People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1893-12-15
CONGRESSMAN COBB OF MIS-
SOURI, TALKS.
he OFFERS some SUGGESTIONS.
the Ten Per Cent Tax-The Vote of
the House Committee on Bank
ing Is Very Close-A Bare Ma
jority for the Repealers-
Other Washington News

WASHINGTON, Dec 19.-Representa.
tive Seth w. Cobb of Missouri, Dem
Ocratic member of the house COM
mittee on banking and currency, is in
favor of the repeal of the ten per cent
tax on state banks, but is not in favor
of having the statute repealed uncon-
ditionally So close does the com
mittee stand on this question that the
vote of each IN nber is considerable
of factor With the six Republicans
of the committee there are two Demo.
Gratis, Chairman Springer and Repre-.
sentative Sperry of Connecticut, who
are against reporting any bill Rep
resentative Johnson of Ohio will vote
to report the bill, but will oppose it
on the floor of the house. This barely
gives the repealers a majority in
committee and any one of this ma
Jority is enabled to dictate terms.
Mr.. Cobb of Missouri has some sug-
geStions which he viii insist upon be-
fore he consents 60 vote in favor of
any bill which the majority may form.
ulate. This includes safeguards whic h
he thinks will prevent return to
wildcat money. 1T will make little
difference in the state of Missouri"
said he, because we have constitu-
tiOnal provision against state banks
and presume none would be started
until after this provision should be
amended. Asa Democrat am in favor
OF the repeal of the ten per cent tax
as 1t is principal of Democracy that
the government has no power to
use the taxing power for any other
purpose except to raise revenue and it
would be good thing if we could
stick close TO the idea that taxes
should not be laid upon anything to
build up or to tear down any business
or industry. But in repeating the ten
per cent lax on bank circulation it is
the duty OF congress to see that the
currency is not allowed to become de-
based, that every note must be pro.
tected and the note holder secured,
whether issued in Missouri or New
York In the light of past experiences
1t Is believed that most states would
see TO 1T themselves that state bank
issues were adequately secured and
the note holders protected, but it is
possible that in the Dakotas, in Ne
vada and Wyoming or in some other
states where the desire for more mon.
ey and cheap money has taken such
a hold on the people that there would
be state bank issues of all kinds and
all the country be flooded with bad
currency which would have tenden-
cy to discredit all state issues. If the
repeal should pass Internationally
there could be great many institu-
lions issuing money, started under the
present incorporation laws of the
states, and the country flooded with
wildcat money before state legisla-
lures could act. 1t is plain to me that
in repeating this statute that the gov
eminent must take some such steps as
will insure the stability of the cur
rency that would be issued in couse-
quence."
Mr. Cobb commented on the wide
difference of opinion that existed in
the committee on this very subject of
federal supervision of The currency
issued by states, so many members
claiming that the national govern
ment had no right whatever to inter-
fere, while Others holding the same
views were yet willing to secure the
repeal of the tax and at the same
time protect the currency. He thought
it not improbable that there might be
two or three reports from the commit
tee, and that possibly bill would be
reported back without recommends.
ton with minority reports presenting
different views of the members at the
same time. There are several mem.
bers of the committee who are willing
to get almost any kind of the report
into the house, trusting to sufficient
support to amend the bill to make the
repeal conditional upon final vote.