairman, I propose as each paragraph | Whigs together, and he has gone off to the the amount of the stamp tax in any casc herein

is read to move to strike it out. We have been Democrats. provided for, any fractional part of $100 of value or engeged I know not how many days or weeks Mr. ROBINSON. It is the gentleman who amount on which tax is computed shall be accounted at $100. And every bill or memorandum of sale, or

on this bill, and we have only got one third or bas turned over to the Radicals. I remain in contract of sale, before mentioned, shall show the

one half way through it. At the rate we are favor of the old Whig doctrines of the Constidate thereof, the name of the seller, the amount of progressing I do not believe it possible that tution. the sale ortoptract, and the matter or thing to wbich we shall be able to get through this bill during Mr. SCHENCK. I will relieve himn of any it refers. And any person or persons liable to pay the tax as horein provided, or any one who acts in

July. It will then go to the Senate, where it bad feeling on the subject, and show what kind the matter as agent or broker for such person or will take all of August and September, and will of a Democrat he has become. He wishes to persous, who shall inake any such sale or contract, be returned to this House somewhere about relieve from tax gold watches, plate, car: or who shall, in pursuanco of any sale or contrict, deliver or receivo any stocks, bonds, bullion, coin,

November or December, when we are reas- riages promissory notes, or other socurities, without a billor sembling after the recess. I wish to say noth- Mr. STEVENS, of New Hampshire. I call

40TH CONG. 2D SESS.-No. 197.

a

a

a

cents,

cents.

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 shall 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,

last word of the paragraph, and I shall pro

Carriages of like description, valued above $500, matter. 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.

This is a gold and silver plate, gold watches, billiardgold or gilt, kept for use, valued at $100 or less, each,

musical concern, and those that “ have no one dollar. 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.

will allow me to say one word introductory to

On pianofortes, organs, melodeons, harps, or other the leaders on tbe 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 that part of the bill which taxes articles ordi- not less than $100 and not above $200, each, twodollars.

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 96 of the revenue law not intend out of this musical harmony to proMr. ROBINSON. Can I say a word? the gentleman will find that in schedule A duce discord, and although when I rose to The CHAIRMAN. Debate is exhausted 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 demand a right.

Mr. LOUGHRIDGE. I move to amend by

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

House, yet I will not revenge myself on 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

No further amendment was offered. amendment.

after the paragraph is perfected. Mr. ROBINSON. I rise to propose a par

The question was taken on Mr. Lough: The following clauses were then read: liamentary question, which the Chair will rule RIDGE's amendment; and it was disagreed to

Billiard-tables kept for use, each, ten dollars.

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

upon which a special tax has been imposed, shall not The CHAIRMAN. The gentleman will state

Mr. ROBINSON. I now move to strike out be required to pay the tax on billiard-tables kept for his parliamentary question. the whole paragraph; and on that motion I

use as aforesaid.

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

On plate, of silver, kept for use, per ounce troy, five together

what I had already said, “I withdraw my Provided. That silver spoons or plate of silver used The CHAIRMAN, (bringing down the ham.

motion," and asking the parliamentary ques- by one family to an amount not exceeding forty tion if I had not the right to do so; having

ounces troy belonging to any one person,plate belongmer.) The question is on the amendment Mr. ROBINSON. I rise to a question of been denied that courtesy I propose to go on

ing to religious societies, and souvenirs and keepsakes

actually given and received as such and not kept for order.

with what I originally proposed, and move to uso; also, all premiums awarded as a token of merit The CHAIRMAN. Those in favor of the strike out every paragraph. i had three words

by any agricultural society, corporation, or associaamendment will say ay; those of a contrary to say, and being denied an opportunity of

tion of persons, for any purpose whatever, shall be

exempt from tax. opinion no. The ayes have it, and the amend

saying then, very unjustly, in my opinion, I Mr. MAYNARD. I would suggest that the

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

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

Mr. WARD. I call the gentleman to order amended by substituting the word “ avoirdu. I have risen three times to withdraw the propfor using language of that kind to the Chair.

pois” for the word "troy" where it occurs.

