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Excerpt from Speech of Hon. John Sherman, of Ohio, on Taxation of Bank Bills: Delivered in the Senate of the United States, January 8, 1863
There are reasons which, in my mind, are very potent why the taxes on banks of circulation should be heavier instead oflighter than those on other employments. The force of them, I think, will be perceived when I state them. We know very well that the profits on the issue of bank notes are now vastly increased. I have a state ment before me which shows that the average prof its ofthe banks ofthe State of New York, in the last year, were twelve and a'half per cent. - 'a very heavy profit. This profit is this year greater than usual. Te all know that the business c'l'eated by the war, the unusual activity in commercial cred its, has been very profitable to the banks.
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