To my mind that is the more politic course, and I am sure it is not unjust. You and I, Mr. President, remember very well what was done on another occasion. The State banks were taxed out of existence. It was the cry, “Tax them out of existence! do not let them live! drive them from competition with these new children of ours, the national banks!” It was done. Was not that coercion? If the phrase is to be employed, there was an occasion for it. But I am not aware that it was argued, certainly it was with no great confidence argued, that to do that was unjust. It was a measure of policy wisely adopted at the time, and which we all now see has answered well. But if we could tax the State banks out of existence, can we not, under the very specific terms of the Act of Congress to which these national banks owe their existence, apply a rule not unlike to them? We do not propose to tax them out of existence, but we propose to require that they shall lodge with the Government securities at a lower rate of interest. Something has been said, perhaps much, in this debate, with regard to the burden that this will impose upon the banks. The Senator from Ohio [Mr. SHERMAN] has already answered that objection, and I do not know that I can add to his answer; and yet I am not aware that he reminded the Senate that in this very bill there is a new and important provision in favor of the banks, or in favor of all bondholders,--being an exemption from all taxation, not only State and municipal, but national. There is but one other remark I will make, and that is, we all know, unless I am much deceived, that the banks have during these last years made great profits. I am told that the profits of the national banks are two or three times greater than those of the old State banks, which we did not hesitate to tax out of existence. Now is not that a fact in this case? Is it not an essential element? Should it not be taken into consideration on this occasion? If these national banks are the recipients of such large profits, should we not exercise all the power that belongs to us to compel them to their full contribution to this great measure of Financial Reconstruction? I cannot hesitate in my conclusion. March 11th, Mr. Sumner moved the addition of a section providing for the resumption of specie payments,--being the seventh section of the original bill,--remarking:--