The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-09-07
TAX ON STATE BANKS.
Discussion on the Subject May be
Next in Order.
a THOROUGH REVISION PROBABLE.

A Bill with This End in Wow win bo
Ono of the Four to be introduced When
tho House Finally Adopts It's Rules.
Senator Grny's Views.
WASHINGTON. Sept. 5.-The question of
repeating the tax On state banks, as called
for in the Chicago platform, is already be-
fore the senate in the shape of Il bill intro.
duced some days ago. Also in the Butler
amendment to the Voorhees, bill, and in
the shape of another amendment to Mr.
voorhees, bill, providing for the extension
OF the circulation of national banks. The
latter bill has been efrectually sidetracked,
and there appears to be little hopo of res
urrecting it. SO that the last named
amendment will go the way of NIL amend
ments to bills that have been killed by the
process of slow stranRulation.
1t is predicted, however, that as soon MS
the repeal of the Sherman bill has been
effected the proposition SHOULD that ever
beg to repeal the tax on state banks will
come to the front at once. and when it
does it is probable II discussion will be be-
gun looking to Il thorough revision of the
financial legislation OF the country. The
idea of basing the circulating notes of
state banks upon state or municipal bonds
does not find favor in the senate for the
reason that such security is not looked on
rs substantial enough to withstand the
assaults of the stock markets.
Senator Gray, speaking of this matter
thought the day was not far distant when
| this whole subject would have to be con-
sidercd. and acted upon by the congress
| OF the United States. He said the condi-
lions today and those before the war. when
the state banks were in vogue, was us
widely different as possible. There was no
more danger now of wild cat banking
than there would be of attempting to EN-
| force the fugitive slave law.
| He belitv d that the wisdom Of congress
| would evolve some plan upon which the
currency of the people could be based and
| given stability that could never be Ques-
toned. Government bonds would soon
| cease to exist and when that time came
the security that now preserves the notes
of national banks and makes them as good
as the governments obligation would pass
away, and by the mere force of circum-
stances something would have to take
| their place. What that substitute should
| be was for congress to say. Whatever Il
was, he believed it would be as firm and
substantial rs the system now in use. The
| substitution of state banks would add to
| the currency of the people and increase
the circulation in small communities,
| where it was often needed
In the minds of other senators the idea
| OF issuing more bonds finds favor, while i'm
| those of others it is Il nightmare that
causes unrest and unensiness Whether
such proposition could carry is n mooted
| question. Some of the strong men of the
| senate are on either side
Senator Voorhees, is perhaps the most
outspoken champion of state banks OH the
| floor of the senate. What he means bv n
state bank is not the bank so commonly
remembered aud associated with ideas re-
| puSnant to good banking principles, but
the chartered state banks, which have cir
culation based upon specie itself-gold
and silver. Senator VOORHEES, said yester-
day that when he made the statement in
his speech few days ago that no man
had ever lost dollar through II chartered
state bank he uttered truth that to this
| day had not been denied, and could never
| be. This Is the sort of bank he contends
for.
| His plan also contemplates govern
mental supervision and inspection, acorn
bination which will, he believes, offer a
| solution to the problems now before the
| people and give them a system of ban ing
| as firm and reliable as any ever devised by
| man.
| There is no gainsuying the fact that a
| bill with this end in view will be one of
| the four to be introduced when the house
has adopted it's rules, and Democrats in
the senate are thus early discussing the
| probability of it's passage In the sennte
it is unlikely that the Democrats will
| have the assistance of the eastern Repub-
| leans. as they now have i'll the attempt to
| repeal the Sherman net.
TrottinE Records Lowered.
= 49,.