The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-04-28
CITE g 5l39a VI sArgns,



1 A few days ago the Times published
certain racy documents relating to the tax.
alton OF national banks. The docu.
fments consisted of a letter from
Mr. james Buell., secretary of the
american Bankers association, to
the Hon. William r. Morrison, reply
from the latter, a circular letter, enclos-
ing the correspondence, from Mr.. Buell.
to members OF the association, and a sun
Elementary personal note from Mr.. Buell
to such people as he thought proper to
address, enclosing the other documents.
and INDUCING in something intended for
lsarcasm. r -
/ Some time in February last it came to
the ears of the yigilant Mr.. Buell. that
Mr.: Morrison, then chairman OF the WAYS
and means committee of the national
house OF Representatives, had sa d to
somebody who was pleading the cause of
| the banks, You are not banker-I am
not banker Damn the banks: let them
pay. Upon confederation, MIR. Buell.
thought 1t best to address noe to Mr..
Morrison, asking him whether he had made
use OF that expression. The note was
written on the IL h, of March, more than
week after the expiration of the forty
fourth congress, and, of course, after the
ways and means committee and its chair
manship had ceased to exist. In replying.
| Mr.. Morrison invited attention to this fact
| and suggested that what his opinions on
the subject of bank taxation we're, could
hardly be matter of interest to Mr.. Buell.
or his association. Still he would state
that while chairman of the ways and means
committee, he had said, substantially. to
| the representatives of the banks that. ad
hitting the bank taxes to be as op-
presslVe as they were represented to be,
| the like was true of many other taxes. and
that repeal of these should be consider
ed In connection with reduction of other
taxes. And such a..remark as that attribut-
ed to him could only have been made. if
at all,In reply to man whom knew to be a
knave, and believed to be pecuniarily il
terested Ia the success of the measure.
while attempting to 'assue me of his dis
lnterestedness by saying he was not
banker"
This reply, which seems to be sufficient.
ly courteous, Mr.. Buell. much offended.
Accordingly he sat him down and penped
an answer, which he did not address to
MIR. Morrison, but to the cashiers of banks
belonging to the association. He asserts
very positively that it is his business to
know what Mr.. Morrison's views are, be-
cause that gentleman may aspire to be
chairman OF the next ways and means
committee, or speaker of the house He
assumes that Mr.. Morrison used the pro-
tame language ascribed to him, though
that gentleman does not admit apv such
thing. He charges Mr.. Morrison with
assuming that the person to whom he is
represented as saying, You are not
banker" etc, was banker, and a knave,
besides, tor representing himself not to
be banker. Mr.. Morrison assumes moth
ing of the kind A knave might be lobby
ing for Mr.. Buell's association without
necessarily being banker Mr. Buell.
states that there are about $500 banks
and banking offices in the country, and
strongly intimates that the managers of
these institutions will administer political
punishment to Mr.. Morrison and other
members of congress, if they contuma-
cloasly refuse to comply with the wishes of
the Bankers association. In his sarcastic
supplementary note Mr. Buell. says:
This association is young and unknown to
pnbilc men. 1t is not yet six months old, but we
Will assure them that il is lusty infant Its ie-
velopements astonish even its progenilors II now
has full set If teeth-even lis eve teeth are cut
mouth; and for muscle, 1t Is abb. TO 90 alone
and take care of itself. 1t can give blows as well
as take them But lis moot remarkable feature is
lis lungs. If anyone wants TO hear it roar let
him stick pin in it, and the echoes will come
back from nearly every town in the land-the
remotest as well as the nearest. We have the
evidence TO show this fact in our possession. We
wish DR.. Darwin could see our phenomenon 1t
Is new develepement and he might possibly cal
ii 1.-The connecting link
1t the association is conducted in the
arrogant and bullying spirit in which that
paragraph is conceived, it may become
known, but it will not become favorably |
known, to public men. When an associa-
ton of bankers threatens through its
chosen spokesman to bite and strike con-
gressmen who do not comply with its
demands, to roar in the ears of the whole |
country. and to exert the bankers power |
in all the towns and cities in the land to |
influence legislation, people will begin to |
inquire what it means They may even |
choose TO exert power which not even a |
class OF institutions ''hayiDg charge of
about $4,000. 00O,00G" can withstand, |
Perhaps Mr.. Morrison, if he cares any,
thing for bank fayors, will stand in awe of |
this ''lusty infant" hereafter-and per-
haps be will not. The Times would advise |
him to do just what he thinks best with
respect to the subject of bank taxation, |
and take the consequences.
Mr.. BuelFs letters are written in a very
bad spirit. They will be likely to produce
results very different from those at which
be aims. Ii the association want relief
from national taxation they had better
choose spokesman who knows better
than to resort to threats. IF they have a
real grievance they can obtain redress by L
arguing their case calmly and dispassion-
atcly. They will lose more than thew will
gain by employing the method adopted by
Mr.. Buell..
The Bankers association. osteusibly
formed tor the purpose of promoting the
general interests of banking, seems to have
done nothing whatever since its oreauiza-
ton but to agitate for the repeal of the
national taxes on banks. except, perhaps.
to aeitate for the repeal of taxes levied
under state laws 1t must turn its atten-
ton to other things, or it will come to be
regarded simply as tax lighting machine,
There are three taxes collected from the
banks ander the laws of the United States.
First, there is tax equal to one per
cent per annum on the average amount of
their notes 10 circulation; that is, on the
amount of their notes In excess of the
amount held in their own vaults. Second.
there is a tax equal to behalf of one Der
cent per annum on their deposits. Third.
there is tax equal to one-haif of one per
cent on their capital. The first of these
taxes is collected only from the national
oanks. 1t is perfectly reasonable tax,
~ m Ekn y A. Al