Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-05-27

was no fixed and sound policy In refe.
renee 20 II, which would render periods
or financial depression remote II not Inn
possible, and proceeded with his sub
ject announcing that ne would renounce
all party considerations upon the question
OF the currency. but would unite with any
men and all parties In the preparation and
passage OF a MEASURE which would pro-
vide currency that would be always
safe and stable, and sufficient 10 meet
az requirements OF trade and commerce
Under no circumstances should we re-
turn to the system OF State-bank circula.
ton which prevailed before the war;" said
Mr. Springer.
IF there were not other reasons for
opposing n circulating medium issued by
state banks, the argument OF incon-
venience ought 10 be sufficient. There are
now forty-four States in the Union, and
four more undoubtedly will be admitted in
the near future. Each OF these States
would have different laws regulating the
organization OF banks and providing Sc
ourity for the circulating notes. There are
over 1900 banks in the United States
at this time. Assuming that all the States
would avail themselves ultimately of the
right TO incorporate State banks having
authority to issue circulating notes. and
that all existing banks would avail them
selves OF such authority, the different
Kinds OF notes which would be put In
circulation and their number would be
confusing and embarrassing in the ex-
IRENE 70 all those engaged in active bust
ness"
PATERNALIsM THAT Is NOT FAVOR
ED.
After denying that State bank has
any more right 20 issue paper currency
than II has to coin silver and gold into
eagles and dollars. Mr.. Springer said that
he favored that paternalism in all things
which the Constitution of the United
States has established: the paternalisrn
which gives Congress tie power to lay
and collect taxes, dues and imposts for
the common defence and general welfare
or the United States; TO regulate com
merce with foreign nations and among
the several States; to establish q uniform
rule OF naturalization; to establish post
offices and post roads: 10 promote the
progress OF science and the useful arts
by granting patents TO inventors and
copyrights TO authors; TO raise and sup
port armies. and provide and maintain a
navy; 20 coin money and regulate the
value thereof and of foreign coin, and to
fix the standard OF weights and measures
ism. but they are essential TO the main
tenance Of the rights OF the people and
To the preservation of our government
To provide a national currency Is no
greater exercise OF paternallsm than il Is
To execute any of the powers which ]
have enumerated. / would maintain In
all the States the rights which are guar
snteed To them by the Constitution, which
they reserved to themselves when the
Constitution was established: but / deny
the right Of any State. OF Of the people
OF any State. to furnish the people of an
other State with circulating medium,
or TO issue notes OF any kind Intended TO
circulate as money in any part OF the
country"
Mr. Grow Republican,. of Pennsylva-
mia, was also against any State-bank
system. IF we should go back TO the
old system" he said. 1.-THE best of us who
handle money could not tell a good bank
note from counterfeit one State bank
could not be compelled to take the notes
of another State bank. The first crisis
that came in the State-bank system would
overwhelm its profits. Why go back
Why attempt the old SYSTEM
1t was tho policy OF the Democratic
party TO undo all that had been done in
the last third of a century. 1t had been
well said that the Democratic party was
Ike the passengers on the rear-guard OF
a railroad train--they saw nothing until
they passed II.
Mr.. Crows brief remarks were followed
by applause
LAWSON FOR REPEAL
Mr.. Lawson OemocraO, of Georgia,
spoke in favor OF unconditional repeal.
Coin. he contended, was the only solid
backing on which an issue of notes could
be founded, and he held that such power
as that OF the national banks was too
great and too vast 10 be allowed. for the
power that controlled money also con-
trolled trade and commerce. A State
banking system would provide a national
currency possessing the confidence of the
entire Union. 1t had been found most
successful in the past. Daniel Webster
had approved It, and the speaker would
set his name against that Of the gentle
man Of Illinois (Mr. Springer). Any bust
ness connection between banks and the
government was always detrimental to
the latter. II was in the power OF the
national banks TO destroy the stability Of
the Treasury. for the Treasury was no
more than a banking institution. He
could see but one way out of the diff
culty--let the government cut loose from
the banks, and issue notes on the basis
of coin only. Why should not the people
have the benefit OF their money? Why
should they submit to the insolent and
intol rant dictatorship of organized capt.
tai? OF course, 1t should be done without
bloodshed. but It should be done.
The government should cut loose from
the banks. Let 1t coin gold and silver
that was its duty to the people.
Mr.. Lawson said that private banking
corporations were sounder to-day than ma
tional banks. State banks were Demo-
cratic and useful and this was shown
by the declaration Of the Democratic
party in its national platform. How could
a Democrat escape from voting for the
measure? He believed in local self-goV-
eminent, and for that reason he approved
State banks.
Discussing the constitutional features
OF the question, Mr.. Lawson maintained
that the tax was a clear violation of the
Constitution. and should be annulled. He
also held that all the congested capital
should be brought out-that was the pur-
nose of the legislation before the House
10 let loose all this vast amount for the
benefit Of the people. He averred that
the national banks were an on-shoot from
protection. They were protected on the
plea that they secured the depositor from
loss lust as manufacturers were pro-
tected on the plea of helping the coun-
try's prosperity. They were OF the same
class: they belonged TO the same brood.
The demand for national money in home
and foreign commerce would prevent its
extinction, while the State banks would
assist in its diffusion.
AT the conclusion of Mr. Lawson's
speech the committee rose. and the House
adjourned until Monday.
POSTMASTER CULLlNCWoRTH RIGHT
He Can, Moreover, Make Further Appoint