interested in
State banks, to the National Banking Act, but, as he says, the more
he examined "the system" the more it "grew into favor with him day
by day." This appears to have been the result with all who gave
the question a fair and candid consideration, even when biased by
personal interests or political prejudice. The law was defective
in many particulars and some of its provisions made it difficult
for existing State banks to accept charters under it. The first
annual report of the comptroller of the currency shows that by Nov.
28, 1863, 134 banks had been organized under the Act. Fourteen of
these were in the New-England States, sixteen in New York, twenty
in Pennsylvania, twenty in Indiana, thirty-eight in Ohio; New
Jersey, the District of Columbia, and Kentucky each had one; Illinois
seven, Iowa six, Michigan and Wisconsin four each, and Missouri
two. Their total capital was $7,184,715. The bonds deposited with
the Treasurer of the United States were $3,925,275, their deposits
$7,467,059, and their loans and discounts $5,413,963.

THE AMENDED BANK BILL OF 1864.

In his report Mr. McCulloch pointed out defects of the law which
had become apparent by the test of experience, and made many
suggestions for its improvement. The whole subject was taken into
consideration by the Ways and Means Committee of the House at the
first session of the Thirty-eighth Congress. An amended bill,
which repealed the Act of February 25, 1863, and supplied its place,
was reported from the committee March 14, 1864. It was carefully
considered in the committee of the whole, section by section, and
against the protest of its advocates an amendment was ingrafted
upon it giving to the States the right to impose taxes on the bank
shares for State and municipal purposes to the same degree that
taxes were imposed upon the property of other moneyed corporations.
This bill was reported to the House from the committee of the whole
on the 16th of April, when Mr. Stevens moved a substitute in which
the tax amendment was left out. The substitute was defeated, and
thereupon the immediate friends of the bill united with the opposition
and laid the whole subject on the table. Mr. Stevens was totally
opposed to the exercise of any power whatever by the States over
banks established by National authority.

In the height of the war excitement, when men's minds were inflamed
by a just resentment