Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-05-23
THE TAX ON STATE BANKS.

A movement has been made in various
parts of the country to repeal the ten per cent.
tax on State banks. A few weeks ago Hon.
R. B. Vance delivered a speech in congress,
advocating the passage of his bill introduced
in the house reducing or repeating the tax on
State banks. This speech has attracted much
attention. Mr.. Vance has received letters
from all parts of the country commencing
and indorsing his speech. Among these we
find one from S. r. Cockrill. of Arkansas, a
gentleman we'll and favorably known in Ten-
nessee:
PINE BLUFF, ARK, May ID, 1878.
Hon. R. B. Vance:
DEAR SIR am a cotton grower of Arkan-
sas, and send this to return thanks for your
speech on the first instant, in congress, to re-
peal the ten per cent. tax on the issues of
State banks. This is the great relief measure
for the south and west but more especially
for cotton-growers. So far as relief is con-
cerned it is worth all the bills before con-
gress. l thank you for the first speech made
in congress on the subject. 1t seems to me
that the motion of General Butler, IN the
senate, to put it on the resumption bill, is a
good move, and may hasten action. As the
third section in your bill is new, | fear you
will not have time to discuss that this session.
There are several bills pending on the repeal
of the ten per cent. tax. General Butler
amendment may be the best opportunity to
get it acted on. feel great concern about
the repeal, as l have studied its advantages to
"cotton-growers, and have decided 1t is what
we must have before we can do much. The
dissenting opinion of Judges Nelson and Da-
Wis may be used to some advantage, | hope.
1t Is subject to repeal, of course, but if it is
in violation of State rights, and an encroach-
ment which can only be justified as a war
measure, 1t is worth something to establish
that which you have done. The south ought
to be solid In It's support, and the west nearly
SO. l would like Senator Davis to restate his
views as expressed In his dissent on the
bench. 1t would have its effect. have
written to Senator Garland, of Arkansas, and
may write to Senator Harris, as l am a ma
tive of Tennessee and an old acquaintance.
have been cotton grower" for forty years
in Alabama, Mississippi and Arkansas, have
studied the subject, and have decided POSI-
lively that We must have banks of issue In the
cotton districts. | am positively opposed to
the partnership of the banks, as now organ
lied, and the government. The government is
a guarantor OF their paper. The government
has no authority to bank, and no authority to
go into partnership with banks. The bank
ing privilege was taken from States by bayo-
nets and sold to the banks reared on the
ruins of State banks. This was done to Gre
ate a home market for their bonds. This
State right " was taxed out of existence, not
for revenue, of course, but that the govern
ment might use it. It was transferred to the
national banks In violation of State charters.
method of relief. We can't rely on the su-
preme court, though it was a war measure.
Very truly yours, S. r. COCKRILL,
In behalf OF two hundred thousand cotton growers.