The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1893-12-12

The Bill Cannot BE Reported Ualess Safe
guards Are Attached.

The Bill Cannot Re Reported Unless Safe.
guards Are Attached.
WASHINGTON, Dec. 12.-Representa-
tive Seth w. Cobb of Missouri, a Demo
cratic member of the committee ON
banking and currency, is in favor of the
repeal of the 10 per cent tax on state
banks. but is not in favor of having the
statute repealed Internationally. So
close does the committee stand on this
question. that the vote of each member
Is . considerable factor. With the Re-
publicans, there are two Democrats,
Chairman Springer and Representative
6perry Of Connecticut, who are against
reporting any bill, and Representative
johnson of Ohio, who will vote TO report
the bill, but will oppose it ON the floor Of
the house. This barely gives the repeal
ers q majority in the committee and amy
one OF this majority is
Enabled TO Dictate Terms.
Mr.. Cobb of Missouri has some 9
ton which he will insist upon before he
consents to vote in favor of any bill
which the majority may formulate.
This includes safeguards which he
thinks will prevent return to wildcat
money. 'It will make little difference
TO the State of Missouri, " said MI. Cobb,
because we have a constitut ,onal pro-
vision against state banks, and / pre-
sumo none would be started until alter
this provision has been amended. AS q
Democrat | am in favor of the repeal of
the 10 per cent tax. But in repeating
the 10 per cent tax ON bank circulation
It Is the duty of congress to see that the
currency is not allowed to become de-
based, that every note mus, be protected
and the note holders secured whether
the paper is issued in Missouri or New
York. In the light of past experience It
Is believed that most states would
see to 1t themselves that state
bank issues We're adequately Sc
cured and the noteholders protected.
but it is possible that in some states
where the desire for more money and
cheap money has taken such Q hold ON
the people that there would be state
bank issues of ali kinds, and the country
Flooded With Bad Currency
which would have a tendency to dis
credit all state issues. II the repeal
tshould pass Internationally there would
be o great many institutions issuing
money started under present incorpora-
ton laws of the states, and the country
flooded with wildcat currency before the
state legislatures could act. 1t is plain
to me that in repeating this statute the
government must take some such steps
as will insure the stability of the cur
rency that would be issued in conse-
quence."
Mr.. Cobb thought it not improbable
that there might be two or three reports
from the committees.
Fear It IL Loaded.
Another phase Of the matter as dis
csissed by Mr.. Cobb is the report that il
supposed to be ready in the treasury de-
partment showing the result of wildcat
banks in former years. Many members
OF the committee do not want this infor-
nation sent in. Others claim that ii
the question of repeal il to be consid-
Tered, that this information should bs
1furnished the house. It is feared by
some the report Is heavily loaded, as il
was prepared by Assistant Register
Smith, . Republican who was journal
cherk OF the house under Speaker Reed.
II sent to the house, it would
become q public document and have the
right OF free transportation in the mails,
and In case of the repeal of the state
bank tax would become a Republican
campaign document. The many-sided
question has been puzzling to all the
members of the committee ON banking
and currency a little, and the final result
can only be guessed. The anxiety OF
many members to have the matter dis
cussed in the house will probably result
in q report Of some sort.
4 ##A48#@##H8