The Durham daily globe. (Durham, N.C.) 1889-1894, 1893-12-20
WILL FALL SHORT
Chairman Springer Talks About the
Banks.
Thinks That the Ten Per Cent Tax Will
stand.
A MAJORITY AGAINST THE REPEtL


The Income Tax Is Again Talked OF and
a Prediction Made OF Its Final
Defeat.
WASHINGTON, Dec. 19.-tSpecial l.
Chairman Springer, Of the house COM
on banking and currency, ex-
pressed the opinion to-day to The GLOBE
correspondent that the bill to repeal the
on state bank circulation would fall
far short of a majority if it was brought
before the house.
81 doubt very much" said he, whether
the bill win be reported from the COM
as a large majority OF the mem
bers of the committee are against it. But
even If reported it would be as good as
dead. The idea of federalizing state
bank issues has fallen through, and if
the question comes before the house it
will be in the simple form of uncondi-
tional repeal of the tax. That would not
the support of a dozen members
north of Mason and Dixon's line. The
is almost solidly opposed to state
bank circulation.
president Cleveland does not look
with favor upon it, and l believe he would
veto the bill if it ever should be sent to
him. AS soon as the house passes the
tariff bill | shall ask it to consider a bank
measure, which | shall have
reported from the banking and currency
dealing almost wholly with
security for national bank circulation. 1t
will provide for the acceptance of certain
state, county and municipal
bonds as security for circulation. After
the banks have guaranteed to the govern
ment the payment of the bonds l pre-
sumo that under such conditions about
the present per cent Of circulation given
upon the par value of the bonds deposited
will be granted. This new security is so
bountiful that it will make our bank cir
culation elastic in character and the same
as at present in quality. | would not OBJ
ject in the same connection to give par
value Of circulation upon the government
bonds now deposited, but l am of the
opinion that there will be no change in
that particular. There are in existence
at the present time about 81 900, 10000
worth of bonds of the character we pro.
prose to accept for circulation security.
or course this law would enhance the
value of state, county and municipal
bonds and enable the corporations to float
them at much lower interest than at pres
ent, which popularizes the proposition"
After having practically agreed to levy
income taxes the democratic members of
the ways and means committee are
wrangling over the figures which shall
form the minimum basis of operations
and fixing the percentages of the taxes
some of them want to make direct lega-
cies pay l percentage and indirect lega.
cies another percentage, that Is, place a
double tax upon entailments to the third
generation. Some want private in
to pay a greater tax than corpo-
ration share, contending that the former
are the only true indexes TO wealth,
while the latter are often held by me-
chanics and laborers.
1t is now pretty generally understood
that there will be no further efforts made
to reach conclusions upon internal taxes
until after the holidays. The practical
postponement of the whiskey tax prob
lem until January is regarded evidence
that there will be no increase. There are
many reasons why an increase of the
whisky tax is opposed, one of them be.
Ing that 1t would carry an extension of
the bonded period and thus Gu, the gov.
ernment out of reyenue for many years
to come. Upon one hand the trust and
whiskey would pocket large
profits by an increase and the mechanics,
who consume two thirds of the alcohol
product in the United States, would have
10 bear the burden Of the increase.
There is but the slightest doubt now
that the house will put a duty OF ! cent
q pound or raw sugar and strike out the
bounty The duty would be increased
By the committee were II not for the fact
that 8 majority OF that body favor in
come taxes and believe that a sugar