Charles Sumner

Even according to the census of 1860, such new apportionment would transfer some sixty million dollars from banks that enjoy it to other parts of the country; it would take away from those banks what they want, and transfer it where it is…

But, Sir, in the face of this uncertainty, this bill steps in and declares positively that “a new apportionment shall be made as soon as practicable, based upon the census of 1870.” What will be the effect of such a new apportionment?

The proposition is objectionable, first, because it is mischievous,--and, secondly, because it is difficult, if not impracticable, in its operation; and if I can have the attention of the Senate, unless figures deceive me, and unless facts…

I wish I could stop there; but I am obliged to go further, and say that it is not only incomplete, but it is, in certainly one of its features, to which I shall call attention, mischievous.

I think I only utter the sentiment of three fourths of all the commercial men through our great and growing West, when I say it should become a law, and thereby secure to us our equal share of the national banking capital, which we now…

The banks, then, and every stockholder, will find a motive to press for specie payments, and you will have that great result quietly accomplished, absolutely without shock, while the business interests of the country will rejoice.

Then, again, in the final provision, that for every bank-note issued a greenback shall be withdrawn, you find the great highway to specie payments.

Unlike the proposition of the Committee, it is not of cast-iron, but is so as to adapt itself to all the conditions of business in every part of the country.

Taxation must be made lighter,--also less complex and inquisitorial.

The country must be relieved from its heavy burdens.

It is a patch or plaster only, when we need a comprehensive cure.

The present bill, I fear, has none of these qualities which we desire at this time.

But what it does should be equal to the occasion; it should be large, and not petty,--far-reaching, and not restricted in its sphere.

Therefore do I say again, Down with the taxes!

The indirect are also traced to existing taxation, and their witnesses are crippled trade, unsettled values, oppressive prices, and an inconvertible currency, which of itself is a constant sacrifice.

Should these sacrifices be continued when the exigency has ceased?

And here Congress must act, not partially, nor timidly, nor in the interests of the few only, but impartially, comprehensively, firmly, and in the interests of the many.

And should not this result be one of our first endeavors?

To guard against such contingency we must keep strict watch over the expenditures, and, if possible, diminish the positive annual obligations of the nation.

In proposing this large reduction of taxation at this time, with the hope of larger reductions in the near future, it was necessary to keep in view the possibility of increased expenditure or of decreased receipts.

Under the operation of my amendment these profits would be slightly reduced, but not unduly, while the Treasury would receive an annual benefit of not far from six million dollars in coin.

And here is a just and much-needed economy,--just to the Government, and not unjust to the banks.

The amendment of which I have given notice has the twofold object of the pending bill: first, to enlarge the currency; and, secondly, to change the existing banking system, so as to provide practically for free banking and to enlarge…

Could I have my way, I would treat the whole financial question as a unit, providing at the same time for all the points involved in what I have called Financial Reconstruction.

I confess my constant desire for measures to withdraw our greenbacks and to make our present bank-notes coin notes.