Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-12-24
SUNDAY -. DECEMBER "a, 1893
The Ten Per Cent. Tax.

The Ten Per Cent. lax
No more interesting or important qucs-
ZION is before Congress demanding set
Moment than the question OF the repeal
n the law taxing the issues OF state
A,nks The friends OF the measure
ra,rn that the President has agreed. In
,noo, not TO oppose It, provided they
vln place the new system OF banking
under Federal supervision. We know not
bo,v true this report Is. We are conh-
dent. however. that he will go no fur
thsr than he is compelled to 80 by the
fact that national bonds. upon which TO
base the national-bank notes, can no
longer be procured. unless. indeed, Mr..
CarJssle's recommendation as to Issuing
new national bonds to keep the reserve
fund ND 10 its maximum, shall be 30
v,orded by Congress as 10 allow these
now bonds 20 be the basis OF national
bsnk circulation. II national bonds were
20 be had now for banking purposes.
there would, we think. be nobody TO nd
yccate any proposition for the deoasa-
rnent or standardization OF the currency.
As It IS. we still expect Congress TO pro-
vide for Federal supervision over any
new banking system that body may
adopt, ana thus remove the most OBJ
,ectionanle features OF tho proposed new
law.
Let us look at the facts OF the case.
The House Committee on Banking ard
Currency consists OF seventeen members
(fnv
Cobb OF Missouri. Culberson, Ellis OF
Kentucky. Cobb Of Alabama, Warner.
Johnson OF Ohio, Black OF Georgia, Hall
OF Missouri, Walker. Brosius, Henderson
Of Illinois. Russell OF Connecticut Hau'
gen, and JohRson of 1ndiana-eleven
Democrats and six Republicans. The
eleven first named are Democrats; the
six last named are Republicans.
Lately at a meeting OF the committee
n vote was taken upon the motion TO
repeal the tax without making provision
for any new banking system. or 1or
Federal supervision. There were twelve
members present, and they divided
,aually--six 70 six. The Republicans
present voted solidly In the negative.
The affirmative votes were cast by
Messrs. Cox, of Tennessee; Culberson, Of
Texas; Cobb, OF Alabama; johnson. OF
Ohio: Black. OF Georgia. and Hall. Of
Missouri.
The Republicans will reproaeh the
Democrats with the fact that that was
almost a division by sectlons-or a sec
tional division.
The negative votes on the question
hereinbefore stated were given by Messrs.
Springer. OF Illinois (chaIrman); Sperry.
Of Connecticut Warner, OF New York;
Brosius. of Pennsylvania; Henderson. Of
Illinois. and johnson. Of Indiana. Not one
from the South Mr.. Henderson is rot
for repeal, but was willing to have the
bill reported 20 the House Of Representa-
tives.
The committee. without further action.
adjourned ill after the holidays
But every reader must see that the
repeating bill has few friends in the
North.
The House Of Representatives consists
Of Ell Democrats l2s Republicans, and
II others. most OF them opposed to re-
peal. But II the House divides as the
committee did repeal will never be accom-
plshed, Less than fifty Democratic
votes in the negative will defeat II.
Again we say, we are not afraid that
either Congress or the President will al
low the currency to be denationalized.