The Durham daily globe. (Durham, N.C.) 1889-1894, 1893-12-15
AS TO STATE BANKS!
A Majority of the Committee oppose
Repeal Of Tax
Numerous Schemes Presented But Noho
That Fills the Bill.
1.e THING IS TOO COMPLICATED
Our Washington
sionately Reviews the State BANK
and Currency Question.

WAsH1SGros, Dec.14-[SpecialI-Ihe
latest information regarding the question
Of repealing the 10 per cent tax on state
hank issues indicates that a bill proVlo-
ing for repeal will be reported 10 'he
bouee from the committee on anKlns
ond currency. A majority Of the COM
mittee, it is stated, are opposed 10 repeal
hrt one Of them, Representative Johnson,
of Ohio. il in favor of reporting a meas
nre co hat the question can be presented
TO the house and there receive thorough
discussion. The fact that the president
made no reference to this subject IN MS
MESSAGE and the understanding that he
Is not favorable to repeal has had the
effect 10 strengthen the purpose or the
oppopents of hat proposition and TO
somewhat weaken the zeal OF It's sup
por,ers, but there is still a considerable
faction among the democrats which IN
sists that the recommendation OF 'ne
national platform of the party While not
a mandatory declaration, should De re-
spected. But this faction, which is al
most entirely composed of southern
representatives, does not base its de-
mopd for the restoration of state bank
currency wholly upon the platlorm'
Prejudice against the national banking
svstem and the old state rights idea has
a great deal TO do with it, as VIII un-
doubtedly be developed whenever this
question comes up for discussion in con-
gress.
The difficulty that confronts the adVo'
Gates Of repeal is to devise some plan
that will prevent a state currency from
becoming debased and at the same time
let it be distinctively and entirely in the
cOnLTOi OF Tie SldItS
have been presented, but as yet none has
been formulated that is free from vital
objections. The outline of a bill which
was presented to the banking and cur
rency committee last week by a subcom-
mittee embraces, it is presumed, the best
features of the various plans that have
been offered, but the opinion is ventured
that a practical banker would have no
trouble in pointing out several fatal OBJ
iectious to il. One that will be obvious
to almost everybody is that it proposes q
system so complicated that its operation
would certainly cause a great deal OF
popular dissatisfaction. 1t provides to-
two kinds of notes, one kind to be useC
exclusively within the states where issueC
and the other for general circulation, 1
penalty being attached to the use of notes
outside of a state intended to be circu
lated only within the state. Such an ar
rangement would inevitably result In
great deal of confu-iOn and it is impOssi
bic to see what advantage there would b
in it to the public. Other features Of tn
posed plan, if not absolutely impractica
be, would render its operation Clums
and troublesome.
1t is probably desirable that this Ques
ton shall go before congress and b
thoroughly considered and discussed, a
only in that way can the public sent
ment of the country be fully expressed
1t is to be noted that the advocates c
the unconditional repeal Of the tax ar
not so numerous as they were and th
theory that the government has no powe
to tax except for the purpose Of raisin
revenue has few supporters. There
hardly a possibility that any measure fc
repeating The TAX on state oauA ISSUE
can get through congress, because it wi
have the solid opposition Of the republ
cans and undoubtedly there are demo
Gratis enough opposed 10 the propositio
to defeat in CONJUNCTION with the republ
cans But the best way 10 stop the az
talion is 10 bring the question 10 q tie
Of strength in congress.
\ Quarter Century Test.
For Il quarter of a century DIR. Mugs Ne
Discovery has been tested, and the mllho
who have received benefit from its use teStl