Mr. ROBINSON. osition, and the Chair absolutely refused to

Let the language be My reason for that amendment is that the means allow me. That was my point of order, that

taken down to which the gentleman objects. of weighing in general use throngbout the I had a right to withdraw it. Never, sir, in [Cries of “Oh, no!'']

country has reference to avoirdupois weight

Mr. WARD. I withdraw the point of order. this House has any member been bawled down

instead of troy weight. The avoirdupois ounce

The question was taken on Mr. Robinson's is a little less than the troy ounce, and my before when he rose to withdraw his motion. The Chairman here brought down the ham

motion, and there were-ayes 3, noes 75; no amendment may have the effect of decreasing mer. quorum voting.

a little the income to be derived from this source. Mr. ROBINSON. I ask whether I have not || shall do it on every question, because 1 think

Mr. ROBINSON. I insist on a vote; and I

But I think the convenience to result from the a right to withdraw the motion which I made? I have been unjustly treated.

change I propose will justify the amendment. The CHAIRMAN. The Chair will make a

Mr. ALLISON. I would ask my friend from statement. The gentleman rose, and the Chair

Teilers were ordered; and Messrs. Robin- Tennessee [Mr. MAYNARD) if the troy weight

son and Hopkins were appointed. very civilly stated to him the condition in which

is not generally marked or stamped on gold

The committee divided; and the tellers re. he was placed-that it was his duty to enforce

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

Mr. MAYNARD. I know that technically

So the motion was diagreed to. rose to ask a parliamentary question. The

the weight of gold and silver articles from most Chair asked hini 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 had 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 this

tion to do it. We tax a man who has a pinch-. || &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

ihat 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 sion than would counterbalance the benefit that Mr. ROBINSON. I rise to say then

those who are able to bear taxation, and to might result from it. (Cries of " order.'']

have something like equality, and if this bill is Mr. SCHENCK. I think troy weight is the The CHAIRMAN. The Clerk will proceed.

not of that character, it shall not receive my proper weight for the precious metals. The The CLERK. -Schedule C"

vote. I should like the chairman of the Com- gentleman from Tennessee [Mr. MAYNARD] Mr. ROBINSON. I rise to a point of order.

mittee of Ways and Means to give me some speaks now, as he did in the Committee of The CHAIRMAN. The Clerk will proceed.

reason why a piano worth $1,000 should be Ways and Means, of the difficulty of talculating The Clerk read as follows:

taxed only one dollar, while a man who owns the troy weight by persons ordinarily. Carriage, phạton, carryal, rockaway, or otherlike

a pinchbeck watch worth fifty dollars is taxed Mr. "MAYNARD. Very well; it is not carriage, and any coach, hackney coach, omnibus, or

for it one dollar. I trust my amendment will worth a contest; I withdraw the amendment. four-wheeled carriage, the body of which rests upon be adopted. We have refused to tax United Mr. SCHENCK. I ask unanimous consent

[ocr errors]

ance.

per cent.

SAIT. HALSEY. The net profits of these | useful, and i think ought to be encouraged.

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 “in money," so that this tax shall not be lev- 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, collect 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. HOLMAN. I move to insert, as an

in money of premiums or assessments for insurance
from loss or damage by fire or the perils of the sea,

And be it further enacted, That there shall be leried, 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 section one hundred and seventeen, the fol- dent to persons while traveling by land or water,

gross receipts of safe deposit companies, or compamade by any insurance company, or by any associa

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

who charge and receive compensation for the safeSEC. –. And be it further enacted, That there shall

keeping of money, plate, goods, books. papers, or 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 porcipal thereof, one half of which tax on such of said bonds, the interest on which is payable semi-annu- tion of this section by striking out the words amendment, and shall vote for it; but I can

not speak for the other members of the Comally, shall be withheld by the proper officer of the one and a half” and inserting in lieu thereof Treasury from the semi-annually accruing interest or coupons, at the time of the payment of the

same.
the words “one half of one."

mittee of Ways and Means.

