Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1893-09-13
10 CONE 10 THE COUNTRY
THROUGH sTATE BANKS.
NEW YORK The FINAacIAL ROME.
10 Repent le 10 Per Cent Tax Upon
state Banks Gives an Elastic Our
rency and Emancipation From FL
nancIal Dependence on New York.

Hon. n. c. Blanchard. the brainy con.
gresham from the Fourth congressional
district OF louisiana. arrived in the city
yesterday from Washington.
Mr.. blanchard was approached by a re-
porter from the Picfpune. but declined At
hrst TO talk on any subject on account Of
the sparseness Of his time. However. he
reluctantly consented 10 make a few state.
ncnts concerning that an.important and
absorbing question now before the people,
the repeal OF the 10 per cent tax upon state
banks Issue.
Before leaving Washington Mr.. Blanchard
introduced bnl in congress for the re-.
peal Of the FAX, but just what the prospect
was for the success OF the measure he could
not now say, for II had not, been possible
a. yet for him To ascertain the sentiment
Of the new congress on the question.
''It Is known by everybody" he said.
that the repeal VI tlils tax was called for
by the platform Of tue Democratic party
as Il was adopted at Chicago last year.
and II the administration al Washington
will exert Its influence In favor Of the re
peal. the prospect Of success would he good.
am hopeful Of Mr.. cleveland calling lhe
matter TO the attention OF congress IN 4
message. | regard this n question OF the
greatest Importance 10 the South and West.
Especially would Il be Of lncalculahe ben-
make use Of our states bonded Indebted
ness aud also " the bonded Indebtedness
Of tile city of New Orleans. which. together
with the bonded Indebtedness OF the state.
aggregates S20GD.OOO. az security for the
issuance OF money by state hnnking lnsti-
!atl3ns nndeI f'fsirictio2 and safSgnaTds
tive state banking law II would give us
an elastic currency. good an over the
United States; would pmnncipate us from
dependence On New York aud the East In
money matters, aud woud give US our
source OF money supply right here q home.
Besides u would greatly appreciate the
credit Of the state and the city. for our
bonds, now ranging below par. would "a
above par. II would make money abundant
and money matters easy 10y increasing The
supply. We could then get money at low
rates OF Interest 10 raise cotton and sugar
aud rice and ruling low prices Of these
products make 1t an absolute necessity
that VIZ should have cheap moncy-chCup n
tllr geitsp OF low riitc or iniercst-to rnist
them with of cefse their productions.
AS matters now stand, New York i
| ehc financial Rome, 10 which all roads
lead As matters now stFud, our banker,
must go to New York for their rediscounts
and the merchants and large business con
Germs must repair Ia the same city for thpil
money supply. But with state banks and
state cnrrt1iey, based on a deposit OF stat
| and "lty bhuds in state treasury to secure
| lis 'nlati1n. we would no longer be de
| neillcnt upon New, York. Another thing
| This stale would be the domirile OF th'
| currency ~ Issued ON state banks. When
| ever thr state money went ont Of Louisiani
| II would find It's way back here. which 4
not the case with gold and grcenbacks
'Thtsc are some of the resulting benefit
| Of the reasons which impe me 10 supper
| 1t"