The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-08-22

that l will do nothing for you, and you
had just as well stop annoying me. All the
offices l can get will so to my own dis
trict. You hear that-they will go to my
own people"
And then our Lon turns away to talk
silver with northern member who wants
him to vote for the unconditional repeal
of the Sherman law. But Colonel Living
stOn, instead of giving his vote to the other
side Immediately begins an argument to
win the vote of the man who has been
sent to win his. He allows his spcctacles
to slide down little upon his nose, stands
fat-footed and lays the law down with
his big horny hands. AS you will observe
from the portrait he is in earnest. But
our Lon is always in earnest. He don't
always win, but he is always confident
and it il not his fault that he sometimes
fails.
Senator Gordon and State Banks.
Senator Gordon entered the arena of
debate in the senate today. lie introduced
a bill to suspend the 10 per cent tax on
state banks for six months. 1t is pract-
cally Il proposition to allow banks to issue
certified checks. Before the clerk had read
il, Senator Gordon took the floor
1t was not, ne said, panacea for
ha If il s we es' en as eGeIS Ho a%
would end the panic III fifteen days. That
was statement to which the senate would
agree when it knew what the bill was 1t
was bill not to repeal the 10 per cent tax
on state banks, but to suspend it's operation
for six months. The effect of 1t would be
this: The cotton crop was to be moved.
Only yesterday telegram had been sent
from the cotton countries with Il request that
something be done In the treasury to have
bills of lading authenticated changeable for
money. or to have some course provided to
move the cotton. The bill would enable the
banks of Savannah, for instance-the central
port for cotton-to pay for the time being
their individual notes. The programme was
this: Bank A. with a capital of S300,oO,
would issue notes to the amount of 20 per
cent Of that capital. There were six such
banks in Savannah All Of them would en-
dorse the bills of each. In addition to that,
collateral security would be put up. rms
would be true to all the state banks OF Sa-
vannah, that. within ten days, there would
be ut least 5000 900 additional money in cir
haps, money. hut would be the notes Of the
individual banks and would be good 1or pay,
ing debts there and elsewhere. so 1t would
DE in all the other cities If objection were
made that the reneal of the tax on state bank
circulation would encourage the establish
ment of state banks. the reply was that no
new bank that would he wiped out or ex-
istcnce by the expiration of the provisions
Of the act. Only last night he had had con
ference with a large number Of as able bank
ers as there We're in the country, and they
We're all of the opinion that the circulation
thus provided would relieve Georgia. Texas.
Mississippi and all the cotton states within
a few days after the removal of the embargo
on the movement on the cotton crop.
II n matter or gigantic moment 10
those states. The banks were today abso-
lutely not only without ability to provide the
money for moving fine cotton crop, but they
were without ability to command their own
money lying on donosit in the city
of New York The checks which
they drew on their deposits in
the New York banks were paid In
some other way than in the circulating me
dunn The bill which he introduced would
supply temporary currency. which would pay
every dollar of Indebtedness in any state that
happened to possess il. There was not a ner-
chant in any of tho towns of that region who
would not recognize the fact that the notes
of any bank to the amount Of 30 per cent of
its canital would be good In themselves. But.
in addition to that these banks would have
to put ND collateral and the other banks
would endorse the notes There was no bet
ter money in the country than these notes
would be. They would h" equivalent to
shipload OF gold and would at once move the
entire cotton crop and relieve th" commercial
stringoncv. He asked tn" serious attention
~ the senate to the biz. While he knew that
his remark that II would relieve the panic in
fifteen days calculated to provoke smile,
he still undertook to say that ii would re-
leve the panic in ten DAYS after it's passage.
1t Wonld do so In every southern state. There