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

The amendment was not agreed to.

posed ? est on which is payable annually, shall in like manner be withheld from the interest or coupons accrued

Mr. JUDD. I move to amend this section, Mr. PETERS. Two per cent. on such ponds 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 the interest or coupons becoming duo on and after

persons the 1st day of November, 1863. 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

the losses of insurance companies and not The CHAIRMAN. The gentleman will

amendment if the gentleman will make it one state his point of order.

upon their profits alone. The tax upon the 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 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

made by these companies, but also upon the of the bill relating to the subject of this amend.

Comptroller of the Currency bas inhibited all losses sustained by these companies. The national banks from receiving special deposits. ment, and therefore this amendment is not

experience of insurance companies for the last That has led to a large business on the part of germane to the part of the bill we are now 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 that it is for the public interest and for the The CHAIRMAN. This amendment is

from it. offered as an independent section, and is in | panies should be encouraged. The action of

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

tions have deposits alone of gold and silver the people shows that, and our legislation | plate, jewelry, and valuable papers. They do of the amendment of the gentleman just voted

ought not to restrict it. But, as I have already down.

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

their losses as well their . Mr. SCHENCK. I have a suggestion to

their charges are make to the gentleman from Indiana, [Mr. Holman.] 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 amend

Mr. GRISWOLD. I move to amend this iron chests. ment the gentleman shall have ample oppor

section by striking out the words "and a tax Mr. PETERS. I do not see the force of 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 tion of the gentleman, and withdraw my

company. 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 The next section was read, as follows: for the interest of all to bring down the rates

and Means in favor of a less tax than two per Passports.

of insurance in this country as low as possible. || cent? Sec. 117. And be it further enacted, That for every For

Mr. SCHENCK. Railroad companies are I cannot see any possible reason for

one, paseport 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 internal revenue, and his receipt therefor shall be forefit of the people of this country.

these safe-deposit companies I do not think warded with the application for such passport to

Mr. PAINE. It seems to me that the ar- that one and a half or two per cent. is too the office of the Secretary of State, or any agent

much. appointed by him, to be transmitted to the Commis- || [Mr. GRISWOLD] would be good against progument of the gentleman from New York

The amendment was agreed to. sioner of Internal Revenue, to be charged to the aecount of such collector; and a like amount shall tecting any other American interest from for- Mr. STEWART. I move, in the sixth line be 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

after the word “marine'' to insert

or on life same to the Secretary of State,

and account therefor capital in the United States to meet all the deto the Treasury. And all payments for passports

mands of insurance companies in the country. or lives.'' Mr. Chairman, the object of that sball 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, The next section was read, as follows: ance companies, is neither unwise nor unjust, | marine, and accident insurance companies. Insurance Companies.

when you consider the interests of the entire Mr. HOOPER, of Massachusetts. I will Sec. 118. And be it further enacted, That there shall || American people, unless you say that the pro- state that was omitted after consideration by be levied, collected, and paid, a tax of one and a tection of any American interest against for: the Committee of Ways and Means, on the half per cent. on the gross receipts of premiums or assessments for insurance from loss or damage by

eign competition is unjust to the entire Ameri- || ground that it was desirable to encourage in fire or by the perils of the sea, whether inland or can people, because it brings down the price every way the business of life insurance, for it marine, or against injury or accident to persons whilo of such articles.

enables a man with limited means to make traveling by land or water, made by an insuranco company, or by any association or individual en

Mr. ALLISON. The Committee of Ways provision for his family. raged in the business of insurance; and a tax of and Means inserted this provisiou, not so much

Mr. STEWART. I am aware of the argu. three per cent. on the like gross receipts of the agency of any foreign insurance company having

to discriminate against foreign insurance com- ment that is made in favor of this exception, an office or doing business within the United States. Il panies, as from the fact that all our American but the same argument can be used for fire, to be paid by the agent of said company; and in the insurance companies are compelled not only | marine, and accident insurance companies. I 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. or continued, the gross amount of preuiuins received, or assessments collected, and the taxes by law are compelled to pay other taxes in various There is no life insurance company that does accruing thereon, shall be specifically stated. forms, while the only tax received from for- not pay large dividends and have large sur

« PoprzedniaDalej »