Chap. 257.—JOINT RESOLUTION in relation to the tax of ten per
centum, imposed by the United States on national and state banking
ASSOCIALIONS,

Approved Mareh 14, 187%.

Whereas the United States government, when it declared
that every national banking association, state bank, or state
banking association, shall pay a tax of ten per centum on the
amount of notes of any person, or of any state bank or state
banking association, used for circulation and paid out by them,
interposed an obstacle practically insurmountable to the use
of a certain form of credit by the states heretofore found
eminently beneficial by them in times of financial depression,
or when there was a deficiency of capital necessary for the
prosecution of the proper industries and production of the
people of a state; now, therctore, it would seem to behoove
the said government to remove so much of said tax by a
repeal of so much of said law as is applicable to the issue of
notes by a bank chartered and established by a state for the
aid and benefit of its people; therefore,,

Resolved, That the general assembly of Virginia doth
hereby ask and recommend a repeal of the same, or of so
much thereof as prevents her from establishing a state bank
for the relief of her people, without incurring a tax which
would incapacitate it from transacting a fair and legitimate
business.

Resolved, That our senators in congress be instructed and
our representatives be requested to use their efforts to secure
a repeal of so much of the law as 1s herein requested.

Resolved, That the governor be requested to transmit a
copy of this preamble and these resolutions to each of our
senators and representatives In congress.