Mr. SPRAGUE. If the chairman of the committee will consent that romissor notes should also be struck out of tesame 0 ause, I would make no objection to this amendment. Foreign exchange moves the commodities of foreign cOuntries. Promissory notes move and take care of the products of our own countr. Section 99, which this clause amen s, imposes a tax on sales of bullion, coin, gold, promissory notes, and other securities, and taxes them at the rate of one cent for every $100, and on all sales and contracts for sale negotiated by any person, firm, ol company not paying a special tax as a broker, bank, or banker, of any gold or silver bullion, coin, promissory notes, stocks, bonds, or othersecurities, nothisortheir own property, the tax is at the rate of 5 cents for every 5100. Ifa person draws a check on a bank at sight the stamp is, as all know, 2 cents. If he issues his note for $100, it is 5 cents. Foreign exchange is divided into 1st, 2nd, and 3rd bills ofexchange; and upon each bill instead of 5 cents, the stamp is 2 cents, making foreign exchange pay 6 cents, because 5 cannot be divided into 3 parts without leaving a fraction; and for that reason the stamp tax on foreign exchange is to a certain extent somewhat higher than the stamp upon promissory notes. But to offset that there is the difference between gold and currency. Take for instance a bill of exchange for 200, which would be equal in the market to about $1,500. The bill of sale upon that exchange would be $1,500 whereas the stamp placed upon that bill of exchange would only be a stamp for $1,000, or 50 cents. If it was a note for $1,500, the stamp duty would be 75 cents. It is very apparent, therefore, that foreign exchange is permitted to be passed and issued at a less rate notes are permitted to be negotthiaatnegroamndisssoorlyd. It may not be known, but it is nevertheless the factthatpromissory notes have become as much a commodity of sale necessary to trade as stocks, bonds, and other securities. I trust, therefore, that the committee will not insist upon striking “foreign exchange” out of this portion of the bill.