The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-12-15
STATE BANK TAX.
The Bill Cannot he Reported Unless Safe
guards Are Attached.

guards Are Attached.
WASHINGTON, Dec. 13.-Representa-
tive Seth w. Cobb of Missouri. a Demo
cratic member of the committee III
banking and currency, is i'll favor OF the
repeal of the 10 per cent tax on state
banks, but is not in favor Of having the
statute repealed Internationally. So
close does the committee stand n this
question, that the vote Of each member
is Il considerable factor. With the Re
publicans, there are two Democrats,
Chairman Springer and Representative
Sperry Of Connecticut, who are against
reporting amy bill, and Representative
johnson Of Chic, who will vote to report
the bill, but will oppose it on the floor of
the house. This barely gives the repeal
ers a majority in the committee and any
II Of this majority is
Enabled to Dictate Terms.
Mr.. Cobb Of Missouri has some sugges-
ton which he will insist upon before he
consents to vote III favor Of any bill
which the majority may formulate.
THIS includes safeguards which he
thinks will prevent IA return TO wildcat
money. 1T will make little difference
to the State of Missouri, " said Mr.. COBB,
because we have IA constitutional pro
vision against state banks, and | pre-
sumo none would be started until after
this provision has been amended. As a
Democrat | am III favor of the repeal Of
the 10 per rent tax. But i'll repeating
the 10 per cent tax on bank circulation
ii is the duty of congress TO see that the
currency is not allowed TO become de-
based, that every note must he protected
and the note holders secured whether
the paper is issued i'll Missouri OF New
York. In the light of past experience it
is believed that most states would
see to it themselves that state
bank issues were adequately St.
cured and the noteholders protected.
but it is possible that in some states
where the desire for more money and
cheap money has taken such a hold on
the people that there would be state
bank ISSUES Of all kinds, and the country
Flooded With Had Currency
which would have a tendency to dis
credit all state issues. If the repeal
should pass Internationally there would
be Il great many institutions issuing
money started under present incorpora-
ton laws of the states, and the country
flooded with wildcat currency before the
state legislatures could act. 1t is plain
to me that in repeating this statute the
government must take some such steps
as will insure the stability of the cur
rency that would he issued in conse-
quence."
Mr.. Cobb thought il not improbable
that there might be tive or three reports
from the committees.
Fear 1t Is Loaded.
Another phase of the matter rs dis
cussed by Nj. Cobb is the report that is
supposed to be ready in the treasury de-
partment showing the result of wildcat
banks in former years. Many members
of the committee do not want this infor-
nation sent in. Others claim that if
the question OF repeal is to be consid-
cred. that this information should be
furnished the house. II is feared BY
some the report is heavily loaded, as it
was prepared by Assistant Register
Smith a Republican who was journal
clerk of the house under Speaker Reed.
If sent to the house, it would
become a public document and have the
right Of free transportation in the mails,
and in ease Of the repeal of the state
bank tax would become a Republican
campaign document. The many-sided
question has been puzzling to all the
members Of the committee on banking
and currency q little, and the final result
can only he guessed. The anxiety Of
many members to have the matter dis
cussed in the house will probably result
Id a report of some sort.